If you’ve taken the entrepreneurial leap, and crowned yourself the King or Queen of your own Kingdom, it’s wise to create income generating structures that don’t require your constant attention. Passive streams of income are basically the gifts that keep on giving. These gifts are not free, or necessarily easy to come by, but are well worth the investment.
Finding the ideal passive income opportunity is not as difficult as trying to find the perfect gift for your hard to please mother-in-law. Achieving more freedom in your business can be as easy as 1, 2, 3 –
- ONE – Fill a need.
During the holidays, the trick to buying gifts that are hits is doing a bit of reconnaissance. Finding the right need to fill in your niche works the same way. You’ve probably got some great ideas, but part of developing a successful product is providing what other people want, and not what you think would be cool.
If you don’t know what your audience wants, start asking. Be open about what you are trying to accomplish — whether you’re thinking about creating an ebook, an email series, an online training program, or special report — initiate an email exchange with your audience and ask them where they are experiencing their greatest challenges. Clarify their requests, and develop a product that provides the best solution for those needs.
- TWO – Dig deep.
This is no time to hold back. You want to help your audience, and you want to make some money, so plan to give your best stuff. Taking the time to develop a really solid product and deliver it in a high-end, user-friendly format is essential to it’s success. This is your opportunity to create a work of art.
Passive income products are not the same as “Get-Rick-Quick” schemes. The point is not to make millions without ever lifting a finger. These products are typically designed to supplement your income and provide your customers with additional sources of information from you.
- THREE – Spend big.
This step is not a suggestion to spend a lot of money. The goal is to create no-to-low cost, high margin products. The investment I am referring to is an investment of your time. Developing passive income streams can be labor intensive. But the more you put in, the larger the potential payoff for your customers and for you. And the best part is that it’s a one-time investment, rather than a recurring task on your to-do list.
You might feel like you don’t have enough hours in the day to get started, but that is where a bit of sacrifice can go a long way. Commit to spending an hour a day, or 3 concentrated hours a week in the development stage, and before long you will have a finished product that can go to work for you. All it takes is an initial investment of time and energy. Set it up, and then let it go to work for you.
With current technology, you can automate everything – emails, payments, delivery, follow-up. The last thing you want is to create something you have to babysit. When your product is being purchased and delivered without requiring constant monitoring, you can be earning money while you sleep, or while you focus your valuable time on other projects. That’s how you give yourself a gift that keeps on giving.
© 2012 Reece International LLC/Dr. Shannon Reece. All rights reserved.