What to Expect From Passive Income
Passive income is what a lot of people think of as ‘living the dream’. If you’re earning a passive income, that means that you’re making money from a website, a digital product or an affiliate product that you previously set-up. Now you can sit back and relax while the money comes pouring in! Potentially you can scale this business to become very wealthy but either way, you get to benefit from no longer trading your time for money!
But is it really like that? Are you really heading for a life-time of making money while you relax on beautiful yachts?
This is Not a Get a Rich Quick Scheme!
Maybe. But the first thing to acknowledge is that this is in no way a ‘get rich quick’ scheme. This is not a method you can use to make money without putting in the equivalent amount of work and time up-front. You are still working for your income, the only difference is that you’ve done this work ‘up-front’ as it were.
The other thing to recognize is that this takes a lot of time and a lot of trial and error. In the vast majority of cases, you should not expect to be making hundreds of dollars a day for a long time to come.
Instead, it will take time, work and a lot of patience to eventually get to that point. If you start your passive income business model thinking that you’ll be able to quit your day job right away, then you should expect to be very disappointed.
Instead, the best way to think about passive income, is as a good way to add a little bit of extra revenue to your existing set up. Try to think of ebook sales or clicks on adverts as ‘extra’ income and as a way to improve your overall salary.
This way, you won’t be disappointed even if you’re only making $20 in ebook sales a week. That’s still $80 a month and $960 a year – enough to go on a good holiday!
But more importantly, once you start making this money and you enjoy making that much, you’ll find that it starts to increase. If you don’t get quickly frustrated and give up on your passive businesses, then they will grow over time and start to make more and more money.
That’s how you successfully grow your passive income and it’s what will eventually allow you to give up your day job.
Endless Scalability
The other great thing about passive income models is that they are endlessly scalable. Because you aren’t trading man-hours for money, that means there’s no limit to how many times you can repeat the same business model over and over again.
Making a profit from selling an ebook on Kindle? Then why not make another? And another? And another? This way, you can multiply your sales over and over again.
And eventually, you’re almost sure to land on that ‘big hit’ that will be your real cash cow. It takes time, it takes patience and it takes luck. But it’s worth it!
What to Expect From Passive Income
Passive income is what a lot of people think of as ‘living the dream’. If you’re earning a passive income, that means that you’re making money from a website, a digital product or an affiliate product that you previously set-up. Now you can sit back and relax while the money comes pouring in! Potentially you can scale this business to become very wealthy but either way, you get to benefit from no longer trading your time for money!
But is it really like that? Are you really heading for a life-time of making money while you relax on beautiful yachts?
This is Not a Get a Rich Quick Scheme!
Maybe. But the first thing to acknowledge is that this is in no way a ‘get rich quick’ scheme. This is not a method you can use to make money without putting in the equivalent amount of work and time up-front. You are still working for your income, the only difference is that you’ve done this work ‘up-front’ as it were.
The other thing to recognize is that this takes a lot of time and a lot of trial and error. In the vast majority of cases, you should not expect to be making hundreds of dollars a day for a long time to come.
Instead, it will take time, work and a lot of patience to eventually get to that point. If you start your passive income business model thinking that you’ll be able to quit your day job right away, then you should expect to be very disappointed.
Instead, the best way to think about passive income, is as a good way to add a little bit of extra revenue to your existing set up. Try to think of ebook sales or clicks on adverts as ‘extra’ income and as a way to improve your overall salary.
This way, you won’t be disappointed even if you’re only making $20 in ebook sales a week. That’s still $80 a month and $960 a year – enough to go on a good holiday!
But more importantly, once you start making this money and you enjoy making that much, you’ll find that it starts to increase. If you don’t get quickly frustrated and give up on your passive businesses, then they will grow over time and start to make more and more money.
That’s how you successfully grow your passive income and it’s what will eventually allow you to give up your day job.
Endless Scalability
The other great thing about passive income models is that they are endlessly scalable. Because you aren’t trading man-hours for money, that means there’s no limit to how many times you can repeat the same business model over and over again.
Making a profit from selling an ebook on Kindle? Then why not make another? And another? And another? This way, you can multiply your sales over and over again.
And eventually, you’re almost sure to land on that ‘big hit’ that will be your real cash cow. It takes time, it takes patience and it takes luck. But it’s worth it!
Frequently Asked Questions
Do you have to be a certain type of person to be self-employed?
No, being self-employed is not limited to a specific type of person. Anyone with the drive, motivation, and willingness to take initiative can pursue self-employment and find success.
Do you need money to start a business?
Yes, starting a business typically requires some initial capital to cover expenses such as equipment, inventory, marketing, and operational costs. However, the amount of money needed can vary depending on the type and scale of the business.
Do you need experience before starting your own business?
While prior experience can be beneficial, it is not a strict requirement for starting your own business. With determination, a willingness to learn, and a strong work ethic, anyone can embark on the entrepreneurial journey and acquire the necessary skills along the way.
Do I need a business coach?
Whether or not you need a business coach depends on your specific goals, needs, and circumstances. A business coach can provide valuable guidance, support, and accountability to help you navigate challenges, maximize your potential, and achieve your desired results, but ultimately, the decision should be based on your individual situation and preferences.
Frequently Asked Questions
Do you have to be a certain type of person to be self-employed?
No, being self-employed is not limited to a specific type of person. Anyone with the drive, motivation, and willingness to take initiative can pursue self-employment and find success.
Do you need money to start a business?
Yes, starting a business typically requires some initial capital to cover expenses such as equipment, inventory, marketing, and operational costs. However, the amount of money needed can vary depending on the type and scale of the business.
Do you need experience before starting your own business?
While prior experience can be beneficial, it is not a strict requirement for starting your own business. With determination, a willingness to learn, and a strong work ethic, anyone can embark on the entrepreneurial journey and acquire the necessary skills along the way.
Do I need a business coach?
Whether or not you need a business coach depends on your specific goals, needs, and circumstances. A business coach can provide valuable guidance, support, and accountability to help you navigate challenges, maximize your potential, and achieve your desired results, but ultimately, the decision should be based on your individual situation and preferences.