Building your business to have a diverse set of income streams is a wise move. Plus, if you hire a team of contractors to handle the production, your passive income truly becomes much more passive once you get your team started.
Think of it this way: If you invest in the stock market, every financial advisor suggests splitting up your investments into a diverse array of stocks and bonds, simply for the fact that not every company will perform well all the time. When one company has a bad quarter, a diverse portfolio allows you to minimize your losses, especially if the other companies in your portfolio are doing well.
Independent contractors are also advised to work for an array of clients instead of devoting all their time to just one client, simply because you never know when that one client will close up shop or decide to hire a different contractor.
The same is true for your own business.
What if you lost multiple clients in one month?
Do you have a calm way to make up that...
Creating multiple streams of passive income is a wise business decision but don’t be fooled by some of the myths around this topic.
Do your research objectively and learn how to read between the lines of promises people make.
This sage advice is often correct: If it sounds too good to be true, it probably isn’t true.
Myth #1: Creating passive income is quick and easy.
Anyone who has worked to create a product, write a book, create a niche website, or even promote affiliate links will tell you this myth is false. You’ll always have to do work at the beginning and the amount of work and how long it takes you will vary considerably depending on your income stream. Anyone promising you overnight riches is out of touch or trying to sell you a scam.
Myth #2: You can set it and forget it after your passive income stream is set up.
This is only true if you hire a project manager to manage the daily marketing and promotion plans for your chosen income stream. But even if...
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...
In the last blog, I talked about the one thing you shouldn’t skip in order to attract new subscribers.
Now that you know what you’re offering, it’s time to figure out how to get people opting-in to get it. To do this, you’ll need a simple landing page, as well as enticing copy to reel in new subscribers.
If you have a WordPress site, first, search your WordPress theme for a landing page template. If you have one built into your theme and you like the layout, then move onto writing compelling copy.
If you don’t have a landing page template, then research platforms like LeadPages or Click Funnels. Both can create attractive, eye-catching landing pages with a drag-and-drop interface and built-in templates. Both platforms also have split testing capabilities, so you can test different versions of your landing page to see which one converts more views into sales.
Another option is to check with your email service provider if they have landing page...
Business coaches are strong assets for business owners because they hold the owner accountable for their own progress. They offer different perspectives to problems, they offer guidance as well as challenges, and they observe objectively how a business operates and what can be improved.
Productivity is more than just performing your daily tasks. A business coach will improve your productivity in all aspects of your business life. Here are some examples:
1. You will step out of your comfort zone. Performing tasks that make you uncomfortable are often tasks that will push your business into forward momentum, such as real life networking or presenting to your local Chamber of Commerce. Performing these tasks will get easier with practice and will allow you to develop real life relationships with other businesses. If you gain new customers in the process, that’s quicker productivity than if you stayed in your online bubble.
2. Your coach will correct you as needed. Your business...
If you can say to yourself, “I have a problem getting things done and it is because I lack self-discipline”, then you are taking responsibility for your problem, and you’re in the right place to move forward and do something about it.
Here are this week’s tips to help you tackle your self-discipline issues.
1. Cultivate Self-Honesty
The next time you tell yourself or someone else that you’re “too busy” to do something, try changing that message to yourself or to others. Try saying “I don’t want to…” or, “It’s not important”, instead of “I’m too busy”. (“It’s not important for me to meet with my top client” will give you quite different feeling than “it’s not important for me to organize George’s sock drawer”.)
Speaking your truth helps strip away excuses or evasions: You can instantly see when you need a dose of self-discipline, when you need...