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In this blog post, I share 5 myths and 5 facts about online passive income streams for your business.
Imagine having multiple passive income streams that inject money into your bank account with little to no work on your part. Sounds great, doesn’t it?
While you can set up easy passive income streams and earn exponentially more, there are a few commonly held myths about passive income to dispel first.
If you’ve spent your adult life working for others, it naturally seems self-evident that time spent working = money. If you put in X hours, you get Y dollars. This is how an employee thinks, but not an entrepreneur.
To build passive income streams, you have to embrace the fact that this isn’t how it always works. You can create something once that people will buy over and over again.
If you’ve ever considered starting a business, you’ve probably encountered the problem of start-up costs.
It takes investment to start a new company. But there are many passive income models that require very little upfront investment.
TIP: Online marketing and advertising are very inexpensive compared to offline, and if you sell digital products, there’s no need for warehousing and shipping.
The basic idea behind passive income is that you set it up once and then the money flies into your bank account. While this is mostly accurate, there is still some maintenance work along the way.
You may need to create content on a regular basis and update your strategy to match changes in the market or your customers’ tastes.
You’ll also need to interact with your audience to build relationships.
You can’t set up a passive income in one weekend and start earning on Monday.
One downside to this business model is it takes time to build.
You might start with a few hundred dollars of passive income a month, and then gradually build more income streams, earning more month by month until eventually you can quit your day job.
Be wary of anyone who tells you it’s just plug and play.
Setting up passive income steams takes time to get it off the ground. The time you spend at first pays you back eventually when the system can run on its own.
There you have it, 5 myths and 5 facts about online passive income streams for your business.
Setting up a passive income stream and finding success takes some time and hard work.
It’s a long game, but the eventual return on investment is well worth it.
You can eventually quit your full-time job, or build income streams you can use for savings, retirement, investments, or as a buffer against economic uncertainty.
Do you want to learn more about setting up passive income streams?
Join my business membership, the B.O.S.S Society, where I teach all the ways you can start a successful online business, implement effective income strategies and learn how to build profitable funnels.
I also created a 6-Step Framework to help you create a game plan for your business.
See you online!