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Do you have income that comes to you every month, regardless of how hard you work? Interest on bank accounts, stock dividends, retirement or disability income are examples of some forms of passive income. But they may not generate enough funding to set you financially free.
If you are not earning passive income, are you still trading your time for money? In other words, is your income a direct result of the time you put in at a job? If something prevents you from working, does the money stop flowing to you?
What happens to employees or business owners when they get sick, take a vacation, get divorced or have family medical issues? Typically, the money stops flowing. This is a major downfall for a lot of businesses and entrepreneurs.
Truly passive income is not dependent on your time. True financial liberation comes from identifying other streams of income that can produce revenue without your direct involvement. This is one reason entrepreneurs look to real estate, direct marketing, or related business spin-offs that can produce revenue.
How can you do this yourself?
What work can be outsourced to a third party or perhaps a virtual assistant, that would free you up to serve more clients?
Could you develop different streams of income such as offering e-commerce solutions, webinars or "how-to" manuals to provide you with on-going residual income? Many real estate gurus make even more money offering these services to new real estate investors than they do on real estate transactions.
Here are some other ways to establish multiple streams of income:
Affiliate Relationships: Do you have a product or service that you could offer to your client base from other partners and receive an affiliate commission? My mortgage lenders and insurance agents have often contributed to my marketing costs to help distribute newsletters and advertising to my prospects.
Perhaps you have a product or service you could offer through affiliate partnerships to their client base? Perhaps it is a discount on your real estate commission, a free appraisal, or a home warranty when they purchase or list their next property through you.
Lead Generation: If you are good at developing leads, can you refer them out to someone else to do the work, and receive an income for the referral? Robyn Thompson became a top-producing real estate agent by referring out her seller leads to other agents for market-priced listings, when she was unable to negotiate a lower price to purchase the property.
Offer Membership or Service Plans: Could your membership include a loyalty plan for repeat clients or customers? Monthly newsletters or seminars?
Mine your Database: If you have prospects in your database who have never accepted your offers, can you identify any other products or services that might appeal to them?
Side Business: Do you have time to establish another business on the side? I like network marketing or direct sales, as it can generate residual income over time as the business grows, with little additional effort on your part. I have a direct sales travel business on the side, which is yet another option I can offer to my clients - and who doesn't love travel? Some real estate professionals offer legal services through Legal Shield to their real estate colleagues, a service I love and use a lot. Think about business options that might work for you.