Incorporating Passive Income into your business and life is a ‘must do’ to achieve any freedom from the office.
One of the biggest reasons for NOT starting a business is that you’ll be working longer hours than any job. So how will I ever have time for the kids? It seems to like the idea of more freedom is unrealistic.
Yet. I know that there were many times when I worked to the point of burnout in my corporate job that I wish I really had been putting that amount of work in for myself.
Here I want to explore and share with other lifestyle freedom seekers. If we want to make a difference with meaningful work in a way that leverages our time and impact but doesn’t negatively affect our quality of life then I believe there is a way. Using passive income methods.
What is passive income?
Imagine waking up in the morning and seeing that you have made money while asleep. It’s about being able to convert the upfront time and energy into something that can become an income generator without you being present all of the time.
Why is passive income something you should look to build in your freedom lifestyle & business?
The problem with some freelance, coaching and consultancy businesses is that they’re on a time for money basis. In effect, we’re just employing ourselves. We exchange our time for an amount and if we’re ever not there, then no one is earning the money.
You only have to be unwell or want to take a trip with the family and you can no longer earn money because you are not servicing your clients.
There is only so much time in the world, there is a limit to what any of us can do. And I want you to think about how you can spread your work to benefit more people simply by reaching them in a new way.
5 Genuinely Profitable Proven Passive Income Strategies for your Freedom Lifestyle
These are five real no BS ways that entrepreneurs are supplementing other income streams to create more financial freedom using more passive methods. I’ve split these into two groups part passive and entirely
1. Online Courses
The information & knowledge industry is growing. So many people are taking personal development seriously or wanting to enrich their lives. They say every one of us has a course of something inside us. Once created an online course can be sold multiple times. With videos and workbooks. You can even do it my way and hybrid the model with some live sessions and Q&A.
2. Digital Products
eBooks, guides, templates and apps are all fantastic ways to share the tools your use and knowledge on a subject area with others.
There is even a market that will pay for you to create spreadsheets of all kinds: for budgeting, profit projections, habit tracking, or even P&L spreadsheets that business owners don’t want to create from scratch.
If you’re a web designer, web templates can be sold many times over on Theme forest or the creative market site.
If you’re a teacher you can sell worksheets and schemes of work to other teachers reinventing the wheel.
Have a business or hobby in photography, why not sell your picture online such as via Shutterstock.
3. Affiliate marketing
You can add partnership deals and affiliate marketing links to your content to bring in commission from each sale made. The only caveat is that you should only really recommend things that you believe are good. Integrity is everything.
4. Sponsored posts, adverts or podcasts
Ads such as Google Adsense or sponsored posts are a way of generating passive income from something you are already doing.
5. Property for the rental market
Takes a lot of capital investment but spreading your risk by generating multiple income streams including property is one great way to generate additional passive income streams even beyond the lifespan of your business.
If you’ve experienced success with any passive income methods then I’d love for you to share your story with me and I’m always looking for inspiring stories on the podcast.
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If you are keen on getting your freedom lifestyle kick-started with passive income streams in your business then don’t forget to subscribe and share with me your questions.