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.
A Smarter Will in 4 Steps. Click Here
7 Steps To Achieve Financial Freedom
Achieving financial freedom doesn’t necessarily mean becoming filthy rich – not that that hurts.
In this video, Entrepreneur Network partner Brian Tracy explains the seven steps you need to take to achieve financial freedom. Now, financial freedom doesn’t mean becoming filthy rich – lottery winners go bankrupt all the time. Instead, financial freedom is about becoming disciplined and using your money in a way that ensures you can live the sort of life you want both now and in the future.
That’s why the first step isn’t about getting a lot of money. Instead, it’s about teaching yourself to think positively about money. That way, you’ll be in the right mindset to move forward.
Click play to learn more.
This article was originally posted here on Entrepreneur.com.
4 Ways To Become A Millionaire Even When You Start With Little
It costs nothing to take advantage of the limitless opportunities online.
The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.
1First focus on learning, not big gain
Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.
They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.
2You can learn loads about any topic online
I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago. Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials.
Set some time aside every day to learn something online. It could be a video series or a favorite blog. When you get into the habit of learning regularly you’ll find that you advance much faster.
3Focus on the niche you love
These days you can learn about anything and target the niche you’re passionate about. This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.
You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.
4Prove your expertise by creating free content
Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.
It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.
You can do lots with a little
The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.
Combine everything together and you can accomplish anything.
This article was originally posted here on Entrepreneur.com.
12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry
Get-rich-quick schemes rarely work but doing the right things every day rarely fails.
There’s a mindset that’s prevalent these days. It’s one of instant gratification in an on-demand society that looks for quick results with very little effort. Entrepreneurs know that life doesn’t work that way. You need to put in the sweat equity if you’re looking to gain serious results.
When it comes to making money, certain good habits push us forward while some bad habits deter us from getting rich or even making any semblance of serious money.
Clearly, many people are making money and some are making lots, but if they mismanage it and pilfer it away on mindless pursuits, building the proverbial empire is going to be far harder.
Making money is one thing, but creating wealth is an entirely different thing. Obviously, most people can quickly make an extra $100 by selling used items or doing a small gig on a site like Fiverr, but if you’re looking for the kind of cash that can make a significant difference in your life, embrace these 12 millionaire habits. They are sure to drive you in the right direction. You’ll find ways to create real wealth by beckoning financial opportunity and potential windfalls through a positive mindset and a sound emotional, spiritual and mental state. That is quite literally the most powerful mixture of habits that exists for entrepreneurs.
1Always add value
Value makes the world go round. Everyone wants to get value out of an exchange. The most successful entrepreneurs in the world know that if you’re going to make lots of money, then you need to always be adding value. Always seek to add more value to whatever services, information or products you’re selling.
2Wake up early
The early morning hours are replete with quiet solitude. It’s when you can refine your thoughts and implement your plans before all the distractions of the day. If you are constantly dealing with interruptions throughout your day, find your happy place in the morning. Wake up early so you can plan whatever will advance you toward your goals.
Making money isn’t just about implementing good career or business habits. You need to be fit emotionally and physically to fire on all pistons. Exercise in the morning, even if briefly. Exercising gets the blood flowing and oxygenation to the cells, helping you to think clearly and be laser-focused. This habit is implemented by some of the world’s richest entrepreneurs.
4Daily goal setting
You have your long-term goals in place but, if you’re looking to make serious money and quickly, you have to set goals every single day. These are milestones on your way to your biggest and most outlandish goals. Do this when you wake up, first thing in the morning, so that you stay on track and on target. Decide what will move you closer to those financial goals by the end of the day, then go out there and do it.
5Effective time management
Everyone in this world has the same amount of time. The 24 hours of each day is life’s greatest equaliser. It doesn’t matter what we do, where we’re from or how much money we have, we all have the same amount of time.
Effective time management is a must for those looking to get ahead. Whether your goal is to earn a lot of money over time or you just need to earn a little bit of extra cash quickly, properly managing your finite time is what makes it possible to succeed.
Networking is one of the most important habits to have in life. The sayings go, your network is your net worth, and if you lie down with dogs, you’ll definitely come up with fleas. Reach out to others and find out what you can do to add value to their world.
Don’t ask for anything in return, especially not right away. Just insert yourself into the mix, and eventually the opportunities will find you.
John Assaraf, who built up a billion-dollar real estate business and is featured in the movie The Secret, preaches the importance of “innercising” in his NeuroGym system. Innercising is mental exercise to reprogram subliminal conditioning deeply embedded in our subconscious. The goal is to frame the mind with a positive financial outlook which attracts money and opportunities to our lives, rather than pushing them away.
Will eating healthier help you to attract more wealth or make more money in the interim? You can bet it will. Sound body, sound mind. To have the precision thinking and focus of a highly-trained athlete, you need to eat healthily. Our bodies spend a large amount of their energy on processing foods. Unhealthy eating leaves us with less energy for achieving our goals, whatever they are.
9Saving and investing
Obviously, saving and investing is fundamental to building wealth. It won’t happen as fast as you’d like, but the larger component at play is having moment-of-the-opportunity cash to invest when something requires your attention immediately. When you have capital and are no longer living paycheck-to-paycheck, you’re ready to earn more money when the opportunity presents.
If you play a cutthroat game and walk all over people, few opportunities will come your way. Being mindful and respectful of others attracts opportunities that you can eventually convert into cash. Be mindful about how you act and what you say so it doesn’t come back to bite you in the butt.
11Work with a mentor
Mentors are great for helping you to earn extra income, whether small or large. A mentor who’s achieved outlandish goals in your industry will offer guidance to help you get where you’re looking to go.
Find a mentor and work with them daily. Ask for their help and guidance as you navigate the choppy waters towards success.
12Contribute to others
Contribution is born from an abundant mindset. When you are sated and have enough for yourself, look to contribute. You can trick your mind into an abundant mindset by simply contributing your time to others. You don’t have to give money. Only time. It’s a subconscious mind trick that moves you away from scarcity to attract more money and opportunities into your life.
This article was originally posted here on Entrepreneur.com.
- How Investors Can Take Advantage Of The Rand’s Currency Trading Rates
- Start-ups Require A Strong Legal Foundation Webber Wentzel Ignite
- Enhance Your Entrepreneurial Flair With An Online Postgraduate Diploma From The University Of Pretoria
- How To Optimise Your Productivity After Quitting Your Job
- Jason English On Growing Prommac’s Turnover Tenfold And Being Mindful Of The ‘Oros Effect’
- Xoliswa Daku of Daku Group’s Top Lessons For Growth To Inspire Yours
- Why You Should (Seriously) Stop Hiring People
Start-up Industry Specific2 weeks ago
How Do I Start A Transport Or Logistics Business?
Entrepreneur Profiles1 month ago
10 SA Entrepreneurs Who Built Their Businesses From Nothing
Upstarts4 weeks ago
10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets
Business Plan Advice4 weeks ago
Writing a Business Plan May Not Be Your Idea Of Fun, But It Forces You To Build These 4 Crucial Habits