Is It Possible to Create a Truly Passive Income Business?
In today’s world, we hear a lot about the idea of passive income and making money while you sleep, but is it possible to create a truly passive income business? The answer is yes! You can even have multiple passive income streams. Some take more careful consideration, time, patience and money and others can be less of a commitment.
Why I love to encourage clients to consider this option is that finding ways to earn or create
more money is so much more expansive and empowering than staying within a strict financial container to make cut backs.
In this article, I’m going to share with you what passive income is and what’s important to consider when creating a passive income business.
What is Passive Income?
Passive income is where you do or create something upfront that then continues to generate income. Don’t be fooled though; passive income
usually requires a substantial amount of time, work or consideration before you yield the returns. It’s important that whatever you choose is energetically aligned in your mind, heart and soul.
The idea of creating one or multiple income streams to boost your finances might seem intimidating and something that you’re not cut out for, but let me assure you, you don’t need a Harvard business degree or consider yourself an entrepreneur to make it work for you. You just have to be willing to think a little outside the box! It can actually be great fun to think of the potential when you set your mind into that energy space.
Examples of a Passive Income Business
The fantastic thing about passive income is that there are so many options. One example includes investing. You invest money in something such as a company stock or business and then over time, receive a dividend payment and appreciation on the investment. When making any investment decisions, although an opportunity can seem attractive at first glance, it’s crucial that you don’t jump in head first, particularly if you’re new to the investment world. I have many tips on guiding your investment decisions on my
YouTube channel so I encourage you to take a look at those.
Another example is real estate. You buy a property, and you then receive the rent as passive income.
Some more creative ways to create passive income streams are writing and then selling a book. You don’t have to be an established author to do this either. Selling ebooks online or on Amazon can be a way to generate income every month.
Other ideas include renting out your spare room on Airbnb, affiliate marketing, capitalizing on your skills and selling e-courses, saving money through cashback sites, paying off existing debts to create more available income or selling art on Etsy.
Passive income doesn’t have to mean taking risks or committing to a huge project. Saving money on cashback sites or selling some of your work online is a low bar way to generate extra cash without risk.
Factors to Consider
When deciding on what type of passive income business is right for you, some require money upfront and others need time. Most will need at least a little of both. If you’re in a position to put money upfront, options like investing, dividend stocks or placing money in a high yield savings account or money market fund could be something to look into. Again, regardless of whether you’re investing $10 or $100,000, the investment has to make sense on every level - financially and energetically. The idea of generating passive income streams is that you want to feel good about your choices. It should feel expansive and not approached as a knee-jerk reaction.
Don’t worry if you don’t have money freely available right now though either. Creating a passive income business is still doable. This is the fun part and where we can get creative!
I’d like you to write down what you love to do. Maybe this is cooking, gardening, writing, music or something more technical like design or coding? What we often forget is that the things we love or take for granted that we’re good at - maybe things we do every day, is usually something other people will pay for! Could you create an online cooking or art course teaching people what you know?
The key is to not overthink it. At this point, you just want to work that idea muscle!
Although it isn’t ‘passive’ income, you might have skills that you can offer on a freelance basis outside of your day job. In today’s economy, more companies are taking on freelancers instead of employing staff so there's a great opportunity to capitalize on doing what you already know and earning more for it!
Keep it Simple to Start
As there are so many options out there for a passive income business, it’s tempting to want to dive in head first with a few at once. I would always recommend starting slow. Take it step by step and don’t be afraid to ask advice or for others to help if you’re creating something on your own.
You don’t want to get burnt out - particularly if you’re going to create an income stream which requires your time. Focus on mastering that
one thing and see that it’s making a return before moving on to the other. Patience is key!
Passive income and building a passive income business is a great way to create what I call ‘real wealth’ where it’s aligned on all levels - spiritually, physically, energetically and of course, financially. Therefore, the process should be one of joy and empowerment. It can fulfil you in ways that far exceed monetary value too. Imagine how great it will feel to know that a choice you made or something you have created that offers value to the world is now building your wealth and generating that passive income you never knew could exist for you!
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