Why You Should Begin a Passive Income Strategy

What is passive income? It is regularly received income a person gets with relatively little effort put forth to earn it. Many such strategies can be done from your home, or with only a little time spent away from home. Some industry pundits suggest it is actually “unearned income.” Persons involved in these types of income feel otherwise, they view it as a viable means of earning an income. This can go hand-and-hand with a passive investment strategy. This article will examine both, passive income and passive investing. This ought to be most enlightening, so keep reading.

There are already experts in the growing passive income craze. They have written articles and books on this genre of the business world. An example of a passive income opportunity includes generating leads for other businesses. It can be for smaller, newer businesses within your home town. Any business could use leads in order to grow. Many companies do not have the time or money to put into finding leads themselves and need other people to do it for them. That is where you can come in. If you are more tech-savvy in nature, you can also offer to create a niche website for them. Try this, see how well it can help them and yourself.

An offshoot of the above-noted passive income strategy is to focus on creating and running sales newsletters for other businesses. This will attract leads for your clients in addition to gaining notoriety for your own company. Work toward building a huge list of subscribers for each company’s newsletter. Offer ad space to vendors who could become affiliates of that company. Run frequent sales events and be sure to promote them. All of this can be done within the framework of a business newsletter for each company you work with, and from your own home.

Let us now move onto passive investment opportunities. There is a current school of thought that owning a passive income portfolio is a great idea. To go along with that, people are needed to provide dividend stock screening services. You could be such a person. You could do it for businesses or for private individuals. If you do not already know how to do these things, take some classes. Nowadays every type of class and certification is available online from a credible college. Look into this now, there is a definite future in it.

If you do not wish to become a stock screener, but simply want to invest your money in such a niche of the financial world, there are already firms set up that can assist you. A list of them can be found online, either in articles or book excerpts. Most of these will tell you where you can find the entire book, or at least related articles. You want to look for someone who knows what they are talking about. A great reference source, such as a book on passive income or investing, will utilize information from only reputable sources. For an example of a book like this, check the notes that go along with this article.

How To Start a Wood Working Business From Your Garage

Starting a woodworking business from your home could be an excellent way to earn an income. With right business plan and woodworking training system you could reach your financial goals with little or no woodworking skills.

As we all know financial times are tough in many areas of Canada and The USA. Their seems to be no stability working for various companies. Even if you employed the income you receive is poor. Consider starting a home based business that will create products that you can sell with very little effort. This home based business will be fun and easy to start.

Consider starting a business constructing and selling wooden furniture. Many people are often interested in purchasing wooden furniture for their homes. Good quality wooden furniture always has a way of being sold. Home owners will pay top money for this type of furnishing. This type of furnishing looks good and gives the customer a product that indicates that their money was well spent.

With proper business plan and correct construction method you might even be able to make money in your spare time building furniture and related products.

Of course you will need a place to work such as your garage. You could even construct a shed in your backyard to start your woodworking business. Constructing a shed, made of wood, could be a way of starting your woodworking business. After successfully building a shed in your backyard you could have people paying you to build a shed in their backyard.

There are a number of resources that will give you step-by-step instructions with regards to construction of various woodworking projects including numerous backyard shed plans. Types of sheds to consider are the pent roof shed and clerestory style shed.

The pent roof style shed is simple to build. It is a mono roof shed, which consists of a one piece roof sloping in one direction. It can be attached to your house or barn, giving it increased structural strength

The clerestory style shed ideal for use a place to work. The roof of this shed consists of row of windows which allows natural light to beam inside of the structure. Because of the roof its structure will mor complicated to build when compare with the pent roof style shed. However designs can be found on the internet that will help the construction process less problematic.

This type of business will require that you purchase various tools if you do not already own them. Their a number hardware stores likely in your area that will help you purchasing the tools needed in starting your woodworking business. You will also likely be able to purchase used woodworking tools in good working order.

Building The Professional Services Firm

Entrepreneurs starting or scaling a professional services firm should realize this type of business is different than a retail shop, manufacturing company or e-commerce store.

Instead of selling a tangible product directly to the end user, it involves marketing a defined set of skills based on experience and personal expertise.

The buyer can’t physically touch and feel that service but must rely on awareness, reputation, and trust before selecting a company for accounting, coaching, financial services, IT consulting, legal work and/or health care.

Our firm is currently in its 17th year. We offer developmental optometric services to clients, not only in our home base area of Glen Carbon, Illinois, but to others nationwide. Over the years we have tried various marketing strategies to grow the practice. Fortunately we have developed a winning combination resulting in an extremely large increase in both patient volume and net profits. Following are some lessons learned, ones that can be applied to anyone wishing to start or grow a professional services business.

1. It’s OK to be a small fish in a big pond.

When we first started we were in a very small rural area. We were the big fish in a small pond. Unfortunately it was a very small pond. While patients did visit us from the surrounding towns there just weren’t enough of them to sustain our practice. This triggered a move to a larger area, about one hour away. It was also a suburb of a major metropolitan area. Though competition was greater, we were able to carve its own niche and attract dozens of new patients. Moving to an area where there were more potential clients became the foundation for our dramatic growth.

2. Brand and Differentiate Your Firm.

Google any firm in any service category. It is challenging to determine how one firm is different than the next. That’s why professional services firms need to develop a marketing strategy that separates their business from the competition. In our case we were one of the first developmental optometry firms to use YouTube. It helped us educate the public on a variety of eye related issues that really were not being addressed. It also helped establish our firm as experts in the field. Since this medium is hugely popular, and relatively inexpensive to use, we were able to create a large of number of videos and reach a great number of potential clients most efficiently. Today we have hundreds of videos on YouTube, and a strong presence on various forms of social media. It has enabled us to reach potential patients not only in the U.S. but internationally as well.

3. Work in tandem with other professionals in your industry.

Since our firm is one of the few developmental optometric practices in the nation, we often are called upon by other eye doctors in remote locations for consultation regarding their patients. Some are even located in Europe and South America. This consultative approach holds true for practitioners in other industries as well. Attorneys who specialize in one area of the law can often serve as a referral source for those in other practice areas. The same is true for a financial planner who may wish to connect with an insurance professional or a real estate broker who can serve as a referral source for a mortgage lender. Developing relationships with those in complementary businesses can be a real boost for the growth of your firm.

4. Hire a business coach or consultant.

Few of us in professional services are trained in strategic business growth. It is not what we do. In order to ramp up our practice we engaged with a business consultant who has started and operated many large and small businesses. The consultant helped us set up many standard operating procedures, helped us create a higher functioning team and helped create benchmarks for growth. He has paid for himself many times over. Service firms can scale quicker and more efficiently by engaging with someone who has done it all before.

5. Consider new ideas for practice growth.

Those in professional services should research and analyze different ways to grow their firms. In our case, we started consulting with other eye doctors who wish to learn Developmental Optometry or wanted to add it as a service offering. The consulting piece has added to our revenue stream and increased profits. You can study industry trends and determine the right type of additional specialized services that best fit your practice, personality, and business goals.