The sky is falling, and if you have a small business, you may be very concerned about a potential economic downturn. Because you own your business, you know that you need to plan ahead to weather the storm. If all of your income is dependent on signing new clients or booking new gigs, how can you do that if people are cutting back spending? Or maybe you have a day job and you think layoffs could be coming. This is scary and this a reality and the fact that you are looking for this information on how to generate a passive income now means you are ahead of those who are resigned to their situation.
So this is where generating passive income streams is beneficial to your business. The best time to start that was last year. The second best time is right now. As an author and publisher, I know that books can be a great source of passive income (after you write, edit, and launch it). Clearly for me, I am an author and publisher. So if I am talking to someone who is concerned about the finances for their small business, my recommendations are going to be around books. You know that old saying, when you’re a hammer everything looks like a nail. Well I’m an author, my solutions look like books. So I’m going to give a few examples today of how you as an individual can take your current situation and start to build passive income around that. I’m going to give some random case studies that I have made up. But take the lessons from each to apply to your situation:
1. You are employed full-time currently with no side-hustles or income-generating hobbies. You’re concerned about potential layoffs or your job has been furloughed because of the downturn. Ex. You work in marketing for your company.
2. You are employed full-time currently and you have a side hustle that has been decimated by the current situation. Ex. If you are an event photographer and all the events that you had booked were canceled.
Okay in this case you are already a bit better off because you have two streams of income, your day job, and the side business. But when you feel like both could be gone in a snap, that is scary.
3. You are self-employed with your small business and you have seen bookings drop off or clients cancel on you because of the downturn. Ex. If you are an organizational consultant who goes into people’s homes to help them get organized.
And just to make a comment on what is going on. I have two books that are launching next week. With so much happening, you may think, this is not a good time to launch something. But then I realized, no this is the best time to get this information out. I have already heard from a prospect who said that they had an idea for a book for a long time, but being stuck in isolation forced them to get it done and now they want to self-publish it and they needed advice on next steps. So if you are sick of your TV and have exhausted your backlist on cable or your streaming service and are confronted with “okay, its time to write that book” – write it, get it done. And you can get your own copy of these books. But if you don’t want to ask someone to deliver this to you and you are cutting all expenses- you can ask your library to get the digital copies of these books. You will learn how to launch your book, I will get a royalty, and everyone wins.
Here is an amazing course to help you learn about starting an Etsy store: Gold City Ventures: https://1mkwilliamsauthor–gold-city-ventures.thrivecart.com/etsy-printables/5d0ac04fcd649/
Music from: https://www.bensound.com/ E.R.F.
Get my Top 5 Things To Consider if you are looking to narrate your audiobook here: https://mailchi.mp/e8e1707cdb7e/audiobooks
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