Seeking Passive Income
I've just launched a new home study program called The Way Out: How to Turnkey Your Business So You Can Have Anyone Run It With Consistent, Predictable Results... For Maximum Freedom, Income and Net Worth.
I created the program because many entrepreneurs have worked their way into a box. They started a businesses to provide freedom, but in reality what they have is job plus financial risk. They have placed themselves at the center of their business universe, and although in theory they can take all the time off they want - they can't ever. On top of that, if they want to increase their income it usually means working harder. In fact, many are afraid to grow their businesses at all, because they think it will mean more work and more stress. And it will!
The added revenue just isn't worth it to them.
Now these same entrepreneurs (and you may be one of them) think the way out is to create some form of "passive income."
What they mean by this is income based on a product you create once and then earn money from forever - or at least a long time - without having to do much - or any - additional work. The fantasy is to sit on the beach, sipping margaritas, while the money rolls in.
That, in fact, the plan was for "The Way Out." To be a passive income generator. A business that could earn money all by itself. One that could run on automatic.
Well let me tell you - without solid systems, there ain't no such thing.
Unless they are totally digital, passive income streams require logistics and fulfillment, creation, upkeep and production, just like any other business.
Without good systems, delegation and outsourcing - passive income is far from passive. And without a strong sense of personal focus and a concept of your own highest-and-best-use, passive income can end up taking 20 hours a day. Or more. Forget about sitting on the beach...
Of course, it's not all bad news. What we call passive income should really be called renewable income. Now that I've written and produced The Way Out, I can sell it and run the program for years to come. BUT WITHOUT GOOD SYSTEMS - it will still be a ton of work.
So here's the good news: strong systems can transform the myth of passive income into reality.
We now have systems for producing and updating home study modules, systems for interviewing guest experts, systems for producing CDs, books and booklets, systems for fulfillment and logistics, systems for invoicing, systems for communicators with our participants and home study students - I've even got systems for developing new material. And I've outsourced much of the work I would "normally" do myself.
Can you see all the various steps that go into "passive income?" And that's without addressing the joint ventures, email writing, speaking, offline PR, and networking that go into marketing a successful passive income stream.
Hey - passive, it isn't. It's a myth. It takes tons of work. And if you go the systems route, THAT takes a ton of work.
So is it worth it?
Absolutely. Because if you approach it properly, most of the work is front loaded. In my case I get to build a portfolio of products which can create revenue for years to come, and in the process serve thousands more people than I could one company at a time. But it sure is work.
If you'd like to find out more about how to build systems for your company, click here and link to www.turnkeycoach.com.
© Paul Lemberg. All rights reserved
Reprint rights freely given. Please click here for details.
Paul Lemberg is the President of Quantum Growth Coaching, the world's only business coaching franchise system built from the ground up to rapidly create more profits and more life for entrepreneurs. (http://qgcf.com) Paul is also Executive Director of the Stratamax Research Institute specializing in helping entrepreneurial companies quickly increase short term profits for sustainable long term growth. Of course, he is available for keynote speeches and workshops and can be reached via http://lemberg.com
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