5 Reasons Why You Should Build "Passive Income"
You probably hear a lot of people talking about "passive income." It's like the "IT" phrase of entrepreneurs. And it sounds really nice right? Income without doing anything??
Well, that's not exactly true. Passive income definitely takes work and strategy, especially on the front end. But if you don't have any passive income streams yet, I'd encourage you to have 1-2 sources of "passive income" that you can work on and then let them continue to make you money while you sleep. If you're running a creative business, you know how much energy, emotion, and physical exhaustion can go in to keeping your creative business running and profitable. Which is why a passive income source may be exactly what you need to take some of the financial stress off your shoulders and to get back to creating!!
Here are 5 Reasons Why You Should Build Passive Income:
1. Get your time back. Nothing is more precious than your time, and having an income source that is making you money while you sleep will free you up to do the things you really love doing in your business and in your personal life (what personal life?) Exactly.
2. You can make use of work you've already done. Many passive income streams for creatives come by repurposing work you've already done! Selling prints, photos on stock photo sites, albums, fine art prints, templates, fonts, etc. can allow you to make money off of files you have buried on a hard drive somewhere!
3. It can help you float during "drought months." Everyone knows that creative businesses come with slow seasons. Having another income source besides the main services you offer can help pad you during slower seasons.
4. You can be more picky with what projects you take on. You know that cycle where you're not getting the clients and projects you really love because you're so desperate to take anything? Break that cycle by building a little more financial freedom. Being picky about what clients you take on will build a stronger brand and bring in more projects that you love!
5. If you're a service based business, having a passive "product" that you sell can increase your "brand awareness" - meaning more people will be able to hear/interact with/purchase your work! Having a few smaller products that you can sell again and again help more people to be connected with you and your work!