Passive Income – Is It Really That Easy?
The thought of making money while you sleep is pretty tempting. Many a business owner has been captured by the idea of passive income.
But is it as passive as it seems? Let’s look at passive income for a health practitioner.
What is passive income?
Passive income is money that you make for very little effort.
This might be an ebook that you’ve written and sold online. It might be an affiliate program that you are associated with. You might create an online course.
But it doesn’t require you to exchange a reasonable amount of time for money, like you likely do with your current clients.
Is passive income really passive?
A lot of people sell it as an easy way to make money. 'Anyone can make 6 figures without doing any real work!', they cry.
But I believe this is a gross misrepresentation. It takes effort to be able to just make money as you sleep.
How much effort it takes does depend on the product or service you're using, but at the very least, it needs to be marketed.
When you think of passive income, consider:
The time and/or money that you need to create it – for example, writing and designing an ebook
The time and effort needed to market that product
There may be ongoing costs involved to maintain it - such as the platform you deliver an e-course on
Passive income products are usually quite low-cost – so you might not get much payoff for it
Should you consider a passive income stream?
It depends on your circumstances. If you struggle to make ends meet, now is not the time to invest in passive income.
You’re much better off focusing on getting clients in the door. A $25 ebook is not the answer right now. It’s a lot easier to see one client than sell 5 ebooks.
But if you have consistent work, and want to branch out, have a look at your options.
Consider why you’re doing it – is it about the potential income? Are there other goals you can support, such as promoting another business you love, or building your reputation as an expert?
Make sure that the passive income stream you consider is consistent with your values and your brand. Otherwise, you’re just sabotaging your business for some quick cash.
Sam - do you have any kind of passive income?
I am a proud affiliate for one service at the moment, which I love and think is amazing for health practitioners.
I'll talk about this more in future, but I recommend Michelle Whitehead's legal templates for ANY health practitioner who wants to cover their butt with a contract or with website terms & conditions.
It doesn't make me a squillion dollars - but that's not why I became an affiliate. I did it because I was already sending oodles of peeps across to her, because I loved the templates. It's just nice to get a little reward for doing so!
I might add more passive income options to my collection in the future. But right now, I'm focusing on giving my health practitioners the best damn writing service I can.
Does writing an ebook or e-course sound like an income stream that suits your biz?
I offer ebook and course writing and editing services for health practitioners. Contact me for a quote today.
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