Importance of Passive Income – Lisa Johnson

The term Passive Income is often associated with negative connotations of pyramid schemes and MLMs and dubious snake oil salesmen with claims of making money while you sleep!

Yet, the process of making passive income is by no means a new idea. 

For example, renting the spare room in your house is passive income. Hiring out equipment such as photo booths is passive income. 

But if I was to summarise in a few words what passive income means in today’s online world it is simply changing your business model from one to one, to one to many.

Think about it. The only thing we can never create more of is time. So, if you are working on a one to one basis, there will always come a point where you hit your limit of how many clients you can take on.

But if you create an online course or membership where thousands can sign up, you only have to create the content once, and then present it to all of the members who have joined. 

This model can work for pretty much any market. So often I hear people saying “But I don’t have anything to teach”, but remember, the definition of an expert is the person who knows the most about a specific subject in an average sized room.

Your knowledge is not common knowledge!

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Everyone has something. It could be skills learnt in your current employment, or a previous job, or a hobby, or just life skills acquired. There will aways be a market for information about a particular subject if it is presented and branded in a way that appeals to your ideal client.

Once you have fine tuned your offer, and worked out who your ideal client is, the rest is up to you.

Passive income gives you more time to do things you really want to do, the freedom to only take on the 1-1 projects you really want, it adds a regular income stream to your business, and you will no longer be trading time for money.

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