Last night I attended a local Chamber of Commerce event in my area. During this event I had the opportunity to have a great discussion with someone about passive income. While talking with this person I quickly discovered that they wanted to move from active income (when you do the work; you get paid—only once) to passive income (when customers pay you over and over again for the same work—work you only did once).
Now from my experience when people think about marketing the last thing they think about is expansion, new markets, new income streams and new products. But this is part of marketing too. Plus complacency is a killer and it’s a killer because things change all around us.
Often the best way to overcome complacency, ensure company growth, and be responsive to market changes and influences is to develop new products, services, and streams of income.
So, discussing this was exciting for me because I’m working on a secret project called “Project Imagine and Implement.” (I plan to write about this in another post.)
As the conversation continued I started giving this person ways to increase their time and income through turning their active income into passive income. They soon said, “like the way you think”, and this inspired me to write this post to help you figure out how to transform your active income into passive income.
Here are 5 ways you can get paid many times for the same work :
I’m always thinking about how you or your company can turn active income opportunities into passive ones, so you get paid many times for the same work. If you need help with this i would be delighted to talk with you.
Question: What opportunities do you notice in your business to turn active income into passive ones?
Indispensable Marketing takes a process approach to developing and installing your small business marketing.