Today we’re talking passive income - making money without having to work for it. It’s everyone’s dream, but is it really true?
Well the short answer is yes - and no.
I’m all about being completely transparent about online business - I set up Living Rosy to help women find out more about becoming entrepreneurs themselves.
Something from Nothing
The reality is, you can’t get anything for nothing. There’s no such thing as passive income where you just magically press a button and turn on the cash. That would be great, but it’s not going to happen!
However, you also don’t need to rely on the other extreme which is working dollars for hours. This is the standard mode of working for employed people - you show up 9-5 each day and take home a paycheque at the end of the month. If you don’t show, you don’t get paid. This way, you’re constantly repeating the effort required to make your income.
Leverage Your Time
Now, there is a happy medium. You can leverage your effort so that it does pay off without the same effort needing to be repeated day in day out.
That’s the beauty of information based businesses - you take something you know, or an experience you’ve been through that others can learn from, and you help other people to learn from through a premium package. This can take different forms: 1:1 private services, group teaching or coaching, or digital products. Obviously 1:1 programmes require more of your time as you need to replicate for each person, so the price will necessarily be higher. Digital programmes require you to make it once and then simply repeat your marketing to continue to make sales. However, the cost is lower.
Your income comes from your reach - you can only make sales by building a community. The larger your community, the more sales you can make. Now, it takes time to build a community so I recommend to my business mentoring clients that they start at the top end, the 1:1 premium services, because just 2-4 clients a month will allow them to replace their corporate salaries and get out of their jobs asap. Once their community has grown, they can introduce digital products and make “passive income"
Totally Passive Income?
Now, passive income isn’t totally passive - you still need to be out building your community and brand. You still need to market. But this can be just a few hours a week for pretty much unlimited sales.
Taking my example, I recently went travelling around the world for a month. Before I went, I spent a month prepping content and setting up an automated sales process that continues to be used in my company now. I did have to put in some effort before I left. But while I was away, I spent barely an hour a day on my business and earned around GBP 8,000 that month! Pretty great!
Now I’m back, I’m tweaking all the pieces of the process to optimise them, but it’s hardly a 9-5 office job! That’s the beauty of leveraging your income through and information based business. This is exactly what I teach my clients in my signature programme, Become Your Own Boss, you’re very welcome to check it out!
Do you dream of passive income? What would you do with your time if you had your salary on automate each month? Leave a comment and let me know.
YOUR NEXT STEP
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