I have received a lot of inquiries about passive income - what it is and how it works. In fact, I just bumped into an acquaintance, a CEO of a creative company, and he asked me out for coffee to discuss it.
He was fascinated by my description of my local business and wanted to know more about it. He wanted to generate "passive income". He was joking that his definition of passive income was "ignoring when the client or boss asked for more work". For many people it is truly a new concept. When I first heard it, it was like a light was turned on in my head. I HAD TO GET IT!
So what does passive income mean?
It means generating income even when you are not working. Seriously, January has been slack month for me. I spent time recovering from Jet lag, catching up with family and friend, immersing myself into spiritual practices (meditation) and shopping. I do work simply because I love and enjoy my work. On some lazy days, I head out for lunch with family or friends, visit a business associate or simply shop for 2 hours and end it with a foot massage. Even though I am not working at my desk, I know my business is generating money for me.
So how does passive income work?
Passive income is generated when you provide a value to people or business and in return for your value, they are willing to pay you even though you are not working. The real truth about internet marketing is that there is no magic pill to earn your money within one month or even a few months.
You need to start a small foundation that you can build into something big. But of course, it will not immediately take off, so be prepared for some losses at the start. And it is not perfect at the first time and rather it improves over time, as you spend time analyzing and improving it.
Once you create a value service or product, then you need to systematize it so that it works without you. Systematizing it in the beginning might seem impossible. But there is always a way and everything happens for a reason. Once you set your mind on it, it will work out!
So how do you do it? Here are 3 simple steps to get the ball rolling....
Step 1 ) Set an intention deep inside your heart
Everything starts from your mindset and soul. Once you set a strong and determined intention, you will find ways and means to achieve it. I remembered attending my internet marketing teacher, Fabian's seminar and meeting people who were internet marketers. I was so green with envious! I wanted to be one of them!
I kept imagining myself being his star student and felt happy at the thought. One year later, I gave a testimonial at one of his seminar previews. It was when I have reached a full circle, having realized my dream of becoming a full time internet marketer.
So set your intention and let the universe work its own way.
Step 2) Improve your sales and marketing skills
Passive income includes providing a service or product that people are willing to pay you based on the value. So this allows you move away from the monthly salary to the value payment.
For me, I provide leads generation to several music schools who pay me for each lead. Because of the sales that I am bringing it, they are willing to answer the calls and pay me subsequently. All I do is improve my rankings and conversion of the websites over time.
You could build a lead generation website that provide leads and sell them to other companies. Or create an e-product that people are willing to purchase. Or purchase a location or venue that can be rented out to vendors. (e.g. Food Republic, Carpark, Football courts, Bali villas) Essentially, you will need marketing and sales skills to promote your services or products to people. So better to improve them until the opportunity arises.
Step 3) Learn To Delegate
So once you set up your business and money is coming in, the last thing that you want is to be working non-stop with no enjoyment. Learn to set up a system and hire virtual assistants that can do your work for you. If you can outsource the menial and tedious jobs, you can concentrate on bringing in sales and realize more profits.
Also, outsourcing is a skill. You do not learn it overnight. Start small and practice so that you can improve over time. Learn to let go and choose to be happy!
Passive income is a new concept and many people feel that it is nearly impossible to achieve it. It is not true. With the advances of technology and resources, people who decide on this pathway are finding ways to profit yet having much more free time.
As a kind surfer who I met in Bali advised, " The truth is that you can achieve everything that you want, however people do not prioritize." He travels 6 months surfing and works 6 months in Switzerland. Isn't that a fantastic life?
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