Mar 30 / Angela Flores/THINK DESIGN TODAY

9 Brilliant Ways to Get to Passive Income Success

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This year has proven to be the year to earn more while doing less, and spending more time with family and friends. Some people are even thinking about starting a business and becoming income independent. Do you dream of earning without having to always be in the room, in a meeting, or on a phone? Imagine being able to provide for your family or take that much-needed vacation, all while avoiding burnout. With some pre-planning and hard work, just about anyone can set up passive income. As with any business model, there are pros and cons.

Here are some brilliant ways you can leverage the advantages and disadvantages to passive income success.
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1. Advantage: Earn While You Sleep (Hmm?)

The main attraction to passive income is that once you set it up, you continue to earn over a period of time. With a strategic plan and some automation, you won’t have to put in hours of work for each dollar you make. This is especially true for digital products, courses, YouTube channels, and podcasts. You can create something once that people will buy over and over again.
The harder you work, the more you earn.

A passive income business model allows you to create something once and earn from it for years to come. If you’ve spent your adult life working for others, then you know that if you put in X hours, you get Y dollars. This is how an employee thinks, but this is not the mindset of an entrepreneur. To build passive income, you have to embrace the fact that this isn’t how it always works. Do not approach it as a get-rich-quick scheme, because it is not.
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2. Disadvantage: Time Needed to Setup

As with anything in building something successful for your business, time and effort are needed. You will need to do some work upfront creating your new business venture. Save time creating your business with ZenBusiness where they provide fast filing with a simple five-step formation process. Don't let the idea of setting a business stall your efforts. Avoid the one mistake many people make, spending too much time thinking and not enough time taking action. The time you spend building your new income stream, can result in investment later, when no additional time from you is needed. 
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3. Advantage: The Possibilities

Earning money with passive income can happen, but not always right away. Depending on the price point, you might earn a few hundred to a couple of thousand dollars a month. As you put more time into learning what works and what doesn’t work, you can easily improve your product and approach in improving and increasing your earnings. One myth is that you can start earning the day you begin. It will take longer than a weekend to earn a full-time income.
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4. Disadvantage: The Beginning

Proceed with enthusiasm, but also with caution. If your plan is to strictly focus on passive income, there is no reason to quit your day job. Most work needed to earn passive income is a one-time effort and very little maintenance which can be done on your weekend or when you are not at your day job. It will take time to build up your income and your audience, quitting your day job isn’t a great idea, especially if need money to take care of your household expenses. Instead, think of passive income as a long-term strategy.
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5. Advantage: Build Your Savings

Creating passive income is a great strategy for building your savings and retirement because it takes very little maintenance to sustain. In recent months, many have found creating additional income streams helps provide a barrier against economic uncertainty and changes in a career that so many have made. It can provide some comfort and peace of mind knowing that you have additional income that can turn into full-time income.
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6. Disadvantage: Requires Creativity

Crafting a viable way to earn passive income does take a bit of creativity with so many methods available. Choose the idea that works best for you that is tied to your knowledge, skills, expertise, and passions. As with anything in business, you will need to identify your target market and learn how you can solve a problem for them with your products and services. Just remember that everyone has a special skill or expertise to share to help someone else.

Let’s use podcasting for an example. Although it’s not actually a strictly “passive” income since you have to do your show, there are some ways you can make it easier. One is to record a number of episodes at once and shore them up. This helps to eliminate the pressure of creating a new show every week. You can also repurpose your content into audio content for your podcast. For example, take written content like blog posts and use them as scripts or talking points for your podcast. You could also repurpose video content into audio. 
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7. Advantage: Low Overhead Rocks

The passive income business model has very little overhead. What you will need is web hosting, software, and internet access. Selling digital products is a great option because warehousing and shipping are not required. Advertising your digital product is also low-cost. If you’ve ever considered starting a business, then you know to expect some startup costs. As with any new venture, it takes investment to start a new company. There are some passive income models that require little upfront investment. For example, online marketing and advertising are very inexpensive compared to offline, like selling digital products.

Be wary of anyone who tells you it’s just plug and play. Setting up passive income success takes time to get off the ground. It’s a long game, but the eventual return on investment is well worth it. You can eventually quit your full-time job, or build income streams you can use for savings, retirement, investments, or as a buffer against economic uncertainty.
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8. Disadvantage: Not a Pot Roast  

One misconception about this business model is that you can just create it once and never have to touch your product or change your service. Passive income is not a pot roast, you can’t just set it and forget it. Most passive income business models require some regular maintenance.

Another myth is the idea that you can set up your passive income model and money will float into your bank account. Although this is possible, eventually,  time is needed on a regular basis to update your product or strategy to align with any feedback or market changes.

The majority of passive income business models require regular maintenance like keeping information current and making any changes based on changes in your target market.  Or you might need to spend time on social media where you can promote your product for free, this too takes time. A business cannot grow in isolation, you will need to build an audience and engage regularly with your target marketing.
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9. Advantage: You Make the Rules

Another advantage to the passive income business model is that you can work from anywhere. It allows you to own your business, your time, and work from home or anywhere else. With a little automation, the passive income business model is an optimal option for people who are disciplined, self-motivated, and excel working on their own. It will all be worth it once you start seeing your hard work pay off.
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Building passive income streams takes time and it’s something you can do little by little. When you first get started, you’ll find lots of ideas and it requires some serious planning and goal setting. Without a clear system, it can take trial and error to succeed with the passive income business model. You will save yourself lots of frustration if you adopt the mindset that failure can be a learning opportunity. If you can talk to someone who has successfully built multiple streams of passive income, ask them about the mistakes and failures they encountered along the way. 

hen you start planning and learning more about passive income streams, get started immediately and take action on what you learn, and closely monitor the results you get. Just remember, it takes work up front, but the time you put into your passive income stream will pay you back eventually when your system can run on its own.
Got questions? Need answers?
Just Ask Sherry the Biz Starter.
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