You’ve probably heard people talking about earning more money while working less or earning money “on the side” without taking on another job. Chances are that they are talking about passive income.
Passive income can help you increase your income without substantially increasing your workload. It has a secret power that makes it ideal for people who want to earn more money to fund their dream lifestyle.
Passive Income Explained
In essence, passive income is money that you earn repeatedly for a single effort. For example, someone who creates a piece of artwork puts effort into creating it, but then continues to earn money every time it is sold.
Personally, I have built passive income streams through real estate, network marketing and e-book and book writing. I credit passive income for the kind of life I lead now: one that gives me ultimate freedom of time and money.
It may sound unbelievable and I was under the same way of thinking until I pursued this idea further. I decided to learn from others who had success in passive income and then followed their guidance on how to get results in this area.
Guess what, it really worked! It was just a matter of applying certain principals and building my belief and most importantly, taking action to get results. So, passive income is simply, income that you earn indefinitely for a single piece of work.
The Secret Power
So, where does the secret power come in? When you fully embrace the idea of passive income and eventually let it become the majority of your income. When you do this, you will no longer be dependent on 40-hour workweeks and a job that leaves you wanting more out of life.
You will have power over your personal life, career and time like you’ve never experienced before. Accomplishing this is easier than you think. All it takes is some careful planning and strategic efforts.
See the Big Picture First
First, think big. Don’t limit yourself or your business. Visualize what you want your business and life to look like after you have made passive income a reality. Think about how you want to spend your time. Identify your passions and how they can help you make those big-picture dreams a reality.
Choose an Area with Room for Growth
As you narrow down your area of focus and determine what kind of passive income you want to create, be sure to choose an area that has plenty of room for growth. Choose a product or service that people need and that can be expanded over time so your business can grow.
If you choose a niche that is so specific and doesn’t leave a lot of room for expansion, you will have a hard time growing your passive income. Ideally, you want to continue to add to your passive earning efforts so the gap between your income and time invested widens, so you make more money while cutting down your work hours.
Continually Build on your Stream
After you have launched that first product or taken on that first passive income opportunity, don’t stop there. Learn from your experience and then start gearing up for your second launch.
This could mean building on your first product to add something else for your customers or it could mean taking on a new opportunity and investing in something different.
Don’t Drop the Marketing Ball
It’s true that the whole idea behind passive income is to work less while still increasing your income. However, that doesn’t mean that you don’t have to do anything to push your business forward.
One of the most important success secrets for making passive income work is leveraging marketing. You can create all kinds of valuable products and offer one-of-a-kind services, but if no one knows about them you won’t make any sales.
As you grow your passive income streams, spend time marketing your business so you can build a customer base and your opportunities for earning more money will increase.
You can take advantage of the secret money making power of passive income and change your life. First, recognize what you want to accomplish and then plan carefully so that your income will grow while your workload shrinks.
If you are interested in learning more about how you can make passive income work for you, contact me. I’m a business coach and provide one-on-one mentoring to help people obtain ultimate financial freedom.