The Mompreneur Guide To Recurring Revenue
Being a mompreneur comes with so many unique challenges on its own, it’s no wonder it’s easy to feel stuck in the exchange of time for money. Many business owners, especially small business owners, struggle with finding so many hours in the day to complete client work that makes it worthwhile. We know this because we’ve been in those exact same shoes.
That’s partially what motivated the idea for this blog post. It was that we “fight” so hard for time — every minute of every day — which needs to be allocated. Between running the kid(s) around and picking up the house, and running errands alongside grocery shopping, and all else in between, there’s only so much time left for generating income.
This is why generating a passive income is SO important!
For those of you who are new to the world of passive income, it’s income that is generated either without effort or without trading time for money. Before deciding on what form of passive income is best for you and your business, it’s important to consider what kind of business model you’re creating and how you want the passive income to work with your business.
First of all, you need to look at the smart ways to make this work for you (and your busy mom schedule!). Whether you just don’t have enough time in the day to invest time into your business, or whether you’re looking for additional income to support your existing business, we truly believe there is a solid method that can work for you!
One of the most common methods is by having clients on retainers.
Now, this still typically requires a certain number of hours to invest, but that income is guaranteed and (typically) paid upfront. There is also the option of having different guarantees attached to your retainer clients, such as “up to 15 hours per month” at a flat rate, stipulating that any unused hours will not be carried over into the next month. This likely won’t make you feel like you’re winning the lottery, but it’s a great option to have if you are service based.
Another more common solution, and likely the most lucrative, is by taking your existing knowledge of an industry, topic, or service, and creating a course, program, or membership site.
In today’s world, there’s a huge desire in the market for people to grasp at knowledge in this style at their leisure. And if everything is set up properly and is set at an appropriate price (that benefits them and helps you), you can honestly do quite well!
It’s important to note that the value must be there for your potential customers to want to pay their hard-earned money for it, so ensure you take the necessary time to work out any kinks before launching it. This option does also still require an input of time, such as responding to requests and managing any groups (if you choose to have them), etc. But there is a lot of potential in this market to earn a solid amount of passive income. And if your course or membership idea has a larger plan, also keep in mind that you can start small and grow it larger along the way. Which can also be thought of as the “test phase” for how well it’s going to produce in the eyes of your audience.
Creating a course or membership is not only a great way to get yourself out there, but also a great way to generate passive income, as you only need create it once — then you can continue to sell it in multiple areas/avenues until the information is no longer relevant! There is no limit as to how many courses you can be selling at once, so the potential for a higher return long-term is HUGE!
While it might take a few tries to nail down your course production and not have to input mass amounts of time, we believe it’s a great time investment as the return is exponential.
Lastly, creating a digital product (or multiples) is another great way of creating something once, and being able to resell it multiple times for an undefined amount of time. For example, creating a planner template or organizational sheets that can be sold on your website (or another host such as Etsy or Amazon) will help you reach people well beyond your “regular” audience and increase the income opportunities.
By fully and entirely knowing what your business focuses on and what your audience truly wants, there are a variety of ways you can explore that you can create passive income for your in-demand time as a mompreneur. And who knows, it might even end up becoming your entire business model — creating a handful of products that are in demand and sell them online in multiple places.
There are truly no limits or “rules” when it comes to generating revenue, so we encourage you to explore the many ideas and enjoy (and reap) the rewards!
If you found today’s mom inspired blog post to be exactly the type of inspiration and know-how you were looking for, we would be very grateful if you would help this post spread by sharing the ❤️ with it socially, emailing it to a friend or dropping us a comment with your thoughts. You never know whose life you might change.
We get it, you’re a mom first! But your dream of becoming an entrepreneur is not going away … It wasn’t until recently when people began coming to you with questions or asking you for help that you started to seriously think about starting your own business. You want to start a business, but you worry if you have enough time to balance being an entrepreneur with being a mom. You have a burning desire to build your own empire, but you also have responsibilities.
Well … we completely understand and been there done that. It’s time to take the leap of faith and bet on yourself, beyond life as a mom. Because we don’t want you to do, is one day look back … and wished you’d done things differently. #Balance!
Our site will be a resource-filled space for all moms who have ever wanted to start their own small business working from home OR for any mom who already HAS a business but is struggling to grow. So, begin pursuing your passion(s) and become your own boss today by popping on over to https://thesmallbusinessmom.com/ to get started!