How To Create Passive Income That Can Save Your Business

This week, I want to remind you that challenges are opportunities.

No matter where you are in the world, you will have challenges, and it is not lost on me that some are more terrible than others. However, for the time being I would like to speak strictly from a business point of view.

When it comes to knocking on the door of your business, you have two choices: dig your heels and hold on to what your favorite life has, or actively look for strategies to keep your business afloat.

I’m not talking about getting 99.9% answers, because I’m not a major in poly science or an expert in global economics. All I can do is give you some ideas for strengthening your business in an incredibly turbulent time. I hope you consider them. While challenges can be daunting, they are opportunities. Anyone can be brilliant in connection with a growing economy and a low-charge political climate. Imagine how much different you would be if you were successful in scaling in times of crisis? (Yeah, this is what I’m looking for in a haystack where the sun can’t shine, but stick with me.)

If you haven’t already, consider creating some passive income offers. You may think this is a bad time. Or, maybe you have a local, service-oriented storefront or store that you’re feeling locked out of. But if you own a business, you are an expert in your industry. Being that expert in your industry, you have knowledge to share. This knowledge is a valuable product, and there are people out there who are looking for a wealth of industry knowledge so that they can equate their own company or start their own business. Not only will you create passive income for your small business, but you will also have the ability to sell your offers internationally.

Can I create passive income with my local business?

If you have a computer, most of you can generate passive income and sell it internationally. I know some people who have restaurants, auto shops, barber shops and the like and they may feel that the local service industry is not internationally relevant. Some of you are in real estate and law or business that adheres to some regulatory dynamics that will not move worldwide.

I am a true believer in the old adage, “Knowledge is power.” Access your store of knowledge that will put you in the position you are in and pass it on to others.

Passive Income – Where to Start:

Note first: When you start your passive income and international business plan (whatever the offer is), make sure that not all countries work the same way. This will affect the type of product you offer.

Here are some trade secrets for you (do I want to disclose so much information?) So that you can reach your financial goals. The easiest way to make a passive income is to create and sell an online service. You can provide a training program to train anyone, anywhere. By sharing your knowledge (for a fee!) You can access a global community. If you think your business model in Australia will not work in India, you have the opportunity to share your knowledge and experience. Think about your journey so far, your skills, business, mentality, your reading books and any other resources that are effective in growing your business. Here are some ideas we actually applied to my company:

  • Create a “how-to” training module – think about the transitions you have gone through and then create step-by-step modules to give co-business owners or tradesmen what you want to know and learn in a difficult way. Do you offer services that people usually need training for or have questions about? You can create multiple recordings of your specific skills and roll it up in an online training. If I could fix a furnace you would better believe that I would make a training and sell it now. Are you a chef? Create some culinary training. I even know a private chef in Mexico who has made an international food tour business out of his couch. Get the inventor.
  • Create an Online Course – What are the most important steps you can take to make your business a success? Have you hired a specific system to sustain your business? Perhaps you have adopted a mindset that has leveled your personal life and / or your company. We’ve built courses around self-confidence – which I found to be a necessary foundation for all business owners. We have a course to sell honestly, because selling can feel gross otherwise. We also have a course on company culture. These are all born out of our hard-earned experience and are based entirely on thought leadership and sharing knowledge that we have implemented that leads to our business success.
  • Create an online merchandise store – If you have internet access, you can create merchandise related to your business and sell it online. If you have logo slogans, or inspirational statements related to your business, you can sell them on T-shirts, mugs, totes, wall hangings, or day planners. You decide, and be creative. Like site check out Shopify To charge, and as an online print-on-demand and supplement site Printed. Also, when someone sees your merchandise your marketing game is a notch up.
  • Write a Book – While not online, writing my first book was a turning point for me, my family and my business. Yes, it takes time and effort to get your book out there, but there is no better way to establish yourself and an authority in your art. Not only will you be seen as an expert, you will also help millions of potential people overcome challenges and grow strong business and skills through what you share. In addition, your book (s) will serve as a major generator for your own business.

If the idea of ​​creating more business based on passive income seems irresistible, that’s fine. Takes the boldest steps. It is also relatively new to us. If you are concerned about cost effectiveness, keep in mind that my business has created all of the above offers. Each process was fairly simple and was neither expensive nor demanding much time, except for the time my team and I took to record or create the initial products. Our courses consist of multiple recording modules that combine to create a larger course Sometimes I have webinars that sell for free, a big one or two day seminar. I never put pressure on people, and I am sure to be transparent and honest in sharing what I have learned with others so that they too can benefit. And, all of this serves as passive income and requires little maintenance.

Start taking notes and start here: What services do you provide and how can you expand your knowledge sharing with others in your industry in a valuable way?

If all this seems a little out of reach, remember, I walk. Most of these offers are new to my business and have only been created in the last few years.

Creating an international business is a win / win. Not only will you improve the sustainability of your business, but just as importantly, you will serve your industry community in a way that they did not previously have access to. The most important point I can drive home: We don’t know what the future holds for our local economy, so strengthen the sustainability of your business by making it globally accessible.

Share your knowledge. Everyone wants to swallow it.

I can’t wait to see what you create for your business.

Wishing you happiness, health and wealth.

Mike

This post on how to create a passive income that can save your business first appeared on Mike Mykloviz.

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