Today we are discussing Earning Passive Income, something that can be very helpful to entrepreneurs in any field. If you don't have passive income, then you are in the trap of always trading your hours for dollars. There IS a better way! Let's jump right in!
- What is passive income?
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- Also known as "residual income"—do the work once and keep getting paid
- Receive income even when you aren't working
- Three ways to successfully create passive income:
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- Product sales
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- Very common but often overlooked
- Instead of "selling," make a suggestion about a product that you sell
- Affiliate marketing
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- Easy for entrepreneurs to do (mostly online)
- Can work with other health and wellness entrepreneurs
- Sessions with other therapists
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- Allow independent contractors to use your office space to work with your clients
- Make sure the fee split is pre-arranged in order to cover your overhead and bring a small profit
These suggestions are ways for you to practice and improve your negotiating skills AND grow your business. The most important thing to remember is to keep an open mind to all opportunities and possibilities. It's another piece to game-changing YOUR business!
