Are You Overlooking This Passive Income Stream?… Like Most Business Owners
May 23rd, 2012 by Diane Conklin under Uncategorized. No Comments.
Do you want to make more money while working less? We’re always looking for additional income streams in our businesses and ways to do things that generate money but don’t create more work. You’re busy and have enough work to do between staff and everything you’re managing in your business.
Think about this…is there a way, in your business, right now, that you could create an income stream, or streams, where you are the conduit through which the product or service comes, but you aren’t actually the one providing the service?
Is there a way you can set up, in your business, services that someone else provides, someone else does, and you just get a percentage of the sale? Something like an affiliate, only it’s an ongoing relationship. An ongoing joint venture that happens over and over again for you.
For example, maybe you don’t have the capability to offer website services, but you know somebody who’s really good at building websites. So you contact them and tell them you would like to offer websites in your clients and have them actually do the work. Then, you work out a mutually beneficial deal. What happens is, you’re simply the person who’s the pass-along, or the referral source, or the conduit, and the other business is doing the work and you’re getting paid a small referral fee. It becomes a passive income stream for you.
There are a lot of different ways to do this in business, you just have to sit down and think about how it will work best for you.
Another example would be if you’re somebody who does direct mail, and you could use an outside printing service or mailing house to actually print and mail the pieces. You contact them to do the work for you while you get a percentage of the job or a flat fee for each referral. It’s an extra income stream for you and your.
A passive income stream like this uses other people’s resources, and allows you to make more money while doing no additional work.
Imagine setting up five or ten different ways similar to this where you’re bringing money in through various resources. You’re adding additional income streams using the power of other people’s time and skills.
One is always the worst number in business, because if something doesn’t work, or something doesn’t work as well as you’re used to it working, or laws change like it did with faxing and phone calling and those types of things, and you have to change what you’re doing, guess what? Those income streams stops.
You can certainly add streams of income where you’re doing the work, where you’re going out and hiring staff getting
more leverage in your business, and you already know how to do that. Also think about how you can make money and how you can add additional streams of income, by simply being the portrayer of, the referrer of, the conduit through which the business flows.
Hopefully this gives you some ideas and you can think of more ways to work less and make more money in your business.
