Do you currently earn money outside of your full-time job? I think that most of us do. It could be something as simple as reselling cheap items on eBay, or maybe it’s crocheting scarfs and selling them at the town flea market, or perhaps you have some amazing baking skills and your friends can’t wait to buy your next pie.
Whatever it is that you are doing, chances are that in order to make the money, you have to put in quite a lot of time and effort for each project. What if I told you that you could make any side-gig into a passive money-making machine? It’s true, and it can be quite simple via an effective system. With this system, creating a passive income is not only possible, but it can make you incredibly wealthy too!
Creating a Passive Income With a System
I am a huge fan of the book, “E-Myth Revisited”, by Michael Gerber. Within the first few chapters, Michael describes a woman that bakes her own pies, but cannot handle all of the responsibilities of the business. Plus, she’s no longer having any fun because of the long hours and high stress of her current position.
You might wonder why she just doesn’t hire some employees to help her out – well, actually, she did. But, they asked her a million questions and didn’t often do as good of a job as she would have. Her hours actually increased because she had to fix the mistakes of her employees!
A system proved to be the answer to her problems. Rather than being the master of everything, this woman developed a system for each task within her shop. The questions didn’t come nearly as often, and the customers were satisfied because there was a sense of organization and consistency. Finally, she could leave the bakery without worrying about how it was being run. As the time passed and the employees grew more self-sufficient (because of the system), this business developed into a passive, money-making machine!
Turning My Blog Into a Passive Income
If you have ever started your own blog, you know that it is certainly NOT passive by nature. In order to grow the site, you’ll need to post tweets on Twitter, comments on Facebook, articles on other sites, and of course update your content consistently on your own blog! One could easily spend 20+ hours on their site each week!
If a blog takes so much time to build, how in the world could one make it passive?
You guessed it – a system. While it’s very difficult to make a blog 100% passive, one can come close by developing a system for each task. Obviously, this costs money and takes away from your overall profit, but guess what? With your extra time, you can start a new project and make even more money than what you had coming in before!
By repeating this process, you can continue to increase your revenue without putting in any extra time.
This is the secret to wealth – what will you do with this knowledge?