Okay, your business is going well (or you’re in a dry spell) and you want to step it up a notch. Now is the best time to take a look at, and consider building your passive income streams. These “streams” are simply channels of revenue that you can set up (putting on a degree of autopilot), so they can (and will) generate income for you without you having to do excessive (repeated) work.
I remember the first time I heard about this, as a small business owner then, but I was not fully prepared for the complete depth of benefits a passive channels provided. So… Following are six (of many) benefits to creating your passive income streams…
#1 Workload is Decreased
This is the “elephant in the room”! I thinks it’s one of the first benefits most everyone notices. Quite simply, you don’t have to work as much as before (and I love the flexibility in my schedule). Just to be sure though… I don’t have to work hard every day (work smart, not hard), but at the start, it took a lot of planning, coordination, logistics, and hands-on work (all upfront) to build my passive funnel system. There absolutely is minor maintenance (or more if adding another stream) as I grow. After some substantial growth, you’ll end up earning revenue 24/7 without expending the traditional 1:1, that is time for money.
#2 Shorter Work Days
As alluded to in the prior point, your passive income funnel greatly decreases the number of working hours. Naturally, this means work less, earn more – To (I assume) the average person (more on that in a moment). Working less, means we have extra time to restore a more natural work-life balance (enjoying extra time with family, friends, and hobbies, etc.). Here’s the rub… Because there is more extra time (and your not stuck working “in” your business), you can better research, implement, tweak, and so on (your income streams). Another good approach is to take the time to bolster other facets of your business. For example, you can spend more of your time with marketing, improving skills, and and building relationships.
#3 Reduced Stress
I think for many of us, this is a big one! I can’t begin to describe the number of clients I’ve worked with over the years, that have been negatively impacted with unhealthy stress. Stress (the bad kind) removal, I’d surmise is one of the key factors in building a healthy (and successful) lifestyle. A consistent stream of revenue helps get through dry periods in business. The income is (understandably) welcome in an emergency. In a sense, it’s like a second income altogether, even if it’s small, it still helps you get through slow months, or other financial challenges. It’s a “buffer” a “foundation” income to keep you going when your funds are lower – And it’s not excessively had to grow! Also (obviously) your income helps sustain you when you are making improvements to your business and also when you take time off from your “regular” job.
#4 Saving More Money
Many of us set up passive income streams to use as a retirement savings (I kid you not!), for higher education costs, even for medical emergencies costs, and more. All over the world, it seems, social service benefits are shrinking, leaving us to fend for ourselves with many costs – Insurance, medical, unemployment, etc. With your steady stream of passive income on autopilot, you’ll find, over time, as it grows, you’ll end up not as effected by this, and will have more money stored in your saving!
#5 Build and Grow Your Reputation
Among one of the most common strategies for passive income is to generate (and publish) your information products. Digital products commonly teach your visitors how to do things, benefiting from your professional expertise and experiences. Delivering your products helps you establish yourself as an expert in your field and raise awareness for your brand. This very much contributes to the growth for your reputation, in your niche market.
#6 Amplify Your Profits
Over time, many of use hit a ceiling with our job earnings earnings, raises can only be so high, it’s harder to find a better paying job, and so on (and we need a way to get past this). We get to a stage where we’re operating at maximum job capacity – Earning the most we can in a “traditional” job. Developing passive income is a way to bypass earnings roadblocks, that the average person is stuck in, allowing you, to earn more!
While passive income is a realistic, viable, profitable solution, I can’t stress enough the importance of realistic perceptions. There is a lot of work to set the system up – You get out of it what you put in – If you do the work, and stick with your plan, it does pay off. It’s important to dispel the fiction that this takes no work – that’s not true. I’ve often seen the promotions where people are gushing their happiness, that they hardly ever work, and when they do, it an easy fairy tale of how they get to lay around on a lush tropical beach. It takes lots of smart work (work smart, not hard) to set up, and a lot of planning with revisions as well. But, sticking with your plan and getting your passive streams going, without question is beneficial, with the room to grow as large as you can!
These above post, along with your detailed Successful Passive Income plan, are what you need to achieve your goals. Wondering how to go about the planning you need to get started? I’m offering a full course on “Successful Passive Income”, for growing your passive revenue stream, strategically step-by-step.
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