Tweet “If you don’t figure out how to make money while you sleep you will work until you die” Serious Entrepreneurs Should Have 2 Goals: Passive Income and Multiple Streams of Revenue! Today’s episode is focusing on the different types of passive income and active income and why you want multiple ways of earning income.  Why is it important to have multiple streams of revenue? When should you start thinking of creating multiple streams of revenue? What are the differences? * Transaction revenue/passive: Someone makes a purchase from your online store (passive) or in person at your brick and mortar (active) * Service Revenue/active: Someone pays you for a service you provide * Project Revenue/active: Someone pays you for a specific project, like speaking at an event or teaching at a workshop, etc. * Recurring Revenue/ passive: Membership or subscription-based businesses where the customer receives monthly, weekly or daily value for a recurring fee. 5 TIPS! Try diversifying in different areas to secure against downturns.  * Ideally, you want to be able to live off of one of your streams of revenue. And Ideally, you want that stream to be passive! Have a system to consistently generate new leads. * Use your social media channels and blog as a marketing vehicle to grow your following and generate leads. The more consistent your social growth the more leads you will be able to generate. Use your own money! * Reinvest funds from one income stream to start another before looking to take outside investments. Taking investments too soon can be a mistake. Don’t Rush!  * Becoming an expert before you’re an expert. Moving faster than your experience allows! * Tons of people sell/teach the same thing, but most barely keep up. The difference is the level of influence and increased profits year after year.  Where are their receipts? Don’t let money be your driving force!  * Provide rich, valuable and usable content or services that are FREE, The return you get on providing someone else with the ability to create the life they want simply because you shared your experience is beyond gratifying. * Giving away free information does not limit your own growth, in fact, it will elevate your growth.  ACTIONABLE TO DO:  Do some mind mapping! Use the mind mapping results to see how many ways you can use your skill/hobby/biz to create at least three streams of revenue. Once you have your three streams of revenue choose the one that you can start working on right away, then plan the other two. Remember not to limit your thinking! Email Segment: Email me and ask your SHET! Email with any questions you’d like me to discuss on or off the podcast. Thanks for listening and remember for your business to succeed it must be the SHET: SOLVE a problem or need, HELP your customer/follower move past their current stage/ EARN respect and Build TRUST. Im out. Facebook Twitter Google+ LinkedIn