How to Stop Working Hours for Dollars, & Create Passive Income
When you think about passive income streams, you probably wonder if you can actually shift out of the dollars for hours model. Let me tell you from personal experience, as I was seeing 50 plus clients a week and barely getting up from my desk in a 70 hour work week, there is a point where you will max out. I knew there had to be a better model for growing my business, and an easier way to impact more people at one time. Right now in your business, if you are not working with your clients in person, you are most likely not making money. If you go on vacation, you are not getting paid. If you are sleeping, the income stops. Guess what? You can turn this around! By adopting the Passive Income Business Model, you will be able to create a profit without even being there. Doesn’t that sound delightful?
Steps to Take
As a small business owner, think about what you are doing right now with your clients for no pay. Perhaps you are constantly giving free advice on how to solve the numerous problems they have in their personal life or business. By sharing this advice with a large number of people who share the same problems, you can begin earning passive, residual income. Here are six ideas:
- Turn the information into an audio product by making a CD-ROM or download.
- Turn the information into a series of videos, breaking the advice into small sections.
- Turn the information into content for a teleseminar or webinar and then sell related products and services on the backend.
- Turn the information into a book.
- Turn the information into blog posts and earn revenue through affiliate offers and selling advertising space.
- Create a consumer goods product to retail to the consumer or wholesale to retailers.
Without a shadow of a doubt, a passive income business is a far superior model to trading time for dollars. There are only so many hours in the day, and there is only one of you. Millionaires and billionaires have always pursued the passive income model. Unfortunately, creating a passive income business is often marketed by business course producers as an easy road to wealth. This fantasy is dangerous because it deceives people about the true commitment necessary to make this business model work for them. Just like any business, or any kind of big achievement for that matter, you need to have proper planning, and take relentless action on a daily basis. Therefore, it is crucial that you love what you are doing to give it the energy and effort it needs to succeed.
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Allison Maslan, CEO of Pinnacle Global Network, is the Wall Street Journal Best Selling Author of Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success, and create a more meaningful life. Pinnacle Global Network, a world leader in scaling companies and empowering business leaders has guided thousands of CEO's and Founders to success over the past decade. Allison’s been featured in Inc., Success, Fortune, Fast Company, and Forbes Magazines, is a regular contributor to Entrepreneur Magazine, and a featured expert on ABC, CBS, NBC, CNN, and Fox across the US. She is also the host and producer of The Scale or Fail Show podcast, and the Women Who Own it Podcast in partnership with WBENC, the largest certifier of women-owned businesses in North America.
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