How to Create Passive Income That Could Save Your Business

This week, I want to remind you that challenges provide opportunities.

No matter where you are in the world, you’re going to have challenges, and it’s not lost on me that some are far more dire than others. But, I want to talk strictly from a business perspective for now. 

When challenges come knocking on the door of your business, you have two choices: Dig your heels and hang on to what you have for dear life, or actively look for strategies to sustain your business. 

I won’t purport to have 99.9% of the answers, because I’m no poli sci major or expert in global economics. What I can do is offer some ideas to strengthen your business during an incredibly turbulent time. I hope you consider them. While challenges can be scary, they’re opportunities nonetheless. Anyone can shine in the nexus of a burgeoning economy and lesser charged political climate. Imagine how much more you’d stand out if you succeed in scaling during a crisis? (Yes, this is me looking for hay where the sun may not be shining, but stick with me.)

If you haven’t already, consider creating some passive income offerings. You may feel like this is poor timing. Or, perhaps you have a local, service oriented storefront or shop that you feel locked into. But if you own a business, it’s because you’re an expert in your industry. Being that expert in your industry, you have knowledge to share. That knowledge is a valuable commodity, and there are people out there looking for the wealth of industry knowledge you have so they can level up their own company or start their own businesses. Not only will you create passive income for your small business, but have the ability to sell your offering internationally at the same time.

Can I create passive income with my local business?

If you have a computer, most of you can create passive income and sell internationally. I know some folks who have restaurants, auto shops, barber shops, and the like, and may feel that a local service industry isn’t internationally relevant. Some of you are in real estate and law, or businesses that abide by certain regulatory dynamics  that won’t transfer globally. 

I’m a true believer in the old adage, “Knowledge is power”. Access your wealth of knowledge that landed you in the position you’re in and provide it to others. 

Passive income – where to start:

First to note: When you start your passive income and international business plan (no matter what scale the offering), be sure to recognize that not all countries operate the same way. This will impact the type of product you offer.

Here’s where I drop some trade secrets on you (am I supposed to divulge this much information?) so you can reach your financial goals. The easiest way to make passive income is to create and sell online services. You can provide a training program to train anyone, anywhere. You have access to a global community simply by sharing your knowledge (with a fee!). If you feel your business model in Australia won’t work in say, India, there is still an opportunity to share your knowledge and experience. Think about your journey so far, your skillset, trade, mindset, books you’ve read, and any other resources that have been effective in growing your business. Here are a few ideas that we’ve actually implemented in my company:

Create “How To” training modules – Think about the transformations you’ve undergone and then create step by step modules to provide fellow business owners or tradies with all the things you wished you knew and learned the hard way.  What are some services you offer that people usually need training for, or have questions about? You can create multiple recordings of a specific skill you have and roll it all up in an online training. If I could fix a furnace you better believe I’d have created a training and sold it by now. Are you a chef? Create some culinary related training. I even know of a private chef in Mexico who created an international food tour business – from her couch. Get inventive.Create an online course – What are the crucial steps that you, yourself, took to make your business a success? Did you employ a certain system for sustainability in your business? Perhaps you adopted  a mindset that leveled up your personal life and/or your company. We’ve created courses around confidence – which I found is the foundation required for all business owners. We have a course on selling authentically, because sales can feel gross otherwise. We have a course about company culture, too. All of these were born out of our hard earned experience and are completely based on thought leadership and sharing knowledge we implemented that lead to success in our business.Create an online merchandise shop – If you have access to the internet, you can create merchandise that relates to your business and sell it online. If you have a logo slogan, or inspirational statement related to your business, you can sell them on t-shirts, mugs, totes, wall hangings, or day planners. You decide, and get creative. Check out sites like Shopify for charging, and online print on demand and fulfillment sites similar to Printful. Besides, your marketing game is kicked up a notch when someone sees your merchandise. Write a book – While not online, writing my first book was a turning point for me, my family,  and my business. Yes, it takes time and effort to get your book out there, but there’s no better way to establish yourself and an authority in your industry. Not only will you be viewed as the expert, but you’ll also be helping potentially millions of people overcome challenges and grow stronger businesses and skill sets through what you share. Additionally, your book(s) will act as a lead generator for your own business. 

If the idea of creating more business based on passive income feels overwhelming, that’s ok. Most bold moves do.  It’s relatively new to us too. If you’re concerned about cost effectiveness, note that my business created all of the above offerings. Each process was fairly easy and not expensive or demanded much time, aside from the time it took my team and I to record or create the initial products. Our courses consist of multiple recorded modules that when put together, create one large course. Sometimes I have webinars that are free, to drive sales for a larger one or two day seminar. I never pressure folks, and I am sure to be transparent and authentic in my desire to share what I have learned with others so they can benefit too. And, this all acts as passive income and requires little upkeep.

Start taking notes and start here: What services do you provide, and how can you broaden your knowledge sharing in a valuable way to others in your industry?

If all of this feels a little out of reach, remember, I walk the walk. Most of these offerings are new to my business and created only in the last few years.

Creating an international business is a win/win. Not only will you improve the sustainability of your business, but just as importantly, you’ll serve the community in your industry in a way that they didn’t have access to before. The most important point I can drive home: We don’t know what the future holds for our local economies, so strengthen the sustainability of  your business by making it globally accessible. 

Share your knowledge. Everyone wants to consume that. 

I can’t wait to see what you create for your business.

Wishing you happiness, health, and wealth.

Mike

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