There are many ways to build passive income. These include joining a network marketing model, building an investment portfolio and owning investment property.
Another, albeit more challenging, way to create passive income is to build a recurring revenue stream within your own business, that once set up, does not require too much of your own time and keeps growing.
But what about taking it one step further, and creating a passive income revenue stream in your own business that reflects your dreams, passion and personality?
This allows you to not only work towards financial freedom, but to also express yourself in the world and find a powerful outlet for personal reward and meaning in your life.
Building a passive income stream within your own business that you get a sense of personal fulfillment from takes time and dedication. A strategy is required that includes:-
1. Ensuring your overall business model ties in with your dreams to begin with.
To achieve your big dreams through the path of a business, you need to create a business model that reflects those passions and allows them to be realised. This includes product or service offerings that come from your heart and working with customers whose lives you can authentically impact on with what you are offering.
2. Your overall business model should allow for one or more passive income stream.
Not every revenue stream in your business needs to be a passive income stream, but your overall model should be designed to accommodate passive revenue if you want to include it now or down the line.
Your passive income streams should fit naturally into your existing business model or could even be the main part of your business model by intention.
3. Ensuring your passive income revenue stream is meaningful.
If your overall business model does not align with a deeper meaning, then it will be a lot trickier (although not impossible) to create a passive income stream that you love within this model. If passion and business are already in alignment, then the passive income revenue stream will naturally become an extension of this passion.
Examples of passive income streams you can build into your business model include:-
- Building a paying subscriber database for what you offer, which could be content, product or access to a service orientated system you have created
- Building affiliate networks who do all the selling of your products for you
- Duplicating your business and letting others run the duplicate versions for you while you take a cut
- Building a community in your business and charging membership.
4. Reasonable and achievable timeframes to build the passive income stream.
It is important to remember that building passive income takes time. There are no miracle shortcuts.
You need time to firstly set up the revenue stream, its systems and the team who runs it for you. Then you need time to get enough people to sign up for it so that running costs are covered and the rest is profit. This could reasonably mean between one and five years (or longer) to build it up.
Taken in the context of an entrepreneurial journey, this could be worth it if it means that down the line you end working a lot less for a lot more income that comes from achieving something meaningful.
With careful thought and strategy, it is possible to create passive revenue in your own business that truly makes you feel like you are doing what you love.
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