Successful female entrepreneurs understand the necessity to develop multiple streams of income today. The first step to financial freedom is the ability to create a passive income, and to achieve this, it is their ideas and their expertise which they trade, not just their time.
Women who choose to become an entrepreneur, establishing a fully fledged or smaller home based business, and even those in the corporate world can now turn their passions into profitable income streams.
So, how do you create an active income using your expertise?
For those solo professionals in the service industry, an active income can be achieved in a number of ways including conducting seminars and workshops, public speaking, and services such as consulting and coaching. In other words, your income is earned in exchange for your time. As long as you are ‘face to face’ or one-on-one with your customers, you have the ability to earn. Mother nature ensures that there will only ever be 24 hours in each day, therefore a ceiling is created on the amount of active income one can earn as it is relative to the input of hours at work.
Were you aware that you can also earn passive sources of income?
Fortunately, it is now so much easier to earn additional income passively. These avenues include licensing and selling your products and programs, reports, assessments and even selling someone else’s products or services, otherwise known as affiliate marketing. All these avenues may still utilise your expertise however and they give you the ability to create enormously profitable income streams without the need to trade your valuable time.
In other words, you have the ability to earn ‘while you sleep’.
Therefore, it is important to take a check of your life, and ensure that you continue to create wealth by freeing up more of your time and switching to ways where your income is earned from more passive sources.
We, as female entrepreurs know too well the feeling of being trapped in our business, not having enough time to take care of our career, our families, friends and still find time for ourselves.
With all the tools and resources available to female entrepreneurs today, it has become easier to redesign your business around your preferred lifestyle, freeing yourself from working in your business, and instead working ‘on’ the business. The perfect scenario is to work less, earn more and live your life on your terms.
Did you know that due to the popularity of the internet and especially the web2.0 marketplace, the most successful way to leverage your expertise into an extremely profitable business is turning your expertise or what you know into products and programs. In other words, you must create information products.
Information products will enable you to create instant passive income. With the right systems in place, your business can run on auto-pilot, being fully automated to let the money continually roll in even while you sleep. For your business to be automated, you will need the right technology, systems and support.
But where do you start? It all sounds easier than it is, right? As long as you have the desire to succeed as a female entrepreneur or a solo professional in business, it is important to position yourself in your micro-niche as an expert, then use your expertise to create your own information products to teach others what you know and help them solve their problems.
The following 7 hot tips will show how you, a successful female entrepreneur, the steps to model your business around your expertise, put your business on auto-pilot and create a lucrative passive income by leveraging your time, earning more whilst working less and live the lifestyle you desire.
1. The first tip is to establish yourself as an expert. Use the internet to brand yourself and become known as the expert in your niche around the globe. This will raise your profile, and have others seeking your lead and your expertise. Because you are ‘the expert’, others will not only want to provide you with an active income through one on one leadership, but will be more apt to purchase your products and programs resulting in a great passive income and freeing up more of your time.
2. Design your passive income marketing funnel The marketing funnel is a process whereby you establish trust with your many prospects in the beginning by offering free reports, newsletters, audios, videos or similar. Allow them to ‘taste’ what you offer with little or no risk or cost to them.
This process allows your prospects to become potential clients as they may move down the funnel where you offer higher priced products or services. As they progress down the funnel, it becomes easier to sell your high end services as by now they fully trust and believe what you have to offer will be of certain benefit to them.
Don’t make the mistake of trying to sell your high end products initially. This will more than often result in losing the prospect before you have a chance to let them know who you are or what your expertise can provide.
3. Learn the skills and info-preneur strategies to create passive income Multiply your profits by creating information products with what you know and use the power of the internet to create instant passive income. Look around and see the many different ways you can package your information and sell it online. Learn about content development to leverage the content you already have from your presentations, articles and workshops. Learn marketing strategies such as article marketing, web 2.0 marketing, affiliate marketing, social networking, blogging and pay per click advertising to determine which tactics are right for you and your business.
4. Nurture your creativity Both creativity and innovation are key to thinking about new ideas and what you can do for the future of your business. It is important to block some time out in your week specifically for creative right-brain, intuitive thinking. It is during these quiet times that you will get your inspiration. Sadly, when you are constantly busy, you have neither the time or energy to come up with new ideas for writing or creating programs. And how can you create a passive income stream if you don’t have the products?
5. Use systems and automate The key to leveraging your time and expertise is the use of systems. Install a system for every function in your business to make sure that you do one thing only once, and then it should be either delegated or automated to be done in future. Systems and automation can be set up for such procedures as getting client referrals, for contact management, for delivering your newsletter, recording sales, taking payments, for your record-keeping, for marketing, conferencing, teleseminars and for product development.
It is true that everything you do in your business can and should be made into a system. Reduce the day to day tasks that zap your energy and inhibit your creativity by leveraging the power of technology and the internet.
6. Delegate Your business will plateau or even stagnate if you try to do everything yourself. Although often difficult in the beginning, it is important that you learn to delegate. Surround yourself with a great team to support and help you create your highly profitable business. Outsourcing has become a popular exercise where you can delegate those tasks you either don’t like to doing or those that take you away from doing what you are good at. Try to concentrate on the tasks that ‘earn you the money’.
7. Seek a mentor and support In order to grow yourself and your business, to make more money and be as successful as your vision, you will need to seek the support of a mastermind group or a coach/mentor to motivate and drive you. Too often, female entrepreneurs are coaches themselves, and feel that this support is unnecessary. Oftentimes when their businesses are in the early stages, finances are continually being spread over to other areas and this important mentoring is ignored. Remember, even the very successful multi-millionaires continually use mentors to maintain their businesses on the cycle of success.
Finally, use collaboration with others and joint ventures to leverage your expertise. As long as you have a purpose and passion for your business, your success will continue and keep growing with your contributions and your followers.
Have a think about your business. Are you trying to do everything yourself? Are you giving yourself time to be creative? Are you making use of strategies and resources of experts that have done it before? Or perhaps you are continually trying to re-invent the wheel.
Fast track your journey and leverage your expertise to be the successful female entrepreneur that you desire to be.