Many people have been asking me how can they generate passive income and what is passive income? In fact, a CEO of a creative company (who pitched for a brief when I was working in Siemens) asked me out for coffee when we bumped into each other at a friend’s birthday party.
He was spellbound with my account of how my local business is doing and asked for more information about it. He wanted to generate “passive income”. He joked that passive income means “turning deaf when the client of boss asked for more work”. It is a relatively new concept and when I first heart about it at T Harv’s seminar, it’s as if a light bulb was turned on in my head. I HAD TO GET IT!
What exactly is passive income?
It means generating income even when you are not working. Honestly, January has been a very relaxing month for me. I spent most of it recovering from jet lag, meeting and catching up with my friends and family, renewing my spiritual balance through meditation, and shopping. I am often working because I love my work. Some days, I have lunch with family or friends, then pay a call to a business associate or just go shopping or have a body massage. Even though I am not working at my desk, I know my business is generating money for me.
So how does passive income operate?
Passive income is generated when you provide a value to people or business and in return for your value, they are willing to pay you even though you are not working. The real truth about internet marketing is that there is no magic pill to earn your money within one month or even a few months.
You need to build a foundation (like a business), work on it for some time and even be prepared to suffer losses until it starts to take off. You will likely not get it perfectly the first few times, but with practice, and constant vigilance, you will be able to hone your instincts easily.
Once you have put a value service or product in place, then you will need to optimize it to work independently under minimum supervision. Systematizing or optimizing it in the beginning might seem an insurmountable task. But there should be a way, and its up to you to find it. Once you set your mind on it, it will work out!
So how do you do it? Here are 3 simple steps to get the ball rolling….
Step 1 ) Set an intention deep inside your heart
Everything starts from your mindset and soul. Once you declare a determined and powerful intention, you will make it happen no matter what. I remembered attending my internet marketing teacher, Fabian’s seminar and meeting people who were internet marketers. I was so green with envious! I wanted to one, too!
I fantasized about being his star pupil and got excited at that prospect. A year later, I was talking of my success story at one of his seminars. It was when the circle completed and I had accomplished my goal of being a full time internet marketer.
So firmly state your intention and let everything else take care of themselves.
Step 2) Improve your sales and marketing skills
Passive income includes providing a service or product that people are willing to pay you based on the value. So this allows you to move away from the monthly salary to the value payment.
For me, I provide leads generation to several music schools who pay me for each lead. Due to the conversion to sales of my leads, they eagerly answer all calls and pay me right after. All I need to work on is improving my rankings and the conversions of the websites.
You could build a lead generation website that provide leads and sell them to other companies. Or create an e-product that people are willing to purchase. Or purchase a location or venue that can be rented out to vendors. (e.g. Carpark, Football court, Badminton court, Bali villas, Food Republic) Basically, what you will need are marketing and sales skills to effectively build up your product or service to your target market. So take the time to enhance them whenever you have the opportunity.
Step 3) Learn To Delegate
So once you set up your business and money is coming in, the last thing that you want is to be working non-stop with no enjoyment. Study how to set up a system where you can just hire virtual assistants to do the more tedious work for you. If you focus on bringing in sales, while outsourcing the administration work, the benefits will definitely surpass the costs.
Also, outsourcing is a skill. You do not learn it overnight. Start small and practice so that you can improve over time. Learn to let go and choose to be happy!
Passive income is a new concept and many people feel that it is nearly impossible to achieve it. Untrue. With the advances of technology and resources, people who decide on this pathway are finding ways to profit yet having much more free time.
As a kind surfer who I met in Bali advised, ” The truth is that you can achieve everything that you want, however people do not prioritize.” He travels the world for 6 months surfing, then stays in Switzerland to work the other 6 months of the year. Isn’t that a fantastic life?
Pamelina Siow is an expert on generating leads through the internet. To keep in contact, read Pamelina Siow blog.
Leave a Reply