The entrepreneurial lifestyle can be really exciting, motivating and thrilling, but there comes a time when you have got to take a few steps back and ask yourself this, how long will you keep trading time for money?
For every online entrepreneur, the ultimate dream is to build an online business that essentially runs on auto pilot and still brings in revenue even when on vacation or spending quality time with their loved ones.
That dream comes when your business generates for you passive income. simply put, passive income is the practice of building up a business to a point where it needs little to no attention and still makes you money. As nice as that sounds, there are no magical words that you could say to your business and all of a sudden millions of dollars appear out of thin air.
The thought of waking up at the hour you choose, earn money as you sleep, eat, exercise, and even while you travel the world is amazing. Though to help you achieve that, here are some myth busters you need to know as you build your online business.
#1: It Takes Time & Effort
We all know the saying: If it were easy, everybody would do it. Well that saying is as true as it sounds especially when you are building a business that will bring you passive income.
If you want to truly build up an online business that brings in money like clock work 24/7/365, then you have got to put in a lot of work especially in the first months and years. It’s in the beginning where you will need to do the heavy lifting, make the sacrifices, have complete dedication and resilience, but once you get that done and your business is set in motion, the passive income will start flowing in eventually.
Just imagine waking up in the morning at the hour you choose. You make yourself some breakfast, hit the gym for some exercise and then finally sit down to your computer at 10 a.m. When you look at your earnings for the previous night, you see an extra $500 in your bank account, just in the past 8 hours!
#2: Passive Income Does NOT Happen Overnight
The passive income will not happen overnight, I personally do not believe, practice or even encourage get-rich-quick schemes. Today the technologies and business systems are there to help you BUILD a business that could essentially bring you profits quickly, but you still have to put in the work.
Don’t confuse “get-rich-quick” with “LEVERAGING a business system” to do so may bring you a whole lot of disappointment.
Your task as an entrepreneur is to build the business you love with the tools and education that can bring you results in a faster realistic time-frame.
#3: It’s POSSIBLE To Generate Passive Income Online.
The common myth of it’s not possible to make money online, has clouded so many peoples minds even of those that have a burning desire to make it happen for themselves.
Before the internet matured to what it is today, the most common way to generate passive income was either via real estate or some form of leasing out. Today the rules of the game have changed, and they done so at a time where we as the world are now transitioning into the “Information age.”
An age where computers deliver statistics and information directly related to what we are in business for.
The information age also came with lots of passive income opportunities like eCommerce, Freelancing, and also property rentals. Another time you hear someone tell you that earning an income online is impossible, and you have to work at your 9-5 till 65, take the time to inform them and if they don’t believe you, prove it to them.
That’s it! I hope you now have a clear understanding of what passive income is, isn’t and what it can bring you and your loved ones.