Have you ever considered whether you can have multiple income streams in your business? It wasn’t something I had even thought of before we want into lockdown in March 2020. But I can tell you, it genuinely does works and can make you money.
If your business is like mine, you probably would have offered a predominantly face to face service offering. Never had I ever imagined that there would be a situation where most of my clients would be furloughed. This meant that a good chunk of my work would be put on the back burner for the immediate future.
It was only at this point that I first heard about semi-passive income. You may be thinking what’s semi passive income, well here is a description:
It’s a combination of both active and passive income. Semi-passive income will continue to make money when you are not working, but it does require a certain degree of maintenance or management.
What is interesting was that once I had an understanding, I had an idea for passive income that I had been giving away for free! Not that it is all about money for me as that’s not the case. Though if there is an opportunity to do something you love and make a little money then I think why not give it a try! It may be that you have something that will convert too so here is my story.
It started with a lightbulb moment!
I have been running my business now for nearly 7 years. One of the things I was constantly getting asked was how did I set-up my VA business. I guess that I had never considered that it was a minefield out there. There is nowhere that you can go relatively quickly to establish some basic facts. For me personally I had fought through the overwhelm and just hoped that I did it right. I found out later that there was a couple of things had I had known, I would have done differently.
I suddenly thought all these chats that I enjoy having, well why don’t I make a little money out of it? I love helping people and adding value, so it seemed like a good fit for my business.
My money-making idea
I then started to give this a little more thought. I am passionate about helping working mums, there are so few true flexible opportunities out there. A VA buiness as I knew from experience could be truly flexible. Some of my own ambassadors are working mums for this reason. What a great idea it would be to help working mums to set-up on their own. Plus, extra bonus potentially in the future, they may like to work for me too. It was a win win in my mind, and it was like it was perfect for my buiness too.
Learning something new
If you know me, one of the things I love to do is learn something new. My head is like a sponge and you never need to ask me more than once. Fuelled with my newfound appetite to learn about semi passive income, I went away to figure out how it works. I enrolled for an 8-week course and off I went learning about lead magnets, sales funnels and landing pages to name but a few.
An introvert – really!
One of the things that I am not good at is being visible. It was one of those things in 2020, that I found myself just having to tell myself to get over. We are operating as buiness owners in a virtual world and everyone is trying to be seen. For me this gave me the opportunity to come out of the closet. I had spent the last 6 years hiding in the safety of my office and not being interested in videos or presentations. This had to change! My new income stream needed me to have a Facebook group and be visible in there. Fear started to creep in ahead of the group launch but I now have a growing group where I do a Facebook live every day and yes I enjoy it. I may be chatting to myself at times though it has made me feel really empowered.
I would never have seen myself doing something like this 12 months ago. For me it highlights as buiness owners how capable we are and that we just need to push ourselves. If this has got you inspired, here are my top 5 passive income ideas:
- SELL PHYSICAL PRODUCTS ONLINE
With the improvements in the processes, and thanks in no small part to Amazon, this is now pretty much as ‘non-passive’ as a business gets.
- SELL AN ONLINE COURSE WITH MEMBERSHIP
There is work required at the outset, but for a members-only multimedia-driven website here the potential is limitless.
- INVEST, BUT DO IT SMARTLY
Investing is arguably the easiest way to make passive income but most investments sound good in theory but don’t work out so well in practice, so make sure you do your homework first.
- GET A RENTAL PROPERTY
Tried and true and if you buy at the right price, at the right time, structure the deal so it’s good for your personal taxes and achieve full occupancy it’s a no brainer.
- SELL AN EBOOK
It’s pretty easy to write a 60-80 page eBook, and definitely feasible to sell well each month through online networking, guest posting and your own SEO optimized blog.
Could you turn your passion into a business?
We think you could. We’ve done it ourselves and we believe that with a little help you could too.
Why not book a call to discuss your business passion and how we could help make it happen!