Why Every Mompreneur Needs a Scalable Business that can Generate Passive Income NOW
Time to work smarter and make more money so you can spend more time with your kids
You are a busy mother friend. I see you waking up at the crack of dawn, grabbing that cup of coffee only to set it down an instant later to sooth your toddler who just fell out of bed. Just as you head back to that slightly cooler cup of coffee, you see the lasagna caked pan soaking in the sink and recognize that it needs to be scrubbed and possible use a fresh soak. By the time you finish that, your toddler is up for the day using his curiosity at full force to create a tornado of toys and books throughout the house. This continues until all day with a quick break for naptime if you are lucky.
You already work hard, which is why you also need to work smarter
Mama, you work hard. I see it. I know everything you do. I’m in the trenches with you. I see how much you do for the family and at home, but I know how much you also want to build a profitable business. This is why I am telling you need to build a business that you can scale. This is a business where your income is not directly related to the amount of time you work. Finding ways to generate passive income within your business will allow the time you invest in your business to go further and grow bigger than it could otherwise.
What is Passive Income?
Passive income is when you are making money when you are not actively working. You do a lot of work up front investing time and money knowing that it will pay off later.
Passive income is anything but “Passive”
When people hear the phrase “passive income” they think of sitting on a beach drinking Mai Thais while all the dolla’ bills come falling out of the sky. “Make money while you sleep,” they say. Is it really that easy? Yes and no. When you incorporate passive income streams into your business, that is when your business will begin to work for you instead of you working for your business.
Ways to make passive income
Start an online business
When you start an online business, many of the income streams are passive by nature. You create things like online courses or eBooks, that take time and energy to set up, but you only have to do it once. After you create it, you can sell it for as long as it is relevant. It is a lot easier to keep updating a product to make sure it is relevant and up to date than it is to constantly be coming up with new ideas, products or services that you have to exchange your time for money.
Rent out a room on Airbnb
When we moved into our home, we found that we didn’t use our basement. It was finished an had a private bedroom and bathroom, but it was just out of the way. Instead of letting the space go to waste, we decided to rent it out on Airbnb. It was great, because our life didn’t change that much. Every couple days I’d have to wash the sheets, clean the bathroom and vacuum, which wasn’t a huge sacrifice since the income the space generated paid our mortgage. You can sign up as a host with Airbnb here (affilliate link).
Start selling through Amazon FBA
This is not completely passive (really nothing is completely passive), because you are still running a business, but customers place orders and Amazon will fulfill them without you having to any of the heavy lifting. You can be on vacation with your kids and your business will still run smoothly.
Sell digital products
Sell products that you can create once but can be sold as a digital download. These are items that you create once and an infinite number of customers can buy over and over and over without you needing to do anything else. It’s automated. They click “purchase” and then they receive the digital file and you receive money in your account. This is awesome because you can create as many products as you want in the time you have.
Join a direct sales company and build a team
When you decide to start a direct sales business, you can make money 2 ways. 1. Selling product at parties or through your social media account. This is good because you receive a generous commission for the products you sell. 2. Build a team and train them to sell products and build their own teams. When you build a team with direct sales companies, you receive a percentage of their sales and their team’s sales. As you invest time in your team members and watch them grow more independent in their own businesses, their businesses will grow and so will yours. Again this takes a lot of work up front and continuous maintenance
Now for a shameless plug: I’m currently adding to my team with Beautycounter, if you are looking for an opportunity to grow a business while raising your kids.
Passive income will allow you to scale your business while you play with your kids.
You are working hard creating memories and kissing boo boos. You don’t want your kids to think of you being tied to your phone or computer all the time. When you invest the time you have in creating passive income streams, you will have more time to spend with your family doing the things you love most while also running a profitable business.