The Passive Income Playbook
by Raza Imam
Tomorrow, is the first blank page of a 365-page book. Write a good one! Waiting to see y’all next year.
Now looking at the topic we have here today! You can supplement your income by taking on another part-time employment or switching to a higher-paying position.
Let Me tell you that there are other ways to increase your income besides putting in your labor time to work.
The smart way to increase your income is to convert your “Expertise into Passive Automatic Generating Income“.
How old do you have to be to work in your current position? 60? Or is it 70? Working for your company provides you with active income that is proportional to the amount of time you spend there. There are numerous ways to convert this money into Automatic income, sometimes known as “Passive Income“! See below.
Steps to Follow
Make your own Process Map
Consider what you do for a living right now and map it out on a process map. A process map is a diagram that connects your work, time, and outcomes. This is an internet link featuring a number of map boxes. Each box contains a description of your job, the time it took to do it, and the final outcomes, which may be linked to any map box. A process map can include a lot of boxes with a lot of links to and from them. It can be both a complicated and a basic process map.
Look for areas where you can shorten the process once you’ve completed your process map. Look for redundant processes that you may merge, as well as process boxes that are recurring. Streamline your process and you will reap the rewards in the long run. After you’ve identified and reduced the size of your boxes, look for boxes that follow a similar procedure so you may combine them and build more links from your end results to other boxes.
You’ll have a good, easy-to-read process map that’s ready to automate by the time you repeat this remapping procedure.
Outsource to Automate
Now seek for boxes that can be outsourced for a nominal cost to others. Delivery courier services, human resource and recruiting services, web-hosting and service services, bookkeeping and accounts, sales and marketing, ordering and tracking invoice services, and purchasing services are some of the things that can be successfully outsourced. There are a plethora of services where you can outsource your work to others.
Hire Someone to do it For You to Automate
Many of the box processes can be done by others (as you are) or by hiring someone to do it for you. This is the simplest and quickest method because all you have to do is show them how to do it and they will do it for you, giving you more time to do other important things.
Hire a Manager to Automate the Process
Hire a manager to help you automate your tasks, make decisions, lead your team, and share your workload. If you can locate a good capable manager to help you manage your work, you can effectively reduce your work by 10 times.
You can convert your active income to passive income by using the aforesaid automation. The majority of people build a website blog and then automate the process so that it runs completely on its own. Most people don’t do the work themselves; instead, they hire someone who has done it before. This could have included outsourcing all of their logistics and having a large number of vendors to choose from. The people they employ write articles for them. Now, as your company grows, I strongly advise you to hire a manager to oversee things! These are a few steps/methods you can follow to turn your “Expertise into Passive Income”.
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And till next time! See you.
The Passive Income Playbook
by Raza Imam