Time is one of our most precious resources, which is why as business owners we need to use it as wisely as possible. Unlike money, we can’t earn back the time that’s already been spent – once it’s gone, it’s gone.
When you’re starting a business, your top priorities are likely profit and success, and part of that involves making the most of your time, using it in the right areas to grow your business in the most effective way, and creating the freedom you desire.
What is passive income?
A passive income is something that many business owners aspire to achieve. It’s a regular form of income that requires little maintenance or effort on your behalf, and most importantly, it’s not reliant on you inputting your time on a daily or hourly basis.
Unlike active income, which requires continuous time and effort to generate, this type of income will generate on its own, which allows you to focus on other areas of your business rather than being tied down by day-to-day tasks. You can quite literally make money while you sleep.
If you currently only rely on an active income, here’s a little more insight into the importance of a passive income and how to achieve it.
What are examples of passive income streams?
While relying on providing your services in order to generate income is generally how businesses work, it’s always better to have income coming from multiple places so that you constantly stay afloat if one source of income dries up. Some common examples of passive income include:
- Rental income from investment properties
- Dividends from stocks and investments
- Royalties from creative works such as books, eBooks, and photos
- Revenue from online courses and digital products
Online courses, in particular, are an excellent form of passive income as you can essentially create your course, tweak it from time to time, and make it available to access online and eventually sell to your audience.
How do you create a passive income with an online course?
If you haven’t considered creating an online program, it’s definitely worth thinking about. Online courses are a wonderful way to share your knowledge with your audience, build your email lists, and make a passive income. To better understand how to create online courses on your area of expertise we’ve teamed up with Tom Bailey, the founder of Succeed Through Speaking. Together, we’ve to prepared a short video on ‘How To Create An Online Program That Makes An Impact‘, aimed at guiding you through the steps of creating a compelling and effective online course.
I recommend to create courses that appeal to your ideal clients on different intensity levels. You might offer something free to build your email lists. Then continue to give value over time and once people get to know your high standard of work and expertise, you can charge for your courses and start creating a passive income. You can then introduce more online courses and specialize in different areas, thus diversifying your income further.
For more information or guidance on this topic, contact us today.
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