Mistakes in making passive income :
The holy grail of personal finance and money is figuring out how to create passive income. But if making passive income was easy, then it wouldn’t be the goal for so many of us. Sure, you are working a side hustle to make extra money, but you’re still just trading time for money. How do you create a business or revenue-generating project that can make you money on autopilot? At four of the most common mistakes that prevent many of us from making automated income. Are you tired of sabotaging your future? So, mistake number one is spreading your side hustle business net too wide. Trying to build a business that helps as many people as possible can be tempting, but that is a huge mistake. Why? If you build a business for everybody, you’re building a business for nobody. This is one of the biggest truisms of marketing and product development.
When you build something for everybody, it means that you aren’t targeting a specific type of customer. You need to have a barometer for success with how to please your customer to be the best solution for everyone. Your business doesn’t resonate with anyone because you’re trying to be everything for everyone. Instead, by narrowing down your niche and focusing on serving just a few people with problems or wants or needs similar to yours, everything suddenly becomes easier! Those specified, narrower niches will open up like gates in front of new opportunities — and they’ll all be more accessible than ever before.
Alright, so reason number two you’re not making passive income is working on unimportant things first. These are things like focusing on your logo and social media accounts or building a website before you even have a business that works. It can be easy to distract by bells, whistles, or “shiny objects.” But they’re taking you away from the core of your business: building the best products or services for your target audience and building a base of loyal customers.
Business to make passive income :
If your core business is to crochet bags on Etsy, then spending hours on a logo design could be a better use of your time. Instead, figure out ways to automate and build systems for your business to create a vehicle for passive income. Or, better yet, focus on making your customer’s experience as seamless and enjoyable as possible. That is a great way to make sure you have repeat business. The third reason you’re not making passive income with your side hustle business is, ironically enough, thinking about your business as a way to make passive income.
They know that probably sounds weird. If you’re setting up your business with the intention of generating passive income, then your goals and purpose for everything you’re doing are only oriented toward working your way out of a job. That is okay, but it should be different from the ONLY thing you’re focused on with your business. Why? Because it means you’re not paying attention to the core of your business, which – as they said before, is to create something of value for your customers. The money doesn’t just roll in without a value exchange. So, focus on creating value and exchanging that for revenue, and Then fine-tune your systems for automation and passive income. Not the other way around.
