How to Create a More Passive Income-Type Business

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Are you thinking about starting your own business? Or maybe you are already your own boss in life (when it comes to your work)? So what happens when you own your own business and you become the boss of all operations? For the typical person, this means that you’re working all the time. No longer are you working the 40 or 50 hour days like when you were an employee. Nope, now this business is your life line. You’re putting in 15 hour days and working 80 hours a week! When you became the boss, you ultimately became the go-to person for every single question that developed inside your company. It feels good to have all the answers and it certainly makes you feel important, but after a while this really gets old and it could ultimately wear you out!

If you realize that you’re the glue holding your entire company together, then you’ve got a problem. After all, what if something happens to you? Or what if there’s a family emergency? Do you want to be the guy that has to step away from the hospital to work even when the most important people in your life need you? On a less dramatic note, maybe you’d just like to feel a little more free from day to day. Well let me tell you, this is possible.

First Step to Passive Income in Your Business

You think that your company couldn’t possibly survive without you, but is that really for sure? I challenge you to step away for a day and observe what happens. When you get back, I’m sure your business will still be there, but there are most likely questions that will be waiting for you at your desk. These are the areas of importance for your passive income business. You must find a way to empower your employees to make some of the decisions that you normally make.

Systematize

All businesses are essentially the same. They have either a product or a service that they sell to the public, and if the public enjoys it, the business will survive and thrive.

When a customer walks into a business – in this instance, let’s say it’s a clothing store – the building seems incredibly quiet from the outside. Everything is fairly static and controlled. Even when they walk inside, things might seem calm and collected. But, in reality, there are many parts and pieces that keep that business rolling and it can certainly be stressful to keep juggling those balls all day long!

The solution is to systematize your business. If there’s one thing most people hate, it’s change, which means that they enjoy things that remain the same. It is in your best interest to make your customer’s experience an amazing one and to keep it consistently amazing with each one of their visits.

To do this, you must choose the strategy that has worked best for your business and document every facet of it. Let your employees help you. Every process and procedure should be documented and every employee should be trained in a task other than what they’re used to. If you grant your employees more power and provide them a set list of instructions to act on various tasks, guess what? You’ve just systematized your business. For time-consuming tasks like customer service, you could simply outsource it. Companies like Global Response or services like oDesk could manage these tasks for you.

You’ll soon notice that you can step out of the office for more than 30 minutes at a time. And, as you continue to systematize, you’ll free up so much of your own time that you could even start another business. Continue this process over and over and you’ll soon be a very wealthy man/woman with a bunch of time on your hands.

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2 Comments

  1. May 31, 2016 / 9:22 am

    Correct! These are everything we need to succeed in business and earn passive income. Thanks for sharing this!
    Jackie recently posted..Top 10 Passive Income IdeasMy Profile