Passive income is the quest these days, but did you know that teams are the “new” passive income? What is passive income? What are some of the different ways you can gain passive income? How does hiring others and building your team, especially in a service based business, help create income?
If you’ve been looking for ways to create passive income in your business, it might be time to start thinking about building your team. Train others to do what you do, in the way you do it. In this episode, I share strategies and tips, as well as some of the success stories I’ve seen.
Get the worksheets referenced in this episode at bizchix.com/moretime.
Key Takeaways:
[1:41] Natalie will be speaking at Social Media Marketing World, as well as hosting one-day Masterminds through the year, so be sure to look out for those!
[5:37] What is passive income? Honestly speaking, there is no income that is really passive. Natalie explains why.
[9:56] If you have a service-based business, create passive income by training others to do what you do, in the way you do it. Natalie shares how she applied this principle to her business.
[15:36] Don’t let the fear of needing to have an entire certification or training program hold you back. Natalie has some ideas on how you can create a minimum viable product to keep moving forward.
[19:50] Building a team is not often talked about as a means of creating passive income. Natalie has some examples of other women who have created passive income by building their teams.
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Mentioned in this Episode:
- Connect with Natalie at Social Media Marketing World 2018
- 1-Day Masterminds
- Companion Worksheets
- Speaking Your Brand with Carol Cox
- Speaking Your Brand Podcast with Carol Cox
- Elite Chix Mastermind (5-figure Businesses)
- Zoom
- Book a Strategy Session
Previous BizChix Episodes Mentioned:
- 299: Start with The End in Mind
- 300: Buy Back Your Time – Part 1
- 301: Buy Back Your Time – Part 2
- 222: The Six Lies of 6-Figure Launches
- 281: [High Performing Women] Training Your Team and Stepping into Thought Leadership with Kate Ahl
- 284: [High Performing Women] From School Nurse with a Side Hustle to Multi-Six Figure, Multi-Business Owner with Karey Northington
- High Performing Women Series
- 286: [High Performing Women] Growing a 7 Figure Business, Launching a Certification Program and Permission to be Selfish with Cate Stillman of Yogahealer
4 Responses
Very insightful episode, thank you, Natalie. Investing in team helps to leverage your time for sure. Team can also help you reclaim lost income.
I work with solo and small firm lawyers who consider themselves to be entrepreneurs. Getting the administrative work done like billing and collections is often a challenge that results in poor cash flow and bad debt. Many biz owners don’t have the time or the stomach to chase down those funds.
That’s when creating a system and delegating a VA to do the billing, follow up and collections makes the most sense. Your revenue increases, which in turn, pays for the teammate making a virtuous circle of growth.
Thank you Dina! I am glad it was valuable.