Making Money While You Sleep…
In any career!
I meet 1,000s of business owners & entrepreneurs every single month and what most of us have to realize is that we are all truly self-employed. That means that we work for ourselves, yet if we stopped working tomorrow we would have no income because we truly are our business!
This means that we should start thinking about what we can create that makes us Passive Income. Passive Income is defined by Wikipedia as Earnings from a business that does not require direct involvement from the owner. So, I have put together some ideas and examples for you to really start thinking about this as it’s important that Passive Income becomes part of your business so that you can be working ON your business and not always IN your business.
Here are 25 great ideas of the kind of things you can do:
- Invest your money and earn interest.2. Purchase assets like Real Estate, Equipment, Stocks, Bonds, Etc.3. License your product or service and earn royalties.4. Franchise your idea.5. Write books or e-books.6. Video tape what you do and sell DVDs.7. Video tape what you do and start an online membership site.8. Create CDs or MP3s that people can listen to while mobile.9. Create an online University (training) and create modules that people can join.10. Joint Venture with other companies.11. Create an affiliate program.12. Referral & Loyalty Programs.13. Well trained Employees.14. Educate your Friends & Family.15. Networking Groups.16. Executive boards.17. Mastermind Groups.18. Website.19. Automated Social Media.20. Autoresponder campaigns.21. Conference calls.22. Webinars.23. Effective Advertising – Print, TV, Radio, Pay-per-click, Editorials, Advetorials, etc.
24. Educated Vendors & suppliers.25. Automated video email.
The key is to always be thinking of a long term plan to ensure that you are creating products that will grow your passive income.
BLOG posts to e-book to DVD series
You have heard about how good it is for Search Engine Optimization (SEO) for you to be blogging about your business, products, services, etc. So, why not think big picture and spend time creating BLOG posts each and every week that you could easily collate into a book after a year. If you were BLOGGING once a week you would have 52 topics and you could launch an e-book or physical book called 52 Ways to ….
Similarly, you could video BLOG and create a DVD series called 52 Ways to….
You should always be thinking along the lines of “How can I turn what I am doing now into long term passive income for my business?”
Record all conference calls, seminars, webinars, etc. even if you do not have a plan today at least you will have the material available when you decide to create passive income in your business in the future.
What about Realtors, Mortgage Brokers, Financial Planners, Professional Services, etc.?
One thing that all the above careers have in common is that they are experts in their fields and can create so many different products and services that once they are experienced in their field that they could sell. Selling knowledge is huge and is now called InfoPreneuring and can make massive Passive Income. You can create training DVD, CDs or booklets on how you overcame the challenges in the 1st year, what to do and not to do in your first year, 2nd year and onwards… There are so many opportunities… you just have to be incredibly creative.
Feel free to ask questions or leave comments as this topic is massive and you should be thinking passive!
you can email colin at Colinsprake@gmail.com
Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
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