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...
What’s holding you back from creating a course or two that can greatly benefit your ideal client:
• Fear of failure?
• Fear of success?
• Fear of looking like an imposter?
• Feeling like you’re not expert enough?
Believe it or not, most entrepreneurs struggle with mindset roadblocks at some point. Even more experienced business owners can struggle with a roadblock or insecurities. I’ve met plenty of entrepreneurs who label themselves as introverted and I shake my head in shock because that’s not the image they portray online; that’s the ultimate “fake it til you make it” thinking.
Lifting mental roadblocks can be done with some daily habits and positive self-talk. Here are three tips you can implement right now in your daily life to create a positive mindset:
1. Start your day with positive affirmations. A quick Google search will give you thousands of affirmations to choose from but you just need to start with a couple...
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...
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...
Visualizing what you want in life is a wonderful practice but don’t forget about making an action plan to fulfill those goals. Here are some tips to get you going.
1. Break down your ultimate goals into smaller steps. If you want to double your income, for instance, keep that big number in mind but break that big number down into a monthly income total. If necessary, break that down even further into weekly and daily goals. Knowing these smaller goals will help you focus on daily money-making tasks to earn those totals and ultimately reach that larger goal.
2. Plot your daily money-making tasks. No matter what your ultimate goals, you need to make money with your business and those are the tasks you should prioritize. What tools do you have at your disposal? Think about how to use your blog, social media, email list, affiliate products, products and programs to make more sales.
Sometimes all it takes is publicizing your offers more frequently via social media and to your email...
Do you have your goals set out for this year?
Did you create them at the beginning of the year but haven’t monitored them since then? If that’s you, don’t worry, you’re not alone.
Business goals help you gauge your success and help you stay motivated to reach those goals. Some people think the planning stage is drudgery but even those entrepreneurs who prefer the “fly by the seat of your pants” approach to running their business have specific goals in mind.
Not having goals is equivalent to being on a hamster wheel going nowhere.
Take a few minutes and think about what you want to accomplish in your business and make sure you’re not making any of these mistakes in your goal-setting process:
1. Procrastinating. You don’t need to wait until January 1st to set your goals. Try setting quarterly goals instead. If the idea seems overwhelming, set a timer for 30 minutes and start mapping your goals on paper.
2. Not prioritizing. You can...
Goal setting is a worthwhile process but are you setting goals that are too easy? Or maybe you’re at the other end of the spectrum and set them so they are too challenging?
Goals that are too easy will keep you in your comfort zone and won’t lead to business growth.
Goals that are too challenging will make you feel defeated and possibly cause you to give up on your dream.
Planning on how to accomplish your goals doesn’t require a lot of time but it’s a necessary part of the process. Otherwise, you’ll wonder each morning what you’re supposed to be doing and will remain at a standstill.
Here’s a way to categorize your goals so you will always be challenged:
1. Small goals. These are goals you can reach easily with just a little bit of extra effort, such as adding 5-10 new subscribers each week. Small goals should always increase but shouldn’t be so difficult that you end up stressed. These should be the easiest goals to meet so you feel...
Setting goals is a task every single person should embrace. Whether you do it every New Year or at various times throughout the year, knowing what you want in life will prevent that feeling of just floating through each day without purpose. Knowing your purpose and goals motivates you to wake up and take action every single day.
Setting goals in every aspect of your life will keep you focused on what you want. Whether it’s about losing weight to regain your health or increasing your business profits to move to a warmer climate, knowing what you want allows you to put action steps in place. After all, nothing happens in life without taking action.
Successful People Who Set Goals
If you’re feeling defeated with not reaching goals in the past, don’t worry. Even the most successful celebrities and business owners have seen their own failures but continued to set goals anyway.
Entertainer extraordinaire Beyoncé keeps a photograph of an Academy Award by her...
Marketing your business is a task that should never have an end date. You should always have a steady stream of prospects enquiring about your services, opting into your email list, or purchasing your products. When you stop having that steady flow, it’s time to re-evaluate your marketing efforts.
Your sales funnel is simply the path your prospects take from first introduction to your products and services toward your highest price service, normally 1:1 coaching. The offers you make along this funnel path are completely up to you and they normally follow a gradual price increase.
Here are some ways to consistently attract clients into your funnel, no matter what time of year:
1. Be consistent with your marketing. Take advantage of real life networking events and sponsorship opportunities. Post daily on social media. Interact with prospects on your page, your personal profile, or within common groups. Use scheduling options or third-party schedulers to post on public holidays or...