Do you desire to make money in your sleep? Wouldn’t you love to wake up and see money in your bank; money that you didn’t have to do a lot of work for? If you answered, “yes,” then this email is perfect for you. Passive income should definitely be one of your branches of revenue; it’s something that generates money for you for many years, and you only have to create it once. Doesn’t that sound good?
In Webster’s Dictionary, there were many different definitions of the word passive. The definition that stood out to me was “lacking in energy or will.” When you create something that you can generate revenue off of and you only have to create it once, it becomes something that lacks energy. No more energy is needed for it to be produced. Does this make sense?
It does not matter what type of business you have; you can benefit from passive income. It is important that you create a product or service that has a need, and that fixes the problem of your ideal audience. I definitely suggest something that is simple and does not cost much to create.
Let’s take a look at five reasons why business owners need to create passive income:
1. Passive income frees up your time. Think about it; time is the one thing you cannot get back. When it is gone, it is gone. Many business owners’ struggle is ensuring that financial obligations are met. When you are less stressed about making ends meet, it frees up time to focus on the things that make you happy and bring you joy. It takes you out of “hustle” mode.
2. Passive income creates supplemental income. Webster’s Dictionary defines supplement as “something that completes or makes an addition.” Passive income adds onto the income you are already making. In addition, if you have contracts with clients that expire, instead of stressing over finding new clients to fill that space, your passive income will help offset that revenue.
3. Passive income becomes another branch of business for you. I believe you should have additional branches of revenue that connect with your gift/business. When one branch is hanging low, you have other branches to help offset that branch. When you have additional branches, it makes your business more scalable, which benefits you in the long run.
4. Passive income allows you to grow your visibility and connect with potential clients. Your goal should always be to reach new people in your target market. Using your products as a giveaway, or pricing it on the low end, will open up a window of opportunity for you. It gives you something additional to discuss on Facebook and Instagram Lives, blogs, email posts, and during speaking engagements.
5. Passive income can lead you to larger platforms. If paid speaking is one of your branches of income, then you are well on your way. I believe speaking is the best platform you can use to connect with your ideal clients/target market. Event organizers, podcasters, and radio show hosts are constantly searching online for speakers. If you have products as part of your business and have a consistent marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile will immediately elevate your authority level as well.
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