When business entrepreneurs consider the best way to upscale their business, there are a few basic ideas which we always think of first.
Communicate to our customers.
Expand our services.
Take on some staff.
All of these things are valid ways of upping your productivity.
The problem is…
…most business owners need ways to do less, rather than more, and still maintain their income and support business growth and development.
What if, instead of considering ways to make our lives harder, and our workload bigger, there was a way to upscale without compromising the time we currently have?
It’s known as ‘Passive Income’
Passive income is a way to generate more cash and expand your product offering and business development, without having to put in the extra hours normally associated with growth.
Passive income basically means providing a product or service which you can launch once, market and then walk away from, safe in the knowledge that it will continue to work on your behalf, expanding your customer base, making sales, and increasing your business revenue.
A Therapist Is Struggling To Make More Income
Let’s use an example. Imagine you are an alternative therapist and provide services by the hour to your clients. You work from 9-6, six days a week, healing customers and helping people.
The natural progression from this business, when you need to increase your income, would be to consider taking on a member of staff to support you, and enable you to double the number of hours of service you can provide, or work longer hours to gain more income from providing the service for yourself or perhaps increase your hourly rate.
These, while valid, do not support you to work less hard – you either have to train and manage an employee, or give up your leisure time to do the work yourself.
The trick to passive income is to find a way to step back, think bigger, and see how you could generate revenue, without giving up more time.
So, the alternative therapist could sit down and consider how best they could develop a product which deployed all of their knowledge and experience, and could be put out there for customers without requiring ongoing monitoring and supervision.
The Passive Income Options…
They may decide to develop a training course for their customers on reducing stress. They may produce a hypnotherapy CD for people looking to stop smoking. They could develop a series of eBooks helping their customers with the top issues they have supported people with over the past few years.
They develop a single product, publish it, let their customers know it is there, and then walk away.
The eBook will not date, or become obsolete – it will be as relevant in ten years as it is right now. As customers purchase it, it will gain reviews and encourage more people to buy it too.
For one single expenditure of time and energy, the book could go on and generate thousands in revenue, without ever requiring any additional input. It’s that easy.
What could you do to generate a passive income right now?
What subjects are popular in your industry, and how could you apply your knowledge and expertise to develop a product that will work for you without taking up all your time?
Find your idea, develop your product, and gain all of the benefits of a passive income, without letting go of your valuable time. It really is that simple!