Are you stuck on the treadmill of a business model that trades time for money?
If you are offering products and services that require your time for delivery, then it's likely that you will answer a yes to that question! For those stuck in this business model, entrepreneurial life can equal a lot of hard work and a constant struggle to meet income goals.
Enter Milana Leshinsky. Milana's mission is to teach people how to realise the potential of multiple income streams in their business. If you're not sure what multiple income streams are, or you have been procrastinating about introducing new income streams into your business, then it's time to check out these top 5 tips from our free 'passive income streams' training webinar with Milana last week!
Lesson #1 It is possible earn passive income and you can do it too!
If there was one thing that we took away from this webinar, it was 'it is possible and you can do it to! Milana herself is a great example of a work-at-home Mum who has turned her business around using passive and recurring income streams. There's no doubt that women entrepreneurs everywhere are successfully adding passive income streams to their businesses, effectively making money while they sleep, play, go on holiday or spend time with their kids.
If you're not sure exactly what we mean by 'passive income' Milana describes it as 'any income that doesn't require work on delivery'. Simply put, it's a product or service where you don't trade time for money. This doesn't mean there is no work involved – you still have to create and market your product, but the point is that you can deliver the product again and again without putting any extra work in. Bliss!
Lesson #2: You can apply a passive or multiple income streams business model to ANY product or service.
Prior to the webinar we had lots of questions coming in from our tribe questioning whether you can apply the passive income streams model to product-based services. Milana's answer was a definite YES! (this is an interesting topic, so watch this space for another blog post in the future).
Lesson #3 Transitioning from a traditional business model may require a mindset shift
If you are currently stuck in a business model that trades for money it may seem overwhelming or too time-consuming to consider the creation of new income streams (probably because you are so busy caught up in delivery right?)
If you are ever going to escape that time for money treadmill, you have to take the leap. The change you seek won't happen until you prioritise it, so if you truly want to break out of the mould and create a business that works for you and not the other way around, it's time to commit!
Milana recommends setting aside 1-2 hours every week to step out of your business and plan the introduction of a passive or recurring income stream.
Lesson #4: Avoid overwhelm and keep it simple stupid!
It's easy to go too big with your ideas when you are first considering the introduction of passive (or other) income streams into your business. This can lead to massive overwhelm and stop you before you even get started
When considering your first passive income stream keep it simple. Take a small 'slice' of your topic. Make sure this slice clearly hits a pain felt by your customers, then turn it into a compelling offer. Don't go too big with it, narrow things down and keep it specific.
Lesson #5 Pick a method of delivery that you enjoy
There are lots of different ways you can deliver a product or service as a passive income stream – think ebooks, video, books, CDs, MP3, powerpoint presentations etc etc. The trick is to pick something that fits with your particular learning style and passions.
If you aren't into writing, for example, then don't choose an ebook! If you are an auditory learner (like Milana) use video or public speaking, record it and turn it into a passive income product. Then if you still want to produce an ebook, you can use a transcript!
The point is to think about what you enjoy and craft your passive income stream around it. This makes it effortless and means you will actually look forward to it.
Interested in learning more?
If you missed the replay of our webinar with Milana or you couldn't make it live and you desperately need to listen to this call, email us and we may just let you take another look! And if you want to jump in and get started, check out Milana's Passive Income Unleashed Programme that teaches all you need to know about getting started.
We have some more great webinars lined up in the coming months. If you'd like to recieve the latest updates, register here and we'll keep you in the loop.