Warren Buffet said, “If you don’t find a way to make money while you sleep, you will work until you die.”. The fact of the matter is he’s right. You might want flexible hours, more pay, or more vacation time but, how will you get there? While quitting your job isn’t the best first option, you can set yourself up to get there one day.
How do people make passive income? One may think selling items online is the best option. Although this can be very viable, competing with established businesses with a higher quality product often discourages most. Of course, the biggest part of this is making an idea come to life, and I can help you get there.
The way to keep the income flowing in even in your “sleep” is to have recurring payments. The good or service you offer must be able to be paid monthly, quarterly, or yearly. Consumers will pay these recurring payments if your product or service solves their problem. I find it useful to ask myself the following questions: How will this solve a problem? What makes my good/service stand out compared to competitors? Usually, answering these questions will narrow your vision and get you working toward your goal of “passive income.”
This is no easy task. Thousands of entrepreneurs will tell you their first idea did not work out quite the way they intended. Or that they had many failed ideas, and the one they thought would be the least lucrative actually ended up making them the most money.
So, if you are unhappy with your circumstances, then take a step in the right direction. Facing a pandemic as we are today, it is more apparent that having your own business or side hustle will benefit you in hard times. We are all learning day by day, so don’t be afraid to mess up. If not, you will continue going to your 9-5 wondering what if.
Because no one wants to work till they die but rather make money while they sleep.