Passive income is about leveraging your time to have greater impact and grow your business using creative ideas. It’s about investing a lot of time in your business at the beginning to create products that people can’t ignore and processes to keep your customers feeling cared for so that you can benefit from it all later. It’s all about learning how to scale your business so that as you make more sales you don’t create more work on your end.
Earning a truly passive income is the end goal of the vast majority of internet marketers and you could very easily consider it to be an absolutely ideal situation in terms of finances and business. What is passive income? Simple: it means that you earn money without having to work. That doesn’t mean you haven’t worked for it though – it just means you’ve sewed your seeds so that you can profit long into the future.
In other words, you invest some time and money into setting up a business model that is capable of ‘running itself’ and from then on, you reap the benefits. You might even continue to work on the business model in your spare time to scale it further, or to keep it going, but the point is that you don’t have to actively trade your time for moneyany more. Once you have a passive business model, you can literally continue to earn money while you’re sleeping. Working online increases your freedom to a great extent because it allows you to choose how and when you work. But if you’re providing a service to a client, then that’s still not true freedom. At the end of the day, if you take time off, you lose money. And you can still upset your clients and end up losing your means of income. But with passive income, you really do get to experience true freedom.
Now you can choose to take the entire dayoff, or to refrain from working for the next week even and there will be no repercussions. Want to spend more time with your kids? You can! Want to go for a stroll and feel the sun on your face? You bet! Want to go travelling? Play a computer game? Work on a personal project that means a lot to you? Stay in bed? I think you’re starting to get the picture…