What are the reasons for not making passive income?

Reasons for not making passive income :

Passive income is the last step of the process. Why? Because passive income is the automation of your business systems through tools, software, and delegation. But if you don’t have a proven business system first, then you are automating something that doesn’t work. That means no income. In other words, you can only automate something that works. Like you can’t drive a car before you put in the engine.

The fourth and final reason you’re not making passive income is that you must have clearly defined goals. You need to know where you’re trying to go and the destination for your business to figure out how to get there. And that’s a huge problem! Because if you don’t know where you’re going, you can’t figure out how to get there. And that’s not good for anyone. The solution? Reverse engineer your business from your goals. What does it look like to live the kind of lifestyle you want? How much money would that take? How many people would it take to pay you that amount? It’s not as hard as you might think. For example, a hundred thousand dollars is a thousand people paying you a hundred dollars per year. Or, it could be a thousand people paying eighty-four dollars per month. OR, maybe ten thousand people each paying ten bucks a year. That almost seems doable. Again, the focus is on what value you can provide to your customers that would allow them to pay the amount you need to make your business viable.

If you start something with just money in mind without the idea of how you might help others first and dive into your audience’s problems, you’re likely to fail. So instead of focusing on making money, your primary goal should be to serve your audience well, and if they’re happy, they’ll reward you with their business.

Side hustle for passive income :

Starting something new, like a business or side hustle, means you’re likely to make mistakes. It is the nature of how life works. But that is okay. It is how you learn. The more you learn, the faster you build a successful passive income venture, and the sooner you’ll make money. The sooner you make money, the sooner you will find ways to automate your systems and make that money passive. It’s how business works! You can do this! Building a successful business is something we can all do. You can create a future of financial security and success! Of course, you need a business idea for your side hustle, which probably steps one. You might have even thought that a side hustle business is a way to go.

But sometimes, even if you have a side hustle, it can feel like it isn’t helping you reach your financial goals, as much as it is pushing you further into debt! Many of us make the same side hustle mistakes over and over without even realizing it. And if this is you, then you’re in the right place. And I’ve put together the five big mistakes many of us make when starting a side hustle. If you are still in your 20s, 30s, or even a senior citizen, then it’s likely that you’ve made one of these mistakes. But don’t worry! You have control over your life.