4 Tips to Consider – Passive Income
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Passive income
continues to draw awareness among many marketers, most especially online marketers. Many think that it’s the golden ticket to a better life, actually it is, but there are a couple problems with holding
passive income
as your main goal in business and life:
1. You Can’t Stay Ahead of Competition Passively
You can’t manage this competition while sipping margaritas all day from your paradise restaurant on Fiji. You’ll soon see your market share go down the drain—you need to do something, waiting won’t cut it, work on it until you get to the point that all that hard work pays off and only then can you see your passive income reap its benefits.
2. You can’t maintain loyal Customers Passively
As soon as your customers realize that you don’t care about them (which you don’t, if you’re trying to get away from them as fast as possible), they will eventually go elsewhere, to someone else who actually does care about them and their needs –
there goes your
passive income possibilities
3. You Can’t Lead people Passively
If you’re going to be building a large, scalable business, sooner or later you’re going to need employees and/or freelancers (even if they’re spread out over the world virtually).
You’re not going to attract great talent in long run by indirectly telling them that you have no interest in being involved in the business whatsoever.
Some people obsessed with “passive income” say, in response, “No problem, I’ll just hire a leader to do all that managing, motivating, and creating stuff!”
What you’re essentially saying, then, is that you’re adding zero value to the equation. You’re not coming up with the ideas, you’re not implementing/executing the ideas, and you’re not leading anyone to implement or execute them.
4. You Can’t Create Meaning, Passion, or Purpose in Your Life Passively
I’ve had several conversations recently with people in their twenties who have built up some semblance of moderate passive income (for now, before the competition gets the better of them, or their team implodes in disarray for lack of care, or their revenue collapses for lack of customer development or innovation.)
These people are (for now) living the dream–they get to travel to Fiji or some other exotic location on an instant and hang out on the beach, funded by their little niche ebook or whatever.
I’ve had conversations with several of them to help them determine “what the purpose of their life is” now that they have some amount of money coming in from some little passive income they don’t even care about that much. It all feels empty to them.
This is the basic mistake they’ve made: they’ve fallen prey to the belief that money and meaning are two totally separate things.
In Essence
Passive income is great once you’ve accumulated enough time and effort to reap its awesome reward. Again, let me emphasize that, after you’ve worked hard for it. But if you’re just gonna be staking your whole future on it and do nothing, then you’re missing the whole point and the main idea behind that awesome fruit – passive income.
My name is Bob Ullman and I can be reached at 603-888-7788 or on Skype at bobullman. My email is bobullman111@gmail.com. I can show you how to put your marketing into high gear. Learn how to get thousands of visitors weekly to your website. Click here for more info.