Are you one of the lucky ones who always gets everything done and has time to relax every day? No? Well no big surprise. Most of us looking after a family and running a business wish for more hours in the day. Well there is another way.
So many businesses are heavily limited in their potential because of time. Therapy, hairdressing, coaching, arts and crafts, accountancy and the list goes on, are all businesses that are predominantly selling time.
Apart from marketing, administration, accounting (unless you are an accountant) and all the other disciplines needed to keep a business running, the hours delivering your service or making your product are then limited.
An example. You deliver a service and charge by the hour. You find 40 billable hours per week, you can charge £50 per hour, you fill 50 weeks of the year…the total you earn would be £100,000. Not too shabby.
But replace some of the numbers above with numbers that feel realistic to you today. (Try 20 hours, £25 per hour and 45 weeks because of school holidays.) Now deduct expenses, especially for all the outsourcing (marketing, admin…etc.) you would need to be able to fill that amount of diary time and perhaps some child care.
Is that really all your passion, your dream, is worth? Is that really enough to make the other sacrifices?
What alternatives are there?
Not more hours in the day, just a better use of them. One answer is of course PI. Not the mathematical symbol. Here PI stands for Passive Income.
Passive Income is the one way to appear to create more hours in the day. What it means is simply creating a stream of income that does not require effort. Income that comes in while you sleep, do the washing up, spend time with the children and of course deliver your core service.
What is your passion, your unique skill? How can you convert that into PI? OK, a little poetic license. I don’t really mean NO effort, but rather an effort that is not directly related to the amount of income.
You may be ahead of me here. Creating a product based on information once and then creating a stream of revenue from selling it multiple times is the example I am thinking of.
The question is, how and what product or idea can you create once, that you could then sell multiple times? A book, a video series, a podcast, webinar recording, guides and workbooks, are just some examples.
One of the follow-up questions we are regularly asked is “there are so many versions of what I do out there, how would mine be able to make any money?” And here the answer is ‘YOU’.
Challenge 1: Decide on the product. Physical product like a book or electronic product such as a video. The content is not really a challenge because you already have the knowledge, skill and experience that enables you to deliver your service, so this is also the content of your ‘product’.
Challenge 2: Determine the Unique Selling Proposition (USP), which is where your personality and particular perspective comes in to make it unlike anything else on the market.
Challenge 3: Locate the market and sales process. This is most likely to involve the internet.
Challenge 4: Acquire or hire the necessary skills to complete the task. These may be ghost writing, web-technical, video editing etc.. There is a lot of knowledge shared on all these topics, you may develop the skills yourself or you may choose to find someone to help you.
But the result? Remember the numbers above? Imagine now a ‘product’ selling online, with automated systems at work while you sleep. A price of perhaps £25, selling into every English speaking country at a rate of let’s say, 500 per month, year after year. Now does that sound good?
I don’t want to make light of this. There is a lot to be done, and the investment in time, money and / or energy at the early stages is considerable, but the returns can outpace selling hours and will eventually give you the income your passion deserves.
What are you worth?
For a clear idea of how this can be made to work, grab a copy of our Passive Income Blueprint below. And if you need help, just shout to create the equivalent of more hours in the day.