7 Benefits of Passive Income

If you’re scratching your head right now thinking, ‘I just don’t have the time to start generating a passive income’ then let me tell you all about the 7 benefits of generating a passive income.

Benefit #1 Earn more

Stop just trading your time for money solely with your photography business. Adding a passive income stream to your business means that you can be earning money whilst you are working on your photography business. Your passive income stream is working hard in the background earning you extra money.

Benefit #2 It works 24/7

Your passive income stream is not just working hard when you are working hard in your photography business, it is working hard when you are:

- Sleeping

- Going Out

- Shopping

- Collecting Kids from School

This is because passive income streams are put on autopilot.

Benefit #3 Passive income is automated

Passive income is automated as when you put out a blog post, video, marketing funnel etc your digital product is being marketed 24/7. 24/7 to whoever stumbles upon your blog post, portfolio, video, or lead magnet.

Benefit #4 Reduces your stress

Having financial goals to reach each month and only so much time available to do photo shoots can increase stress levels. This is not healthy long term, so you need a system to reduce your stress levels. Passive income streams go a long way to help reduce those stress levels. Long term having passive income streams will reduce your stress levels as you won’t just be reliant on getting clients for your photography business.

Benefit #5 Recurring income

Recurring income is one of the greatest benefits of passive income streams. If you create digital products that customers need to subscribe to (memberships, group coaching, masterminds, communities) then you have a consistent predictive income each month. No more second guessing what you will be earning each quarter.

Benefit #6 Different types of passive income streams

Creating a digital product is a passive income stream where you keep 100% of the profits, but this is not the only passive income stream to be had. Affiliate Marketing is another passive income streams that you can tap into.

Benefit #7 More work/life balance

This is the dream for all business owners to achieve more work/life balance. With passive income streams set up, you will no longer have to worry about taking time off to spend time with friends and family. You are free to live your life, knowing that you are still generating an income with passive income streams working in the background.

In A Nutshell

Adding a portfolio of digital products to your photography business can generate a passive income. When you start to generate that passive income you will reduce your stress, have a better life balance. If you have got no idea on how to start creating your own digital products then view my courses below.