The transition from a one-to-one to a multiple streams of income business model can be tricky. My suggestion, micro-adjustments as you go and constantly checking in with yourself, your needs, and that you're aligned with all the boundaries and goals we outlined during this event.
That's how I've been able to manage my one-to-one clients while creating my group and mentorship programs.
When you decide to add passive income to your business model, don’t think that you need to replace all your income right now. And you certainly should not add all of these new income streams at once.
Instead, focus your efforts on keeping your current earnings consistent and slowly add sources of passive income as you go. Always remember to learn and master one strategy before moving on to the next.
Start with What You Know
The easiest thing you can do when it comes to earning passive income is to start with what you have now and what you know. Stay within your genre and don’t go out on a limb with something totally new.
For example, if you’re a virtual assistant who has created standard contracts, forms, and processes for your business - why not turn that into an information product to sell. That requires very little work to put together and is starting with what you know.
Schedule Your Time Wisely
When you first start with your passive income goals, it can be tempting to spend more time than you should on it. Try to figure out how many hours a week you can reasonably devote to passive income (even if it’s just one hour) and stick to that for the first year. You want to still have a life and honor your boundaries while you’re building your passive income.
Keep Making Money
Don’t quit your day job whether that is a regular job or if you’re a contractor such as a graphic designer or virtual assistant. You want to keep the money coming in so that you can afford to invest in passive income.
When you first start, you’ll see money going out and time spent rather than having it come in and that can be hard to keep in perspective, but remember, over time it will pay off.
Reinvest Earnings to Scale Up
When you do start earning from your passive income efforts, invest half of it back into the passive income portion of your business. For example, if you earn $100 from your eBook, use $50 to hire someone to write the next one based on your outline or have them turn your eBook into an online course. Get that set up and start selling it so you can expand your income streams.
Don’t ever forget that earning passive income requires that you invest in active income first. You need money to make money. But, you also don’t want to do anything to jeopardize your future potential by getting into debt or spending money you cannot afford to invest in passive income now.
Keep your "day job" and understand this is a long-term financial plan that will pay off after time. You’ll need both time and money to invest.
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