6 Ways to take your PASSION to PASSIVE Income!

If you are working full time you may be asking yourself - how do I start a business? This is to the absolute BEST time to start a business and here is why.

You don't have the same pressure to perform, you can go at a 5 hours a week pace and build a solid foundation and gradually build upon it. 

You can start getting a second income by setting goals that you want to achieve. Start first with $500 month, then $1000 you get the picture. Work your way up in increments until you get to covering your salary. 

The one thing you want to do first is find your PASSION, because if you don’t love what you are doing finding 5 hours a week to devote to it will be difficult at best.

I’ve been here a few times so I speak from experience. I have wasted time (meaning several months) on starting a business I wasn’t passionate about. Let’s not mention the thousands of dollars to build it.

I have created a 5 day challenge around discovering your passion, there are so many people that don’t know what they are passionate about doing with their life.

What you don’t want to do is create a job for yourself. I recently met someone who owns a pie shop…she just realized she created a job for herself and recently hired two staff so that she can work on her business rather then in it. She now only makes pies once a week.

 

Start the 5 Day 'find your passion" first! Each day you will get a new exercise to do to start your creative juices flowing.

There are 6 ways to generate income.

1: Membership site. This is where you have people commit to a monthly membership. This is great for many industries where there is a constant need for information. Photographers, Event Planners, Small business owners, school teachers, coaches for football and trainers to name a few. There is a great podcast episode that Pat Flynn did with a husband and wife that each had their own membership site generating 25K per month – yes 25K that was not a typo.

Listen here at: Pat Flynn's Smart Passive Income Podcast

2: Online Courses:

Pro – Scale-able. Con – you must be consistent at generating traffic.

Create a course around your hobby, passion or knowledge base. Generate traffic to your course through Facebook Ads send people to your course and they log in and do it at any time without your assistance. All you need is one platform to perform this for you and that’s ClickFunnels <affiliate>

Clickfunnels has landing pages and a membership site and an email auto-res-ponder built all in this one platform. (though I have heard that the membership site isn't as good as other platforms) You can build a website as well with it. Go to this link and order the book on funnels for free + shipping. It’s a wealth of information.

3: Mastermind: The Pro – Very high ticket and very effective. The Con – Big commitment and you must attract the right members. This can be from 5K – up to 100K for the year’s mastermind. Everyone in the group has a business up and running and brings value to the group. Usually they meet 2 – 4 times a year.

4: Group Coaching: The Pro – you can charge more, you can sell it before creating it. The Con – It’s not scale-able. Group coaching is usually 5-12 members and its really hands on. Meaning you are involved weekly with live coaching calls.

5: One on One Coaching: The Pro – you can charge more for time you are devoting. The Con – It’s not scale-able and it’s a lot of your time. Meaning you are exchanging time for money.

6: Retreats/Workshops or Live Events: The Pro – you can make it as small or as large as you want it to be. You can charge 1k – 2k depending on the event. The Con – You are front and center and it’s a lot of time devoted to building a successful event. 

So there you have it six ways to take your passion and make it work for you! 

Personally, I love small groups. I have lead small groups in corporate and at my church. I love the hands on because it allows me to use my gift as well as my passion at the same time. Helping women to start the RIGHT businesses so that they can be home for their families.

Before you leave, sign up for the (DIY) 5 Day Challenge and start discovering your PASSION - don't start a business without it. 

Make it a great day,

Louise