A lot of people get stuck in a loop when it comes to making money- they are either doing what isn’t working, or what is but they feel like they’ll never have enough money to make it work.
The problem with that mentality is that it creates more lack of motivation to do things that don’t work.
If you’re in this boat, try something new! Don’t spend all your time thinking about how little money you have, there’s always going to be another dollar tomorrow. Think about ways to create income, not just spend hours searching for a job that doesn’t exist or spending money on things that don’t bring you closer to your goal.
Here's an important tip - if what you're offering to do no longer draws in paying customers, then find something else to offer. It could be as simple as changing your niche, marketing different products, or even finding new ways to market yourself.
This article will talk about one easy way to add extra revenue into your life every month. I'll call this method "Productivity Hacks" because it teaches you to look at the things you already do and see why they aren't bringing in any cash. By learning how to take advantage of these free resources, you can start charging for them.
I've listed some examples below, but this article shouldn't be read as only referring to those.
Running your own business is not a passive activity unless you’re running it out of your home with little investment.
Owning a restaurant, for example, requires lots of things to run – servers, bartenders, chefs, kitchen staff, etc. Plus, there are licenses and permits that must be obtained to open up a restaurant.
All of these responsibilities require time spent working directly under you as well as other people (for example, marketing, finance, logistics, and so on). If someone else does this work for you, they deserve compensation for their efforts!
However, if you choose to remain in the food industry, eating off of the profits alone isn’t a good strategy. You will need to find ways to market your restaurant to draw attention and get new customers. This takes time and effort.
Another way to gain additional money from your restaurant is through investing. For example, buying equipment or improving your cooking skills/tools can easily cost over $1,000.
You would have to pay for this out-of-pocket initially, but later when you re-sell the item, you could make back some of what you paid for it.
What is passive income? Passive income comes from sources that do not require too much effort to keep producing revenue. This includes things like dividend income, capital gains, interest, royalties, and more.
Many people consider dividends to be one of the most pure forms of passive income. Dividends are payments that certain companies make from their earnings to its shareholders.
These distributions can be direct (you as a shareholder get a check) or indirect (the company cuts coupons or refunds for purchases related to the product/service that paid for these dividends).
Some of the top dividend paying stocks in the world earn very substantial amounts every year!
This is because smart stock investing means finding great corporations with strong fundamentals and well-respected executives.
By owning shares in this company, you get a piece of the firm’s profits “by accident.”
A rising tide raises all boats, so owning stocks of large firms gives you an extra boost by taking advantage of the fact that economies of scale mean lower per unit costs. These lower expenses allow the firm to spend money more freely.
Interest, royalty, and dividend income are all considered forms of passive income. Because they come automatically, you don’t have to work hard to generate them – which makes it easier to focus on other areas of your life.
What is non-passive income? That’s a good question. Technically, passive income isn’t necessarily non-passive. After all, some sources of revenue are simply more work than others!
For example, if you own a restaurant, your business model depends heavily upon people coming in to eat at the restaurant and spending money while they do. You need traffic to survive – that’s why most successful restaurants have their hands full trying to get customers through the doors and into the dining area.
In fact, one could make an argument that working hard to gain new patrons is the number one factor leading to a restaurant’s success. To be clear, this doesn’t mean that running the restaurant is like serving food for hungry people — it means that being visible to potential diners is a key part of the process.
But what about those times when there just aren’t many people around? Or what if everyone is busy somewhere else? In these cases, even having lots of messages up telling people about your services can go unnoticed. This is where non-active income sources come in.
These are things like monthly subscriptions or one time “pay to play” experiences (like hiring someone to do a specific job for you). By adding these into your income stream, you prevent your cash flow from suffering due to silence or lack of activity.
A passive income source is one that does not require much effort to maintain, increase, or reduce its revenue. This includes things like selling products online, renting out an apartment or a room, or investing in businesses or stocks.
These are all great because you do not have to worry about them- they keep running themselves!
Most people cannot earn a passive income unless they are very rich already. This makes sense because it takes money to run these services so someone with lots of money can start earning a passive income.
If this description sounds familiar, you may be thinking about giving up and quitting your current job now. Because we know how to create a successful business side project, here are some tips to consider whether or not to give up your day career.
A passive income source is one that requires little to no effort on your part to enjoy it, but still payments consistently every time. The income is gathered not only from you, but also someone else so you get paid in return for an service you provide them.
This could be through advertising, hosting, owning a business, or producing content online. Some of the most well-known companies were founded this way including Amazon, Netflix, and YouTube!
By having these services run with money they’re given via advertisements, you can earn substantial income without too much investment.
There are many ways to make passive income though, not all types of businesses fall into this category. By being aware of which type of business is more passive than others, you will know how to maximize your earnings.
Types of businesses that produce steady revenue are considered passive income sources.
Starting your own business comes with its own set of challenges and distractions, which can easily pull you away from focusing on doing what you want to accomplish.
It’s easy to get distracted by the next thing you need to do to make your business successful- marketing, finding new clients, developing your skills, etc. - but sometimes, you have to take a step back and evaluate whether this is the right path for you.
You believe that your talents could be used to help other people achieve their dreams, so why not use those talents to help you fulfill YOUR dream? It’s a good way to stay motivated!
If you feel like you’ve given up control of your life, thinking about starting your own business may be the push you need to realize your goal. You will still hold yourself accountable, just between you and God.
And don’t forget to look into various programs and opportunities out there that are designed to help you launch your business! There are many free resources available online as well as through community groups and churches.
Being an entrepreneur means being busy! Even when you’re not actively working, you are still keeping yourself very occupied with things like business planning, marketing, research, etc. Plus, there is always something to do that needs to be done- from taking care of your house, to running your company, to staying in shape.
With all this activity, it can become hard to find time to just focus on growing your business. This is especially true if you are trying to grow your online business through social media, search engine optimization (SEO), paid advertising, or other ways that take up some time.
In fact, one of the biggest challenges most entrepreneurs face is finding the right balance between spending time on activities that will help them grow their business and investing time in what makes them feel relaxed and productive.
It's important to know how much time you need to devote to each area of growth for your business before making any changes or additions.
Starting your own business comes with its own set of challenges, not the least of which is deciding what to offer and how to market them.
It’s great to be passionate about something so that you can inspire yourself to work hard for it, but before you launch into marketing and sales strategies, you need to determine if this product/service is truly worth investing in.
You must know whether there are enough people out there who want to buy it. And you have to believe in it strongly!
If you don’t feel confident in those two things, then why would anyone else?
Business owners spend A LOT OF TIME thinking about ways to grow their companies, but very few actually take the time to evaluate whether their current offerings are worthwhile.
What I mean by that is: Are they making money right now? If yes, awesome! Keep doing what you’re doing! But if no, maybe you need to rethink certain parts of your business model or look at different markets for your product.
The more you expose your potential customers to your product, the easier it will be to get them to purchase it! Plus, when they find success offering yours, you'll earn credit for having given them a good deal.
