Running a business can seem like a dream come true. It’s something we aspire for when we’re young and strive to achieve when we’re older. Everyone wants to put their 9 to 5 behind them and be their own boss, have their own employees and run a successful company.
The problem is, small businesses suck. There are very few businesses that are fun to operate. If you’re seeking job fulfillment and satisfaction, you’re not likely to find happiness running your own small business. Most small business owners work well over 40 hours per week, have very little time on their hands and don’t really enjoy it at all. If they could go back and start over, they probably would focus their attention toward passive income.
So what is Passive Income?
Passive income is profit that you make consistently that you don’t have to invest your time or energy into. It’s passive. Whether or not you work those 40 hours per week or not doesn’t matter. You’ve put in the hard work already and the income is consistent no matter what.
This isn’t to say that passive income is bullet proof. Like all businesses, it can fail. Your passive income could disappear overnight just like a small business can go bankrupt.
However, passive income is something you can generate in many different ways and there’s no reason to have all your eggs in one basket. Creating multiple streams of passive income is the only way to protect your finances in the future and build wealth without having to work your tail off for a company that doesn’t appreciate you.
Here are some examples of passive income:
- Rental properties in the real estate industry
- Affiliate profit from a blog or website
- Advertising revenue from a blog or website
- Automated services/products/tools that you sell from a website
- Informational products
- Drop shipping (sell products online without having to ship anything)
- Cash rewards on credit cards (if you pay in full every month = no interest)
- Network marketing where your down lines earn you money
- Investments in stock/real estate
What Makes Passive Income Better than Anything Else?
Passive income doesn’t just happen. To say you don’t have to work or put in time to make passive income a reality is a complete lie. In fact, you might have to work harder than you’ve ever worked in your life. However, once you start making money, you’ll realize why passive income is better than anything else. It’s better than working a job and being underappreciated and it’s better than running your own business and getting stressed out from managing employees and customers. Instead, you get to focus on what you love and the income becomes secondary.
How can you Get Started?
If you enjoy writing, why not create a blog?
You can write about a subject you’re passionate about and your only job is to produce exceptional content that other people want to read. Once you’ve done that and you have a following, the income will follow suite. You can use affiliate marketing, advertising revenue or launch your own informational products. There are many ways to make passive income from a successful website.
After your blog is generating passive income, you can branch out to Ebooks, apps, drop shipping and other opportunities like real estate as well. There’s no reason to stick to one type of passive income and by diversifying your efforts, your income will be far more secure.
I thought Passive Income was just Network Marketing Hype?
Network marketers coined the phrase “passive income” and that has made a lot of people think it’s not real or can’t be done. This is because many network marketing products are not genuine and the sole purpose of the company is to create a pyramid scheme that makes the company founders incredibly wealthy.
However, passive income is not just about network marketing. Network marketing is just one stream of revenue and there are dozens of other ways to make money passively. If you get involved with network marketing, be aware of pyramid schemes and the possibility that the company you’re with could be one. Take precaution and measures to protect your finances and the future of your business.
Author Bio: Dylan is the owner of CopyThrive, where internet marketing thrives. Their free guides on website marketing are excellent resources for today’s entrepreneurs.