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Start Small and Scale Up with Your Passive Income
Passive Income Challenge Day 20.
Start Small and Scale Up
When you decide to add passive income to your business model, don’t think that you need to replace all your income with passive income. You want to keep earning the way you earn now, and slowly add sources of passive income as you go. Always remember to learn and master one strategy before moving on to the next.
Start with What You Know
The easiest thing you can do when it comes to earning passive income is to start with what you have now and what you know. Stay within your genre and don’t go out on a limb with something totally new. For example, if you’re a virtual assistant who has created standard contracts, forms, and processes for your business – why not turn that into an information product to sell. That requires very little work to put together and is starting with what you already know.
Schedule Your Time Wisely
When you first start with your passive income goals, it can be tempting to spend more time than you should on it. Try to figure out how many hours a week you can reasonably devote to passive income (even if it’s just one hour) and stick to that for the first year. You want to still have a life while you’re building your passive income.
Keep Making Money
Don’t quit your day job whether that is a regular job or if you’re a small business owner such as a graphic designer or virtual assistant. Keep the money coming in so that you can afford to invest in passive income. When you first start, you’ll see money going out and time spent rather than having it come in and that can be a hard pill to swallow at first. But over time it will pay off.
Start Small and Scale Up
Start Small and Scale Up
Use More than One Method
While you do want to learn one strategy at a time that you physically have to do yourself, you also want to use several methods that are essentially hands-off like investing in your IRA, buying stocks, and paying off debt. This simply involves setting up automatic payments one time and you’re done. Doing these things will also help you in the long run to achieve more than almost anything else.
Reinvest Earnings to Scale Up
When you do start earning from your passive income efforts, invest half of it back into the passive income portion of your business. For example, if you earn $100 from your eBook, use $50 to hire someone to write the next one based on your outline or pay a VA to turn it into an eCourse and get that published so that you can expand your income streams.
Don’t ever forget that earning passive income requires that you invest in active income first. You need money to make money, as they say. But, you also don’t want to do anything to jeopardize your future potential by getting into debt or spending money you cannot afford. Keep your day job and understand this is a long-term financial plan that will pay off after time. You’ll need both time and money to invest.
Delayed Gratification – How to Stay Motivated
Passive Income Challenge Day 19.
How to Stay Motivated.
Working on passive income doesn’t feel very passive at the time you’re first starting. In fact, it can feel a lot like working for free. That’s partially why very few people succeed. It’s not because it doesn’t work – it does work. If you work a couple of hours a week on your passive income generation, in a year you will see results and at that time it’ll be super easy to get the motivation to keep doing it. But, right now when you’re first starting it’s all about delayed gratification.
Here are a few ways to stay motivated:
Find Your Tribe
You need others around you who are doing what you want to do. Don’t look at them as your competitors, look at them as people you can collaborate with and learn from. There are numerous groups that you can join on Facebook, as well as paid Mastermind groups that are focused on passive income generation.
Get a Coach or Mentor
There are numerous coaches who love to help and encourage people to build their passive income empire. Find a coach who has done it. Don’t work with someone who doesn’t have a good reputation and proof of their success in producing passive income.
Intern with Someone Successful
If you cannot afford a coach you can roll up your sleeves and put in some sweat equity to learn. Find someone that you admire who works in a complementary niche as you want to work in. Then approach them and ask them if you can help them with their work so that you can learn. Tell them how many hours a week you can devote and for how long and then stick to it.
Don’t Overwork Yourself
One risk outside of lack of motivation is the risk of overworking yourself trying to build passive income. It’s understandable that you want it to start generating income now, but you also have a life to live right now. Don’t forget that.
Schedule Everything In
Get out your trusty calendar and put in everything you have to do for yourself, your family, and your clients. Look for space to add your passive income ideas. Add that in. That way you know it’s inked in and you need to do it, but that also includes date night with the spouse, storytime with your child, and even your monthly massage.
Know Your Why
If you have ever taken one of my courses, you know I am big on knowing your why. One way to stay motivated is to look at why you’re doing this. Often people have more reasons than just making money. It’s to give a better life to their kids. It’s to gain more time freedom for themselves. Think of your why every day. Put a quote where you can see it that reminds you of your why.
Follow Successful People
Find some successful people such as affiliate marketers and known “super affiliates” who are experts at producing passive income and follow them. Join their lists. See how they do things and use this as motivation for your own.
Celebrate Your Successes
Even if you make an extra dollar due to your passive income activity, take time to be thankful and celebrate. Anytime you create a new landing page, a freebie, set up an autoresponder – take the time to celebrate your accomplishments. This is really a fun thing to do.
The truth of the matter is, passive income will pay off. If you do a little every week with a goal in mind, within a year you’ll start seeing the results of your labour. I know, it can be hard to do that sometimes but consider the fact that a year is going to pass anyway. No matter what you do, a year will pass. You may as well work on your passive income ideas a little at a time. A year from now you might even be relaxing on the beach while raking in the dough, but if you don’t do it, you absolutely won’t be on that beach.
30 Day Passive Income Challenge
Have you ever considered a Passive Income Challenge? I ask because it might just be the number one complaint I hear from my clients is that they are always just trading time for money.
I know a lot of readers of my blog sell physical products, so I have to ask you, do you have any passive income or digital products to go along with them?
One of the keys to building a sustainable business, that doesn’t burn you out, lies in the ability to leverage your time by creating passive, recurring income.
Now, that doesn’t mean you don’t have to work. In fact, building up that stream of passive income will take a lot of work indeed. But once you create the systems, you can leverage them over and over and over again to create a steady cash flow that no longer depends on you and your time.
Just imagine the freedom that would bring! And it’s not that difficult to do, with just a little planning…
For the month of December, this is what I am going to be focusing on. Helping you plan and create a Passive Income.
Of course, you love your clients, you enjoy helping them solve their biggest problems and watching them succeed. You genuinely like the work you do, whether it’s helping out with a technical glitch, or talking a client through a tough mindset issue.
But no matter how much you love your chosen field and those you work with, two things are holding you back:
- You—just like everyone—have limited hours available
- If you aren’t working, you aren’t earning money
By definition, these two limitations put a cap on your earning potential. And while you may not want for anything—you may, in fact, be leading a wonderful, blessings-filled life—you still cannot make the impact you want to make, simply because you’re lacking in either time or money.
If you’re working all the time, then you have precious little time to…
- Volunteer
- Travel
- Enjoy your kids and their growing up years
- Pursue a hobby
- Learn a new skill
- Or anything else you’d like to spend your time on
And if you aren’t working, well, then you have less money for…
- Family vacations
- Charities
- Church
- Education (for you or the kids)
- Exciting new hobbies
- Or whatever else makes your heart sing!
It’s a true catch-22, isn’t it? You need to work more to earn the cash to build the life you desire, but the life you really want can’t be had if you’re working all the time.
The answer? Passive income.
Ask any successful entrepreneur, and they’ll tell you that having multiple streams of income is a game-changer.
As I mentioned above, this isn’t a way to never work again. In fact, building up that stream of passive income will take a lot of work indeed. But once you create the systems, you can leverage them over and over and over again to create a steady cash flow that no longer depends on you and your time.
Just imagine the freedom that would bring! And it’s not that difficult to do, with just a little planning…
This is why for the final month of 2020, I will be focusing only on helping YOU create a passive income stream that is right for your business.
There are 3 ways you can make sure not to miss a single day!
1. Join the Leave the 9-5 Facebook group.
Each day I will be going live inside the Facebook group to talk about how and why you should be adding passive income to your workflow.
2. Sign up for the daily emails.
Sign up on the Passive Income Challenge page and Each day, you’ll get an email from me with a tip or a strategy designed to help you learn about the importance of adding passive income streams to your business model.
3. Keep an eye on the blog.
Every day for the full 30 days, I will be posting here, on the TVS Blog what you need to know about creating your passive income.
Finally – If you realized that in order to reach your goal you’ll want to set aside time to really create your passive income streams! Then you’ll want to consider the 30 Day Passive Income Challenge Fast Track option. More on that will be available on launch day!
So – set your calendar, join the group or sign up on the page and get ready to start creating multiple income streams!
See you on December 1!
Passive Income Challenge
Hello, November! This is the month to…
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How to Identify Your Target Audience and Ideal Customer
One of the most important issues to address in your business life is how to identify your target audience and ideal customer. Without honing in on a specific target audience, you run the risk of missing the mark. There are several easy steps to identify your target audience and ideal customer.
Set Your Goals and Keep Your Goals
One of the best ways to identify your target audience is by setting goals for your business. Once you have set identifiable goals, your ideal customer will present him or herself.
Keeping true to those goals will ensure that your target audience and the ideal customer will return time and again.
Measure Your Goals
Once you have established what your goals are, it is important to revisit those goals and measure them on a regular basis.
A great way to measure your goals to see if they are up-to-date is to utilize social media. Have your customers or clients take a survey or enter a contest to see whether or not your company is meeting and exceeding their needs.
Make sure to communicate with customers on social media. Respond to their comments, and communicate via Twitter. See what the competition is doing and what trends are trending. Follow those trends.
Choose a Niche
Once you have set your goals and have established ways to measure those goals, make certain that you stick within your niche. Often times, business owners tend to waiver outside their niche. Sometimes creative ideas just seem to flow and flow; however, you must be true to your niche at all times. This is how you will be able to identify your target audience and your ideal customer. How to identify your target audience.
Create a Sub-Niche
Once you have created a niche, see if you can break it down further and create a sub-niche. A niche would be something like divorced women and a sub-niche would be divorced women with small children. Perhaps your business is a life coaching business that empowers divorced women with smaller children to educate themselves so that they can provide for themselves and their families.
Once you start your new business, you will begin to notice who is responding and who is not responding. In this way, you can measure your target audience a little better and hone in on your ideal customer.
For example, you may notice that divorced women with older children may be in a better position to use your products and services as compared to divorced women with younger children. Your target audience may present itself a little bit differently than you had planned.
Stay flexible, keep an open mind, but once you have established your ideal customer, make certain to keep it there and dedicate all your time and effort to that target audience and its ideal customer.
How to identify your target audience.
How to identify your ideal audience.
Hello, October! This is the month to…
9 Ways to Show Your Expertise When First Starting Out
When you first start out wanting to work from home and start your own business, it can be frightening and even seem impossible. It’s the old conundrum about how you can get experience without having experience. 9 Ways to Show Your Expertise When First Starting Out
But, when you start an online business, you can make your own experience and prove your expertise with just a little work. So, to help you, here are nine ways to show your expertise when first starting out! 9 Ways to Show Your Expertise When First Starting Out
Blog Regularly Toward Your Audience
Start a blog on your website and blog directly to your audience with many forms of content, discussing many issues that the audience has. It’s a great way to get traffic, but it’s also a great way to demonstrate expertise.
To help you get started with this, download my FREE Business Blogging Bundle
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9 Ways to Show Your Expertise When First Starting Out
Write a White Paper about a Problem
A white paper is a long report that addresses a problem and then offers solutions to the problem. If you write a paper or two about individual problems your audience has, you’ll be able to show your expertise even though you’re just starting out.
Publish a Book about Your Expertise
Writing a book and authorship is always a great way to show your expertise. Direct the book to your target audience and answer questions they may have. Address one problem and solve it and then you’ll get more respect that you do know what you’re talking about.
Make Checklists to Help Your Target Audience
If you know the types of things that your audience has questions about, you can create helpful checklists, cheat sheets, or tip sheets that are available for view and/or download on your website or blog.
Share Answers Freely on Social Networks
Social networks like LinkedIn, Facebook, and even forums and message boards are great places to answer other people’s questions in a way that highlights your expertise.
Become a Contributing Writer
Blogs, websites, newspapers and magazines all want more content and will take well-written, expertly delivered articles. Some of these will even pay you for the content. Write originally for each and rely on your bio to send traffic your way
Get on a Speaking Circuit
Create a couple of presentations that you could easily turn into public speaking fodder. Practice by putting that information on video on your blog, YouTube, and other places that take video. Make a “one-sheet” which is one downloadable 8×11 sheet that tells about what you’ll speak on and your prices.
Create a Dedicated YouTube Channel
Many people have become famous because of YouTube, and you can too. Use YouTube as a way to demonstrate your expertise on the topics of interest to your audience.
Host a Free Webinar or Teleseminar
Technology enables you to do a lot to spread the word about your knowledge and expertise. You can do “how-to” videos, and tip videos and more to show the world and most importantly, your audience, what you know.
These ways to show your expertise when first starting out don’t require you to have a huge client roster, or even a following yet. Doing them and I promise, it will help you gain a following, improve search engine optimization (SEO) and help you build the work-at-home business of your dreams.
Jump into the TVS Leave the 9-5 Workshop Group and tell us how any of these Nine Ways to Show Your Expertise When First Starting Out has helped you! Or better yet – do you have any other tips you can share? We’d love to hear them!
9 Ways to Show Your Expertise When First Starting Out
Tips to Creating Your Action Plan and Business Timeline
Most businesses start out with a dream and an inspiration, but that is where it ends. Even the most innovative businesses can wind up closing their doors because a good action plan and a focused timeline were not in place from the beginning. Tips to Creating Your Action Plan and Business Timeline
There are many benefits to creating your action plan and online business timeline. When you have an action plan put into place and follow it regularly and continue to focus on your business timeline, things will run much more smoothly for your new business, your employees, and your customers.
Streamline Your Path – If you have a dream and a vision – excellent. Now, you must have knowledge of where your business is heading down the line. It is important to focus on a streamlined path when you first start your business. Otherwise, you are likely to find that your business is “all over the place.” Be sure to be specific in where you expect your business to go in the first twelve months.
Put It in Writing – In the early stages of creating your business, it is important to create an action plan in writing. Without this piece of the puzzle, it can get messy quite quickly. Having an action plan in your head or verbalizing it with other team members is not nearly as efficient as putting it down in writing.
Measure Your Goals Consistently – Make sure to check up on your goals often. By measuring your goals, you consistently marry those goals against where you are at the moment. If your goals are not in alignment with where they should be, then it is time to re-evaluate.
Break Down Bigger Projects into More Manageable Ones – When you create your action plan, make certain to break down bigger projects into more manageable ones. In this way, you will be able to get the whole job done without it feeling overwhelming.
Delegate – Do not be afraid to delegate some of your action plan. If you try to do everything all on your own, chances are all those balls you are juggling will come tumbling down sooner rather than later.
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Create a Timeline for Every Task – You may think it is not necessary to create a timeline for each and every task; however, a timeline is essential for success. Creating a timeline will help you to manage your time and your business.
Keep It Real – A timeline should have a manageable date attached to each task. If you create a timeline goal too soon, then you may set yourself up for failure. By being realistic, you set yourself up for success.
Differentiate Your Tasks – Make certain to differentiate your short-term tasks from your long-term tasks. For example, a short-term task would be to hire employees and a long-term task would be to improve your social media status.
Stick to Your Timeline No Matter What – You have to have integrity in this area. You need to stick with your timeline no matter what, as this is the only way to achieve success.
Stay Focused – It is very easy to let a task go because other “stuff” gets in the way. Stay focused and stick to your timeline. Check your progress as you go along the way.
Get into the Entrepreneurial Mindset to Leave your 9-5
Have you ever thought about starting your own business, but “stuff” just got in your way? There are several ways to get into the entrepreneurial mindset. Also, there are just as many ways to clear the road to become an entrepreneur.
Get into the Entrepreneurial Mindset
Consider these personality traits:
- Leadership qualities
- Creative thinking
- A feeling that there is something more
- Innovative ideas
If you show any or all of these qualities, you could very well be on your way to owning your own business because you do have that entrepreneurial spirit.
How to Clear the Road toward Entrepreneurial Success
Going from the 9:00 to 5:00 grind to the entrepreneurial spirit may not be the easiest path, but it is something you can achieve. However, there are several steps you need to take before forging head first into business ownership.
Find Clarity – Getting clear on what it is you want to achieve is an integral first step. It is not as simple as coming up with an idea and writing it down. You have to write down your goals, but even more importantly, you have to break them down. Being specific is not an option; it is mandatory. You need to have clear, specific goals when it comes to starting a new business.
Create a plan – Once you are clear on what your goal for your new business is, you have to create a plan for success. Write down what your goal is, how you will achieve that goal in smaller steps and then break that list down even further.
Take action – Next, it is time to take action steps. Action steps need more than just thinking about taking them. Declare aloud and to everyone you can what your action steps are; in this way, you are accountable to your word.
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Delegate – If you are starting a new business of your own, do not be afraid to delegate tasks, even if you do not have a business partner or associates yet. One day delegating will be a task you will have to learn anyhow.
Allow family members and friends to help take the load off somewhere else while you learn all you need to know about your new business endeavour.
Letting go – Sometimes in order to create something new, we need to let go of something old. In order to clear the path to create a new business, something else will have to fall by the wayside. Your home may need to be a little cluttered or less clean. You may have to let go of a favourite sport or activity for a while, but it is well worth it in the end.
Keeping your day job is important until you are secure financially in your new business endeavour. It may be a difficult road to travel, but having an entrepreneurial mindset is a gift. Once you open it, you will be happy that you did.
TVS has launched the Inspired Action Mastermind!
A premium mastermind for mission-driven, service-based women entrepreneurs who are ready and willing to put in the work it takes to reach the next level!
Inside the Inspired Action Mastermind, we are an intimate group of entrepreneurs, all of which are committed to the success of one another’s businesses. It is a mastermind that provides the support and guidance you need to help you move your business forward. Because, when you’re in the right mastermind group, you can start to see your business and yourself through someone else’s eyes as you support one another and leverage each other’s experiences.
If you are ready and willing to shift your mindset and tackle all the hard questions to accomplish your dreams, then join us.