Jun
22

3 Important Aspects of Passive Income as an Entrepreneur in Times of Uncertainty

As we all know, the world almost stopped turning in the middle of March, when we all were asked to keep our kids home, to start working from home (if we haven’t been already), and to rethink how we live our day to day lives. I.e. Quarantine hair is definitely a thing. 

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The other thing that has been brought to light, is the fact that multiple sources of income are essential to keep food on the table and to allow us that chance to pivot if need be.

Now, if you are up until this point on focused on 1 source of income, there is some stress in trying to figure out what to offer. This doesn’t have to be the case. Remember, you got into this business to be able to flexible. This is just a chance for you to stretch that muscle.

When it comes to times of uncertainty like right now, there are 3 important aspects of Passive Income you need to consider an Entrepreneur.

Job Security and Financial Stability

By looking at your skills list, and figuring out what you can pre-prepare to offer in tiny offers, you are creating another source of Job security and financial stability. 

These are alternate offers you can present, allow you the chance to pre-package part or a couple of parts of your business into self-led packages that creates a warm open for you to further put them on a mailing list for down the road when they need more of your personal attention.

Not to mention, by offering a few different segments ways to work with you, keeps you top of mind in different ways that as they pivot their business, they could realize that they may need more help from you than originally thought. Thus, it increases your chances to upsell and grow your own income opportunities.

This reduces fear, anxiety, and stress around your future

By creating pockets of passive income opportunities, be it writing, pre-packaged services (limited contact) or other ideas, you are ensuring that you have a steady drip of income that helps you plan and keep you motivated to continue to grow your business – even if it has to slow down in growth a little bit. 

We will be out of this pandemic someday,  and we will get to the other side. Don’t forget, your goals can be reached, just in a more scaled version – this is your chance to still get there one little offer at a time.

Goals and Routine, are a part of a way to keep you hopeful moving forward and keeps you laser-focused on a future that you have been working so hard to achieve.

Don’t forget why you became an entrepreneur in the first place, this gives the ability to work from anywhere

Keep working – keep dreaming. The reason you made the move to entrepreneurship is for the flexibility to pivot when needed. Add or remove packages, decide how many clients you wish to help, how you help and make a difference with your clients and with your own personal family goals.

Pivoting is almost a mandatory skill, that with practice, will be something you won’t even notice in the future. Just keep in mind that you have this – you have the skills and the abilities to succeed. Keep hope alive. Make sure you connect with your support team in your personal life and in your accountability groups – they are here to help you bounce ideas, support you in your steps and give you the hugs you need when you are the happiest at the success you have achieved!

All of us as a human race are in this together – and just keep creating, expanding and learning – you will see the fruits of your labor grow and blossom if you keep your head down, work hard and make sure you take care of what you need to at the right moment. 

Everything will come together if you remember this, it’s not just the destination – it is the journey to get there.

How have you been pivoting your business, creating tiny offers, and growing your passive income during this new “normal? We would love to hear what has worked and what hasn’t lately.

 

3 Important Aspects of Passive Income as an Entrepreneur in Times of Uncertainty

 

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