If you’re working with clients on a 1:1 basis, then you’re charging for your time, which is an example of “active income”.
With active income your earnings are directly tied to the amount of time you spend with each client. If you have 8 clients a day, you’ll get paid 8 times; if you go on holiday and have zero clients a day, you’ll have no money coming in.
While this 1:1 premise can be profitable with high-end clients, you’ll still reach that glass ceiling because you only have so much time in a day to devote to clients.
So, if you want to break that glass ceiling and earn more while still working on a 1:1 basis, it’s time to develop some passive income streams.
Three Passive Income Ideas
Passive income is a way to leverage your 1:1 clients by reaching more people at one time.
What’s the best way to do that?
The choice is up to you; start off by choosing one passive income idea and when that is complete and you see sales, try...
Have you heard the statistic that millionaires have at least seven income streams?
That’s seven different ways that they’re making money each month.
Now take a look at your business; how many streams of income do you currently have? If it’s only one, then it’s time to create more income streams.
Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income, but the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete.
So think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.
Benefits of Passive Income
1. Increase your bottom line profits. This is the most obvious benefit but certainly worth mentioning because who doesn’t want to earn more profits? If you created a for-profit business, extra ways to earn income are always welcomed. As you well...