There is no such thing as passive income. If you are attracted by the idea of being able to earn money with the minimum of effort and know that the cash will continue to flow into your business while you are asleep or on holiday, then you are going to have to work extremely hard to put the right systems into place. That said, with the right products, business approach and effort, you can ensure your business income continues to grow while your workload declines. Read on for a few tips on how to become an idle earner.
How To Become An Idle Earner: Top Tips
Delegate the grunge work
If you want to earn more while doing less, consider hiring a virtual assistant. Although there is a financial cost involved in doing so, it is far less than the cost of hiring an actual employee and gives you the flexibility to have help only exactly when you need it.
Virtual assistants can be based anywhere in the world but, depending on the nature of your business, you may prefer to have one who is based in the same or a similar time zone so that you are both working to the same schedule.
From entering appointments into your diary and processing invoices to making or taking telephone calls or sending out emails, a virtual assistant can perform virtually any task just so long as it does not require them to be physically present. Although this may seem to be a limitation, there are a surprisingly large number of tasks that can be successfully completed in this way.
The time you save by having a virtual assistant to take care of all your minor administrative tasks can then be poured into finding new sources of revenue for your company.
Passive income isn’t the only way to boost your earnings with a minimal amount of effort. By automating many of the processes that you rely on to keep your business running, you can spend more time following leads or developing new ideas for products and services.
For example, the marketing automation service offered by MailChimp can automatically follow up with customers after they have made purchases, send birthday greetings or issue welcome emails when customers join your mailing list.
Such activities help to generate customer loyalty and boost brand awareness but can be time-consuming. By automating the processes your customers still enjoy the same high levels of service but the burden on your personal time is significantly reduced; visiting https://mailchimp.com/features/marketing-automation/ can give you an idea of the features available.
Identify your prime time
The 80/20 rule states that 80 percent of your income will be generated in around 20 percent of the time you spend at work. If you want to work less but earn more, you need to be able to identify the exact time of day that this golden 20 percent of work occurs and make sure you guard it with your life.
If you are a person who gets their most productive work done in the morning, don’t schedule meetings or other activities for that time unless you absolutely have to. To identify the best time of day for you, keep a note of your tasks and productivity levels for a few weeks. This exercise alone can provide fantastic insights into the way you work and drive you towards far greater efficiency.