The Freedom You Are Choosing Not to Have
When you think of entrepreneurship freedom, what do you think of? The financial freedom, giving you access to travel the world, and explore new areas of life? Well, that is true that many entrepreneurs find financial freedom, how many find the time freedom to do this? Time is the one thing in life you will never be able to get back, this means when you find yourself with millions of dollars, and a company that needs you there to run, you still aren’t free. In this article, I want to teach you three things that will help you free yourself from the trap most entrepreneurs fall into — making active income. Active income means that you have to work to get paid. This includes freelance work, a JOB, a coaching business, anything that requires you to put in the effort to make money.
Entrepreneur magazine has labeled me as ‘The Lazy Millionaire’, because no matter if I take 365 days off a year, my businesses run, and continue to make money. That folks is what is called passive income. No matter if I’m eating, sleeping, or on the toilet, I am making money, so why are you only making money while you work? Today I am going to outline the three keys I needed to make my businesses passive, and how you can do the same!
Build a team don’t buy a team.
So many people ask me how I have a team of such hardworking and loyal members. I am often asked how much I have to pay them to find a team like this. Here is the thing, no matter what I paid my team, as long as their basic needs are met, they would stick around. I am confident in this fact due to the amount I have spent investing in their skill sets. Each member of my team has invested time, energy, and a lot of emotion in building Stegela, therefore they have pride, and a vested interest in the business. I didn’t go out and find the best person for the job, in fact, I went out and found the person that had no idea what they were doing, and trained them to be able to run my business without me.
This is the most crucial thing in creating passive income. You will never have a passive income business if you can’t let go of your day to day tasks. If you can not delegate, you will work until the day you die, entrepreneur or not. Often as entrepreneurs, we believe that we save money by doing all the work, but when you save your money this way, you lose your time. Your time is the only thing that you can not get back, but with outsourcing, you can buy others time. If you save the most time and get even just a small cut from the sale, you still make money without any of the work!
Find a mentor.
The key to success of any kind is finding a mentor. Someone that can see what you are doing right, and help correct any errors you might not understand. Mentorship is what got me from being a broke, busted, and disgusted kid, to a multimillionaire. Without someone to help you find those connections, to see where you can outsource more, to help guide you in the right direction, gaining success can take years even decades! The idea of passive income should be something you want fast, in which case you are going to need someone that has been there before! Don’t let passive income be something that takes you years to attain; make it something that you can start today!
Passive income is the key to true time freedom. Imagine what your life would look like if you had full control of every second of your day. Now instead of just imagining, go out and make it happen!
Stephen Dela Cruz is a best selling author, speaker and serial entrepreneur who specializes in helping budding entrepreneurs double their income in their first year. He’s built several 7 figure businesses and in his online school, The Mastermind Experience, he shares strategies around time and money management to help beginning entrepreneurs soar. You can see more about Stephen on his website and follow him on his Facebook page.