Nobody wants to be working 40 plus hours a week for very long. If you do you’re crazy. If you don’t then you better start learning some things about passive income. It’s the retirement plan of smart people. If you run a business or want to run a business then in order to have the freedom in life you dream of you have to start thinking of some passive income ideas to help you earn more and work less.
It is a great feeling when you can take time off whenever you want to, without worrying about what’s going to happen to your business.
As an entrepreneur there is always going to be a limit on how much you can earn unless you can earn money without being directly involved in the work. As Donald Trump once said “your not rich unless you can earn money in your sleep”.
Passive income ideas allow an entrepreneur to earn revenue without requiring your direct involvement. For example; royalties on a creative piece (music, book, invention etc), owning property, shares, and network marketing.
There are many ways to earn a passive income, some easier than others. The most well known ways are to buy an investment property or invest in shares but these require you to have the money in the first place. The best passive income ideas are the ones that require little start up costs yet still offer rewarding remuneration if executed well.
There is no denying we are in the age of the internet and as such there are many opportunities online to earn a passive income. Initiatives like Google AdSense allow people to earn money from creating popular content. There are also many affiliate programs that allow you to earn a percentage when people click through from your site and buy a product, Amazon is well known for this. If you can create content online that people want to see then there are many ways to make a profit out of it.
Then there is network marketing, there are millions of old and new network marketing companies coming and going all the time. Traditionally, the scam stigma has always been attached to network marketing and sometimes for good reason but there are many reputable companies involved in this type of marketing these days and there is some serious money to be made for people that can do it well.
We have only spoken about a few of the passive income ideas that are out there, there are millions of ways to earn residual income. It may come from repeated sales or from new customers, and it may require a little of your time or absolutely zero but the key is that you are making money off of other people’s labor or no labor, rather than by your own.
There is no time like the present to start thinking about how to include this type of thinking in your business. You need to ask yourself; can you create a product that people will buy over and over again? Can you engage others to sell your product? How could you make money off the work of others?
The sooner you answer these questions, the sooner you’ll have financial and personal freedom. Start thinking about some passive income ideas that will help your business become less time consuming and start living your dreams while you continue to earn income.
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