Whether you are a coach, facilitator, trainer, speaker, author, influencer, or offer contract-based services the fact is having multiple streams of income is the best way to build a lifestyle business and financial independence.
When you're working online, there are ample opportunities to build multiple streams of income to build your net worth, provide income security, and create a safety net you can fall back on during difficult times.
In fact, one could argue that today there is no job security - no matter what you do. Therefore, no matter what you do, you should seek to find ways to create more than one stream of income.
THERE'S A LOT AT STAKE
Everyone has a lot at stake. There's health care, college for the kids, living expenses, business expenses, retirement to save for, and quite possibly other people relying on you.
Make no mistake: it’s not having a business that's risky. The risk is having only one source of income.
When you have many streams of income, you have options.
WHAT IS PASSIVE INCOME?
Creating passive forms of income can change your life completely. In this event we've explored several topics all building on each other, leading us to this topic:
Passive income.
As a lifestyle business, we rely on automation, systems, workflows, team and outsourcing. Why? . . . because ultimately what all of these things create is multiple streams of passive income. These tools allow us to create our life's work without being in our business all . the . time. We're able to live abundant lives AND fulfill our greatest calling.
Passive income is not the most accurate way of stating what we're building. The term is quite misleading because passive income is hardly passive.
So let's clarify . . . what really defines a product as passive income is that you do the work once, and you keep earning from that work repeatedly. Whereas with non-passive income, you are trading hours for dollars. You do the work once and get paid once, like in one-to-one services or one-to-one coaching.
Passive income ideas
Develop a Digital Product – Any digital product that you can sell over and over again, such as an online course, audio series, graphic design templates, music, digital art, or an app, You create the digital product, then your job is to promote it and sell it. You can even get affiliate marketers to help you.
YouTube Star – This type of income doesn’t seem very passive at first. You must produce a lot of content on a regular basis that your audience likes and will watch. You make money via advertisements, sponsorships, and affiliate marketing options as a YouTube Star. You don’t even really have to be a star to get started. What makes it passive is that you will earn money on the videos year after year, not just once.
Blogger – Most bloggers would not say their job is passive, but since you do the work once and can get paid repeatedly, it’s still considered passive income. Usually, you pick a niche in which to blog. You can do product reviews, how to posts, and more. You earn money by placing your own products, ads or affiliate product links in the posts.
Publishing Books – This is a great form of passive income. You write a book, publish it, and then collect residuals from the sales. You really don’t even have to write the book. You can pay people to do that. A classic example is the Chicken Soup for The Soul franchise. They have sold more than 500 million copies worldwide, earning over $100 million per year.
Affiliate Marketing – This involves promoting someone else’s products or services and when someone buys, you get a percentage of the sale. You can find opportunities within your community, on affiliate platforms like Clickbank.com or if you like a certain product, go to their website to find out if they have a program.
Investing in Stocks – This is one that everyone is familiar with. When you take a certain amount of money and invest it each month, the interest you earn on that money is a form of passive income. You simply invest the money, and if all goes well, you will get a return on your investment in the form of interest payments.
Buy & Invest in Rental Property – This is another form of passive income. You buy the property, hire a property manager, and collect rent. The real estate agent finds the property, the property manager does all the labor, and you just invest and collect your rent every single month while also building equity in the property. That’s income today and income tomorrow.
As you see, there are many ways to add to your income streams. The best course of action is to start with one thing, and then build onto it as you go. Wait until you’re earning something on one idea before moving on to the next.
Please share in the Facebook group what you've learned about yourself and your business. I will be in the Facebook group every day to answer your questions and support your growth.
Till tomorrow,
Be brilliant.
Be imperfect.
And always, be you.
Melissa