What is passive income and why do I need it
Passive income, this is one of my favourite subjects. The ability to take in money from your business without having to even get out of bed in the morning!
What if I told you that there was a way you could make money, and work less than you are right now? No I'm not trying to get you to join some kind of cult, or buy some shady MLM product full of false promises. I'm talking about creating a passive income stream or two for your business. In June 2018 I seriously upped my passive income game, and my business has never been the same. I have at least doubled my monthly profits, and I am only taking on the client jobs I truly resonate with. How does that work, taking on less clients but doubling your income? Well let me tell you…
Passive income is the ability to earn money with little to no involvement.
For example, my largest passive income product is my templates. Someone can find me on social media, go onto my website, purchase a template, and build themselves a brand new beautiful website. All I get on my end is a lovely email from Paypal telling me I've made a sale. This is passive as I'm not actively having to provide a service like I do with my custom branding packages. What this means is I am making sales at all times of day across the world and the whole structure requires very little of my attention, giving me more time and effort to put into client work.
Now all of this sounds very sunshine and rainbows, yes?
Not quite. I didn't just wake up one day with a collection of templates, a beautiful website, and a marketing plan – I wish I did! It took a lot of time, effort, and late nights to put everything completely in place. As much as you will want to quickly create a product and throw it up on the internet, a product without a plan is just a waste of time and money. Each one of my products has taken days to craft, weeks to beta test, and months to get the support documents just right. Never mind creating a specific marketing plan for each of them, along with a gorgeous collection of graphics and promotional material. However, now that it's in place, I'm set up for success!
I truly believe every business needs a source of passive income. I also truly believe that every business can have a source of passive income.
It's not just for designers and creators. Do you have a collection of great resources you use every day in you business? (e.g. invoice templates, a pricing brochure, Pinterest graphics?) If you created them yourself, why not package them up and sell them as a bundle? If it's something you worked hard to figure out, the chances are someone else is struggling with it right now and would happily spend a bit of money to relieve the burden. Or maybe you don't do anything graphic related, but you have been running a successful hair extension business for 8 years and are working with some of the best suppliers in the world? Why not release a course on how to a hair extension business, or how to find great suppliers? Anything you have struggled with in business or in life, others are struggling with too. They are out there looking for a solution, so why not be part of it!
Very amazing and useful content! Thank you for making the effort! Look forward to more.