Having a businesses is great, but sometimes the day to day struggle to get clients old or new can be tiring. The best thing you can do is run your business efficiently to enable you to predict your monthly income better.
As an entrepreneur, you start out by being a self-employed service professional, so you need to stabilize your income. The way to go about doing that is to create a monthly recurring source of income to support your expenses; most people know this as a continuity program. You need more than one income to support your life and maintain that lifestyle. Life happens to the best of us no matter how careful we live, your best line of defense is preparation. There is four strong reason you need to have continuity income, so let's get started.
A Passive Income
Now, what is passive income? Passive income is income you receive on a regular basis with minimal effort on you part to maintain that business. Creating multiple income streams that bring you an income that exceeds your expenses gives you control over your life.
What is the definition of wealth? Wealth is the number of days you can survive without physically working ( or another member of your household physically working) and still be able to maintain your current standard of living.
For example, if your monthly expenses are $4,00 and you have saved $40,000 your wealth is ten months long. You measure your wealth in time not in dollar amount.
Working like a cow every day at a job is not ideal if you are looking to be wealthy, you have to work smart. Who would not want to stay at home instead of commuting to work? Who doesn't want to be wealthy? Creating multiple income streams that bring in recurring income on a regular basis that exceeds your expenses is a smart idea.
You need a 'REAL' business
Doing business is not just selling one product or service, you need to build multiple products to support your business. Running a business that sells a product or service only once is not a real business. Now there is nothing wrong with have one product or service the ideal is for you to keep a steady flow of income coming in. If you do plan to create a one-time product it should be something you customers are paying for every month. Decide on the type of business you will be creating to know which business are good for reoccurring payments from customers.
Can Be Package and Sold Away
Now that you have a real business that produces a steady flow of income it becomes an asset. Now how is that possible? You have a business that can be sold away to investors for 4x to 10x the original amount of the annual profits. Investors will pay the price you are asking because they see future profit not only in the annual revenue reports, but they can always continue to grow that business.
Having True Freedom
Picture yourself waking up in the morning on the first of the month without ever stepping outside your home and being free to do as you like. You can do that by earning an income over your monthly expenses from your continued income. You get freedom by controlling your money, control your life, and in turn control the freedom you enjoy in this world. 'Money is Freedom' simple; you need money to live every part of your life, continue income keeps the daily stress away and allow you to live a full life.
Continue income is not just about having money, it is about learning to improve and become the best version of yourself. The best part is once you have everything in place, and you start receiving continue income all you have to do is sit back and watch the income come in minimal effort personally on your part.