As my time with the Women in Business Club goes on, I have started to learn about topics that I was aware of but never understood how to implement into my personal life. For example, I always knew about diversifying my income streams, but I had never heard of passive income. I also did not realize that I was already building my passive income streams simply by having stocks in the stock market!
As time went on, I found myself fascinated by the ease in which people could create passive income. Of course, nothing comes to us without a bit of hard work, but once these streams were in place, I was amazed at how quickly results showed up. I ended up watching all four trainings and workshops on passive income from the Women in Business library and was immediately ready to go out and create new and innovative ways of making money. To read the original article published by the Women in Business Club, please click here.
As many of us have probably heard of the glass ceiling, how many of us have heard of the income ceiling? Reaching this ceiling can feel like you have all this knowledge and doing all this work but still not reaching the financial space you desire. This ceiling can sometimes prevent us from seeing the bigger picture, or understanding that the “Time for Money” business model does not always work.
For example, those in the consulting sector, you know that your time is your money. If for some reason you are ill, you are at risk of losing part of your income for that month. By having only one source of income, you automatically jeopardize your chances of maintaining a financial security net. What would happen if you lose that single source of income? How will you continue to be financially secure?
With passive income, you can set aside all of these fears and worries. You can finally get your time, freedom, and the money you want. You can finally become the Passive Income Queen you have always wanted to be!
So, what are ways that you can put on your crown and begin building your passive income streams?
Start with Semi-Passive Streams
By starting small and working your way up to fully passive streams, you will gain more experience in what works well for your business, and how you can continue to make future streams. Semi-passive streams can range from starting an online course which requires one live session every few months, to renting out a spare bedroom in your house.
This will help you continue to build your passive streams for the future and gain a better understanding of how much effort you will need to input in order to maintain the income stream.
Create a List of Passive Income Ideas
One of the most challenging aspects of creating passive income channels is being able to decide what exactly to create and which ideas to utilise. Even if you feel like you are not an expert in a specific field, Lisa Johnson, Business Success Coach and Founder of Just Own This, has this to say, “You might think you are not the best on that topic but the expert on something is the person that knows the most on a particular subject in an average room.” Just because you aren’t the market leading expert doesn’t mean you can’t take control of the room you are in, Queen!
In reality, you can create passive income streams with any topic or idea no matter how big or small. Think about your career, past experiences, and hobbies and how you can turn that into sellable content.
Here is a list of passive income methods to use once you have your idea in place!
Sell E-books: Write something you are knowledgeable in and then sell it. Everyone has knowledge on something so utilize that to your advantage!
Blog with Affiliate Links: Affiliate links are specific URLs that contain the affiliate’s information. This is a way to track and record the traffic on the advertiser’s website.
Dropshipping: This is a supply chain method which allows for a manufacturer of goods to ship directly to customers. This will reduce the need for a warehouse and shipping costs, and you can make a commission off the manufacturer.
Investing in Stocks: Investing in stocks has a higher risk than some of the other methods as you need to only invest money that you are able to lose.
Membership Groups: Bringing together like minded people in group settings is one of the best ways to create a passive income. The members have access to the built community and all that the group has to offer, and will create a safe environment where members feel comfortable asking questions and offering feedback.
Build an App: Creating an app can be very costly at the beginning however having the basic structure and outline in place means that customers can be brought together directly with your third parties. This is great as you will be needed to do little work to ensure a smooth customer experience between the parties involved.
Courses: If you are consulting people one on one then more than likely you will notice that different people have the same problems. As your time is valuable, one way to combat this is to create online courses. This allows you to collect course fees knowing that all the materials and subject matters have been written beforehand.
Comparison Sites: People will pay to save time, and by having comparison sites, you can make this a reality. Utilize this site to show people what is out there and compare it all together.
Downloadables: Make templates, workbooks, marketing plans, etc accessible through downloadable content. By having people pay a price for this, you make an easy profit for simply offering your solutions in a downloadable format.
Go from One to One, to One to Many
As mentioned earlier, if you know that many of your clients are having the same issue, make a piece of content that will satisfy the masses. What kind of questions are your clients asking that could be turned into a workbook or exclusive video?
Another thought when building these is how can your business create a community following? People will initially sign up for the offered content, but will stay for the support and enjoyment they receive from the people within the community. Create community groups online, ensuring that you are promoting a safe and collaborative space. This will help your audience feel more relaxed when sharing their ideas, feedback, and suggestions with you.
Happiness is Royalty
If you are truly the Passive Income Queen, you need to ensure that you are not only keeping your customers happy, but also that you are happy. Do you feel like your passive income streams are bringing you what you expected? Do you have the freedom now to do what you want without having to worry about your financial security?
If yes, then add additional passive income methods to ensure that you will always be secure. If no, then figure out where your hiccups are. Understand how you can do audits of your channels and processes to fully understand where you need to focus your attention.
Diversify Your Passive Income Channels
Finally, it is important to diversify your passive income channels. Did you know that the average millionaire has seven income streams with four to five of them being passive? That means they are making millions just by investing in stocks, or running advertisements every now and then.
Now Passive Income Queens, it is time to take this knowledge and use it to your full advantage! Remember that you have an expertise in something whether that be cooking, creating business plans, or one of your favorite hobbies, like singing. You have the capabilities to build your passive income streams.