Let’s not call it passive income
Warren Buffet said, “if you can’t find a way to make money whilst you sleep you will have a job for the rest of your life”.
Many women start service-based businesses or what will be considered as time for money businesses
The problem with these business are there are a limited number of hours in the day and a limited number of days in a year. So there is always a cap on what you can earn. Even if you charge is £10,000 an hour there is still a limit to how much you can earn. So the secret to creating your business dreams is to find a way to earn whilst you are sleeping or to put it another create income streams that have no time caps.
So the secret is to create opportunities to bring in multiple streams of income. I am not going to call it passive income because it takes time and effort to become successful but it can take away the income cap.
Create your income streams
It is said that millionaires have on average seven streams of income. So when I work with my clients we look to develop a plan for seven streams of income. Some you may be able to develop quickly others may take years but to keep adding income streams that remain within your brand, it contributes to growing your business and removes any caps on your income for your company.
Stick to your brand
There was a bookshop I know of that was struggling and they started to sell all kinds of toot that were completely irrelevant to the books. That is definitely not what I mean when I talk about adding income streams.
When I talk about earn whilst you sleep I am not talking about selling for the sake of selling I am talking about creating multiple streams of income that enhances your brand. So you have to make strategic decisions when it comes to your income stream. You have to ensure that each stream sits within your brand values.
Here are some ideas
So here are some of my ideas not based on your time. Now, this does not mean that it does not take time to set it up and manage but there is no cap on how many you can sell.
First things first
Create an online shop
I have read of two businesses recently, one a printer and one a craft store complaining about people taking the cheaper option of buying online. I will be recording and writing my rant about the ridiculousness of these businesses and they themselves not offering online options but in this post, I will tell you whatever the situation is you need to have an online store, whether it is on your website or via a platform like Esty or Shopify.
1) Products
What products can you create for your business? For example, I have a friend who has a homeware shop and she has created an amazing line of candles and diffusers. She chose the scents, created the labels via Wordswag and boxed them in her branded boxes and they are incredible.
This is actually a great option for several businesses. Candles and diffusers are great vessels to add your brand to. They are great gifts for people to buy for themselves or for others. But the list of quality branded, and I use quality because you don’t want to have a negative impact on your brand is endless.
- Oils, face cloths, emery boards, supplements – If you are any kind of therapist
- Pens, pencils, note paper, folders – For any kind of coaches
- Planners – For any kind of business
- Floral scissors, seed trays, watering cans – Florists
- Shampoos, conditioners, hair masks – Hairdressers
- Yoga mats, tee shirts, hoodies – Holistic teachers
- Sauces, relishes, jams – Restaurants, Coffee Shops
Above are just some random, off the top of my head thoughts, but don’t be limited and also don’t think these things will cost you a fortune. Alibaba was set up for this very thing.
2) Partnerships
I can not underestimate for you the importance of creating partnerships. They are not only a great way to expand your brand to a new audience but it is also a great way to bring on products that you can sell online or through your premises, that match and enhance your brand values.
The list that I created under products could simply be by replaced or added to by partnerships.
Partnerships can come at different levels. So you could create an exclusive partnership and have a very close relationship or you could simply sign up for affiliate agreements such as Amazon and sell products through the links.
So who can sell your products in their shop or what products can you sell in yours?
3) Online Courses
What could you teach online? My feed recently has been flooded by art courses and how you could be taught how to draw. I thought it was pretty much proven, from my Art classes at school that you couldn’t, but people who draw think you can and have created courses to teach people how.
There is always someone who wants to know how you do what you do. So how can you take what you do, break it down and create an online course to teach it to those that are prepared to pay for it?
I am and always have been useless at doing my own hair. It has always been dead straight and very stubborn to never do anything it does not want to. I remember years and years ago when YouTube was in its infancy telling my hairdresser to create payable videos to show people how to get their own saloon looking blow dry. He didn’t and now YouTube is flooded with vloggers showing you how to do it.
So what online written or videos courses could you create?
There are so many software platforms that are available to create online courses that could integrate with your website or you could add your course to Udemy.
Online courses are a brilliant way to generate ‘not time for money’ income. You can do them at different levels. From high-end expensive courses to very cheap high volume type courses all of which are now available for people to buy globally.
This opens up the opportunities for you to expand your brand and it definitely opens up your income growth exponentially.
4) Publish
Write books, write ebooks, write handbooks. Publish, publish, publish. A lot of people will tell you books don’t make money any more. I know of many people who are making plenty from publishing.
In the same way, online courses are a brilliant way to represent your brand and create an income stream that is not based on time for money it is the same to publish your ideas. It is another way to open up your brand globally and again to bring in income while you sleep.
Also, publishing, especially books is a great way to show the expert you are and open up further opportunities.
So what books ideas can you write down now?
5) Memberships/Subscriptions
There is always create packages, subscriptions or both. Let’s say for example you are a hairdresser. You could create a VIP subscription package so that clients get their monthly supply of shampoo, conditioner, hair masks, styling products. This gives you an income stream that is not ‘time for money’ and brings in regular income.
Subscription packages can all be done online and if you outsource it to a fulfilment company you can be fairly hands off with it. It enables a fair income spread throughout the year, it creates another stream of income and it also sets you apart from anyone else in your industry.
Now take your business, if you have tangible products how could you create a subscription package?
All is not lost if you do not have tangible products. You can create a membership site where you provide great content, advice, tips, downloads for your members. Just think of it this way. If you were to charge £6:00 per month and you built it to 15000 members that is over a million pounds of in income in a year. Those are not bad figures when you look at it that way.
So how could you create a quality membership site that would have people signing up?
6) Monetising Media
This is another way to make use of something you should already be doing and monetising it. This is exactly what bloggers/vloggers/influencers do.
As a business owner creating massive amounts of content should be a priority. Once you do that you can look at monetizing the platforms on which you publish the content, whether it is your blog, podcast or social media accounts. There are people who make millions from a social media account alone.
This takes you back to partnerships. As a brand starts to become influential they grow their reach and popularity other brands want a piece of that and they pay to be represented on the social media accounts of the influencers. They offer paid partnerships that can be very lucrative to a brand.
Here are areas that you look to monetise.
- Blog
- Podcast
- YouTube Channel
- SnapChat
Look at what Joe Wicks created from his Instagram account. The opportunities and income streams that were created from him posting health videos.
The secret to this though is content, content, content. You can’t just publish a blog once a month and expect the income to come running. You have to create, create, create.
7) Investments
I was worked with a client who owned a franchise for a children’s nursery. What she said to me was really interesting. The company would not let anyone with childcare qualifications and/or experience own a franchise. You had to prove that you had business experience. It doesn’t matter what company you set up it is your business mind that will make it successful.
I think making wise investments really shows a company to really be putting its business brain to use. It may have to be part of a long-term strategy but I think investing in other people’s business is a great way to create streams of income. It adds to your products lines and your partnerships.
For example, if you are a florist, it could be an investment in a seed company, a flower farm a compost company or another florist to expand your own brand.
If were a Yoga teacher you could invest in a coaching school or a retreat or a yoga mat or clothing company.
I could write all day for different types of businesses the type of investments you could make but I suspect you get bored and you get the point.
The opportunities are endless, you just have to be wise with your investments, make sure you check everything out, that the agreements are strong and everyone knows their responsibilities and you keep a close eye on it. The most important thing is that the investment fits with your brand values.
Your turn
So how could you create not for money streams of income? Get out a pen/pencil and a scrap of paper and start coming up with ideas.
Let the ideas flow, there are not wrong ideas at this stage and then go back and review them. Now start to break down the ones you think would work, work out the executable steps and start to price them out, take action and get going with it.
Great blog!