Chatting with some of the other parents waiting outside our children's preschool this week, I got talking with a guy who runs his own business as a sales trainer and marketing mentor. He's been helping clients and building his repuation for the past 13 years, and he sounded really proud of the success he's created. He sounded busy, and even from our brief conversation (before we were engulfed by 3 year olds shouting 'look what I made!'), I could just tell that he's really focused and business savvy.
But I also got the feeling that he was beating himself up about not 'getting everything right'.
"If I'm honest, I feel compelled to work long hours, to bring in the money." he said. "But I have a hands-on role with the kids too. I do the school run on days when I'm working at home, but it's not always easy to make that happen. Not enough hours, really."
That tug of war between work commitments and spending time with the family is something every parent can relate to; whatever your job or role, there's a juggling act to perform.
Online retailer notonthehighstreet.com surveyed 1,000 UK dads and found that 62% had missed a parents evening, 33% missed most or all of their child's Christmas plays, and 1 in 5 called it 'lucky' to catch one bathtime a month.
So working hours are a major problem where family life is concerned, whatever your profession. But parents who run their own business have an advantage: we're at the helm, and so we get to design the way our business generates its income. We have the power to make things fit around more of the demands of family life.
Passive income – what my talented mum, Lyn Bicker, used to refer to as 'on the beach money' – has to be one of the biggest opportunities to change the pace of your business to fit your family's schedule.
It takes the limit off your earning power, by shifting your business model from billable hours to packaged-up bundles, distilling your know-how into high value content. When you're selling those bundles online, passive income also extends your reach to make your services available – and build your reputation – around the globe.
All that aside, revenue generated when you’re not actually working (on the beach, or asleep at 2am) has to be the biggest thrill in the world!
Beyond The Obvious
Developing passive income streams doesn't have to mean packaging up the work you do with clients. There might be other aspects of your work, or talents you have, which would lend themselves towards a side project to generate passive income.
Ryder Carroll was an Art Director and Interaction Designer who developed a unique system for keeping track of his schedule and goals. He turned it into the Bullet Journal, described as your "to-do list, sketchbook, notebook and diary" and with Kickstarter's help now sells specially made notebooks via his website.
Paul Jarvis is a web designer who's turned his successful freelance career into impactful products helping other creatives make their businesses work on their own terms. His products – ranging from e-books to an audio course called 'Unlost', on getting past creative blocks – don't focus on web design, but draw on his experience as a creative freelancer to widen the audience he's marketing to.
So Where Do I Start?
For most of the fired-up entrepreneur clients I coach, the crucial first step is simply about finding a little time to take stock of all the massive know-how they have. Audit time. It really doesn't take long to uncover the vast amount of insight, experience, and expertise that could become the foundation of your passive income stream. It's not buried very deep!
Then the fun and creativity begins, in pulling it all together for prospective clients around the world to buy. That process can feel HUGE – I've been there – but its actually a simple linear process that starts with a single humble question: what self-limiting belief is getting in my way?
If you could discover a proven path to generating passive income, and the exact steps to follow to get your own business bringing in revenue while you sleep, what would that be worth to you?
Over to you
Want to make it home for bathtime tonight? Wondering if your business could generate passive income and free up your schedule? Got the seed of an idea about what you could sell while you sleep? Click here to find out about our Passive Income Blueprint, and start unlocking the massive earning power of your business.
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