I’m feeling there is a shift at the moment with a move back to more ‘active’ income and I am here for this!
Passive income has always been such a hot topic in the online space but I also think it is hugely overrated if you want to build a strong sustainable business.
So we’re clear on the definition of both; active income is earned in exchange for time and energy (ongoing 1-1 or consultancy work), and passive income is earned from income generating assets (digital products, courses etc.)
Diversification and evolution are really important as an entrepreneur, that’s how you grow your business, and while I’m a big advocate for going deep for your core offer, I know that it is important to create adjacent add-on products and services that may appeal to different levels of you ideal client – but only when the time is right.
Get caught up in the whirlwind and distraction of what passive income may bring your business, and you’ll miss the key, fundamental thing that you want to embrace in all you do – what do you love to do and what do your ideal clients actually want.
You won’t know this unless you’re working actively with your clients and your audience. And when I say working actively, I mean consistently getting into the trenches and the detail with the people you work with. This is how you not only learn what is needed, common pain points and transformations you see, but also what you love to deliver and how that can evolve with your business.
Without knowing these key factors of your ideal clients and industry, you’ll potentially end up wasting time on creating a product that sounds exciting or needed to you, but you’re just off the mark when you come to launch.
One to one working may not be desirable for many long term, but it is so important. 90% of my business has been 1-1 for 12 years now, and I wouldn’t have it any other way. Many times I have been told that I should develop a 1-1 programme, or create a product of service that don’t require so much of my personal time. And while I can’t deny that has been appealing at times, I don’t feel I would have the level if experience, relationships or success I have today if I had diversified any earlier. And here’s why….
Working in the detail with clients has led to me to evolve my service offering in the right way as I truly understand where they are at. The commonalities, trends, what they’re looking for next. These nuggets have helped me to develop my knowledge in not only these areas, but I have been one step ahead and learnt what comes next.
The VA industry has developed so so much in the last 10 years. When I started Virtually Does It I was an Exec PA and thought I would be basically be doing the same, but virtually for various clients. Oh how wrong I was! That may have been true for the first 6 months, but having a growth mindset meant was looking beyond the traditional admin and to-do list at how businesses in the online space worked, what they needed, how they grew, and soon I was working with clients more on a business management level, then was weaving in strategy. I was connecting with other VAs and online service providers from all around the world and we were sharing the trends we were seeing, and what we as people working in the industry needed <link to VA to Visionary>. We could support each other.
Working actively and being engaged with your clients and industry peers affords the opportunity for brilliant relationships. This is also true of working in other ways too, but I don’t think you can beat working with someone 1-1 for this. As I have grown, I have continued to put a lot of energy into connecting with others and it has served me so well.
So embrace active income and all it can bring you on your business journey! While it might not serve you forever, it will stand you in such good stead to develop your add-on products and services. You’ll find it so much easier as you have such a deep understanding of your audience and your industry.
Have you drifted into passive income and not sure if it’s the right thing for you and don’t know where to turn next? Want to come back to work more actively but need help making the transition? I can help you figure this out and make sure you have the right business foundation in place to support you on your journey.