Can you really earn passive income easily?
Updated: Nov 23, 2021
Passive Income - That's the "get rich quick" buzz phrase of the day. If you've done any research on business building or wealth creation on your computer or smartphone, chances are you're being served ads from the internet gurus that are showing you the lifestyle they are able to live by doing various "jobs". Once you're caught in their re-targeting clutches, you'll never escape. Thanks Tai Lopez! These people say that they can teach you how to easily earn 6+ figure incomes while in the comfort of your home while wearing your jammies. The only catch is that you have to pay them, and you'll instantly be able to earn passive income.
Since seemingly every Youtube ad you see is promoting some kind of scheme that will purportedly allow you to earn millions while lounging on a beach, you may begin
to fall for what these charlatans are claiming. Even though it sounds too good to be true, you inevitably will begin to see the appeal. I mean, what's not to like? They talk about how they went from sleeping on their moms couch, to owning a Ferrari and traveling in private jets in just a few short months, all thanks to their ability to work a keyboard and mouse. They call it "passive" income. We have a different word for it... BullSh**!
Earning passive income is hardly new. Investing in anything - stock market, real estate, business, etc. - can provide passive income. Yes, you can earn passive income, but you must understand that "passive" doesn't mean "easy". The secret to earning passive income, is taking massive action!
Since we are a franchise system, we're obviously biased toward franchises. We know that starting a business is hard, so why not give yourself a head start in business by investing in a proven franchise system? By doing so, you will see that the business scales much faster than had you started a business from scratch.
So, what does investing in a franchise and taking massive action to generate passive income look like? We've broken it down into a few simple steps:
Find your passion - what are you most passionate about? If you're going to be successful at anything in life you must be passionate about it. If you lack passion, you will begin to lack motivation. Passion and motivation go hand in hand. Although passion is a must, you don't necessarily have to be passionate about the product. But you better be passionate about the business model and franchise system. Caution: Avoid the "flash in the pan" phenomenon when choosing your passion (i.e. Goat Yoga, Fro-Yo, Juice Bars, Poke Bowls, etc.). Try to find a way to be passionate about an industry that has some staying power.
Identify the vehicle - Now that you've found your passion, it's time to start looking into what franchise "vehicle" you're going to take on your path toward passive income. Be sure to investigate several franchises in the industry that you feel you could be passionate about. If passive income is a goal of yours, then be sure to check Item 19 of the Franchise Disclosure Document. Item 19 details the potential revenue your new franchise should be able to generate. If it doesn't look like your definition of passive income, then you're looking at the wrong franchise!
See if there is a market for the product or service - You've now identified the vehicle, now let's see if anybody wants/needs your product or service. Nowadays, market research is easy. A few Google searches will turn up mounds of data concerning the demand for the product and service of the industry that your franchise of choice is in.
Take the first step first - It's time to reach out and begin the initial discussions with the franchise(s) that you are most interested in pursuing. Remember this, you will not be able to know EVERYTHING about the franchise that you're researching. You will have to use your gut and intuition to determine that it's a good fit for you. Speaking to a few of the franchisees is always a great way to learn about the franchise from the perspective of the people that are in the franchise system.
Be patient - Once you've signed your franchise agreement and are open for business you must be patient. Nobody becomes successful overnight. But, if you've done a good job on steps 1-4, you will see progress quickly, so long as you keep your foot on the proverbial gas.
Sorry to burst your bubble, but there is NO shortcut to generating large amounts of passive income. You are going to have to work hard. But if you invest in a good franchise to help you generate that passive income, your hard work will work harder for you. You'll begin to see results much quicker than you would had you started your own business; and a heck of a lot quicker than had you taken the advice from one of the aforementioned "gurus".
We believe that good things come to those willing to work for them. Our franchise has made it simpler by creating a proven system that will allow you (regardless of your experience), make life changing amounts of money by selling and installing (using partner crews) roofing systems. We give you the road map, all you have to do is follow it!