When I first started out on my career finding path I WISH I knew all the options that were available to me. When I finished college I never even fathomed I would start my own business, not because I didn’t think I could do it, but because I really never knew anything about it. I thought having your own business was only for people majoring on business or “those” people with “special” connections...seriously!....LOL OHHH how wrong was I!
So today I wanted to talk about something that I talk to my students and clients about a lot because a lot of them are people wanting to transition out of their jobs either full or part time.
What is the biggest difference between a job and a business?
A business keeps making money for you when you're off the clocks.
That’s what passive income is.
Because of the abuse of the term “passive income”, a lot of us have had negative feelings towards programs and opportunities offering this, right?
Well everything has a good and bad side. The bad side is that, just like any industry, some people are doing it wrong. The good side is that it can lead to multiple sources of income. Why is this important as a business owner? First of all, when running a business, you aren’t guaranteed a salary like you are when you work in a “job”, so you must have ways to add stability to your business. Passive income also allows entrepreneurs and business owners to have more freedom as you can spend more time traveling or doing other activities knowing you are still making income.
Another really exciting thing about passive income is that also allows entrepreneurs to be more creative and make more impact as it frees up time to create new and other ways to serve their audience and stand out.
There are lots of ways to do so both online and offline. You could create content or a blog on your website. You could start a podcast. You could package your expertise into an online course. You could do paid speaking gigs. You could do consulting for others learning how to do what you do. You could partner up with a company or product that you believe in and know would support your audience and your brand vision that pays you a commission. These are just a few ways.
Another way to create passive income is to automate parts of your business. We live in an amazing time to grow a business! With all the technology and software that is available the possibilities are literally endless, BUT this can also lead to overwhelm with deciding exactly what to use and how to make it all work together. I’ve learned to use many different platforms and softwares: Infusionsoft, Mailchimp, Wix websites, wordpress website, lead pages, click funnels, but one that I’ve gravitated to that is a simple easy solution one stop shop solution that not only saves me tons of time and headache, it also saves me money: 3stepsolutions.com. Either way, many great options and whichever route you choose to take, you have choices and options to create flow and automation in your business like never before. The more you can focus on the big picture and actually growing your business as opposed to the daily minutiae, the more your business will grow.
Finally in order to feed your passive income “machine”, you’ve got to constantly have new leads. With the millions of people you can reach on social media, it tends to be a focus for a lot of people. However, where those people go wrong, is solely relying on social media. In order to have a constant stream to leads and customers you have to fish from more than one pool AKA: just like you should have multiple streams of income for a successful business, you should have multiple pools to fish from to have a steady stream of leads. In addition to social media, a couple of other examples of “pools to fish from” are local networking groups (more on effective networking later...I had a major ah hah moment at one this morning!), You Tube videos, guest blog or write for other website and publications, go to events and “spots” your ideal customer likes to hang out, podcast, email marketing...
Social media and digital marketing is a whole ginormous topic of it’s own, but if there’s one thing I would want you to take away here about social media and how to use it for your business is remember that just because you are connecting with people through a computer screen...they are still people. Think about this when you post and communicate and send messages. Pretend as if you are talking to people face to face.
I hope this was helpful for you! If you are interested in getting more free training and plugging in with me more...stay tuned for the new FREE FB Group: Ocean Avenue Entrepreneur Tribe where I’ll be hosting free training, challenges, videos, and more. Details to be posted soon! Until then, come hang out with me on IG and FB!
I’d love to learn about what business you are building and what else you do for fun! Because after all, we are building our dream business and our ideal lifestyle alongside it right?!