Passive Income is Needed in Your Business
What would happen to your business if you took a 3 week vacation? What if your area was struck by a natural disaster like a hurricane? Would you still have an income?
You have invested your time and probably lots of money to start your own business. When you first started, you probably put in more hours than you would have if you worked for someone at a j.o.b. Perhaps you are still putting in more than a typical 40 hour work week.
What if you lose your biggest client? Or a couple big clients at the same time? The more income streams you have, the less devastating it will be to lose one. If you can’t take a 3 week vacation, or survive the loss of a big client, you need to make some changes in 2018.
If you are a service based business, you need to either add employees who can work your businesses despite your absence or add products to your line. The idea is that when you are away, you can still accept orders, provide products, and make money.
Yes! Of course I’m telling you this, because I’m dubbed the Make Money In Your Sleep Girl..but I shouldn’t be the only one making money in my sleep.
You too can create a product or two to sell in addition to your services. By doing so, you will add an income stream to your business that can make you money even when you are away, your brick and mortar business has been affected by a hurricane or you’ve fallen ill. That’s not the only times you’ve made money!You too can create a product or two to sell in addition to your services. Click To Tweet
When you are making money passively, you can spend your business working hours on the most profitable aspects of your business. You will be leveraging your own time and rather than working for an hour and getting paid for an hour, you can be paid several times during that same hour. There are other benefits as well.
If you offer high-ticket items, these smaller products can also be used to fill your pipeline. Clients need to trust you and you can build a relationship which shows your expertise and real value to them by offering lower priced products which leverage your time by being sold passively.
Not sure what to do to add passive income to your business? Contact me for a brainstorm sesssion and I will help you figure it out.