Passive income. It’s every business owner’s dream. The chance to leave the work to someone (or something) else and be able to carry on profiting from your original idea. It offers flexibility, the ability to dip in and out at your leisure and manage your own time to fit with your lifestyle. What else could you want from it? However, it is essential to remember that it takes either a lot of time and effort or an extremely good idea to be able to get to the stage of earning a passive income. There are a lot of things that you need to do in order to take the pressure off either you or those working for you. So what do we need to start doing to get us on our way to sipping margaritas on the beach whilst still earning money?
Less Interaction Means More Production
Customers are the most important thing that your business will ever need. The first year of any startups life is arguably the most hard in terms of gaining a steady flow of income, but that doesn’t mean that it needs to be difficult in any other way. The truth is, the less you interact with your customers, the more likely they are to use you. Think of the times that you’ve looked in your inbox only to see yet another email for a company that you used maybe once or twice and how off-putting it is. The occasional reminder email is fine, it’s just the ones that are constants who start to get you thinking towards using others in the same field. Keep your customers on their toes. That doesn’t mean neglect them altogether; it’s a fine balance of what you need to do, and one that probably only comes with a bit more experience. As well as not getting in touch with your customers by this means and abusing your right to get in contact, there is also the problem of keeping out of their way whilst they’re trying to access your product. For example, if they need ID to get to it (e.g. if you’re a startup of artisan alcoholic beverages), consider investing in Jumio’s ID scanning technology. There are ways and means of getting round the more invasive tasks, both for you and the customer. Leave it up to technology.
Make Your Jobs Appealing
If you are looking for somebody to come in and do your work for you, you want to make it so that the job you’ve been doing since you began your startup is appealing to them. Constantly referring to it as “my baby” or saying that they’ve got X amount of responsibility to continue the great job that you’re doing is never going to keep anybody stable. Focus on the benefits of your company and reward good work. The more so you do this, the more likely your new recruits are to take on more roles and really bring your company into their own - which means job satisfaction for them, and increased earnings for you.
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