When you’re a service provider, in many ways (unless you have a huge team) you are working trading hours for dollars. With only so many hours in the days, your income will eventually top off. But, if you work in your spare time to create passive income, you can create a situation where you can overcome the hours for dollars trap.
First of all, let's understand what passive income is. It's not really as easy as the word "passive" makes it sound. You do have to do some form of work first to collect the income down the road. But, you do the work today and then collect on it tomorrow - many times months and even years down the road.
The best way to approach creating passive income as a service provider is to consider who your audience is right now, then find products and solutions that can help them. For example, if you are a virtual assistant for life coaches, they're going to need systems such as payment processing systems, course delivery systems, sales pages and more. You can become an affiliate for all of these systems that you then recommend and help set up for your customers.
As a service provider, there are many things you know about your clients which can help you determine what they need. You probably know your clients more than other people who create affiliate products and systems to use, so you may be able to find and create even better offerings than others due to your insight.
Here are some more ideas for creating passive income.
Developing passive income sources as a service provider is a delicate balance. Always be honest with your clients when you recommend a product to them that it's something you will earn commission on. Nothing is wrong with that at all, but you have to be up front with them about it.
Rich Thurman’s passion is helping small businesses realize their full potential. With twenty years of real world experience in both small and large business, Rich has worked for and with both global industry leaders and small-town family-run storefronts.
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