Once you undertake the development of a business you utilize a variety of entrepreneurial skills. You find yourself working hard to keep things going, but there’s a real sense of satisfaction in the work.
Recently I was told of a woman who had started her twenty-first business. In each case the business was related to cooking. The good news was this woman was a capable businesswoman and an excellent cook.
The problem for this woman was that she got tired of running a business very easily. She would get a business established and grow weary of the day-to-day grind and would set a date to close the doors. Her husband was a carpenter and had systematically refurbished twenty separate properties for his wife’s business ventures.
This woman recently started a coffee shop with a variety of baked goods for sale. The business hadn’t been open 3 months when a separate coffee shop opened in the same retail complex. When she discovered the new business she threw her hands up in despair and asked the owner of the second shop if she could come to work for her.
You see, there is an invisible wall that is sometimes difficult to overcome. That wall is moving beyond the difficult work of day-to-day business where you are needed in the monitoring of all aspects of the business. Some, like the lady in our story, simply get tired and go home to regroup their strength for a later attempt. Others will find ways to derive income that does not rely on their own efforts. These are the entrepreneurs that more easily move forward.
Passive Income
If you are a store that specializes in a product you have created, the sale of items that are available from other suppliers can provide income that is your simply because you supplied shelf space.
The sale of insurance provides a means of deriving an income based on commissions that require little attention from you.
The use of affiliate programs can allow others to sell your products and provide you with an income on something you were not actively involved in selling.
The development of passive income is important to entrepreneurs because if you attempt to develop revenue exclusively on your own then your revenue stream goes dry the minute you need time off.
Someone once said, “Work smarter, not harder.” That’s especially true as you continue to develop your business. Seek ways to allow others to help you sell and market your goods and services. This likely means there will be salespeople working at selling your business even when you’ve left the building for a much needed day off.