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.
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.
This type of income will generate on its own, which allows you to focus on other areas of your business and 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.
Examples of a passive income include rent from a second property, dividends from shares, and investments.
Other examples of passive income that you can create through your existing services or products include things like the sale of your online courses, books and ebooks, and photos. 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 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. Create online courses on your area of expertise and cover an area that your audience wants to learn about, or has displayed an interest in.
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 specialise in different areas, thus diversifying your income further.