How to earn more and work less

Vivek Bindra

There are two sources of income generation: Active income and passive income. What really works here is how to generate passive income without working actively? There is a need to make a difference between a professional and entrepreneur in terms of generating income. For professionals doctors, lawyers, and Charted Accountant the earning is limited to the ratio of the services they deliver to their customers, the day the service is not being delivered it may have an adverse impact on their income. On the other hand it takes a creative strategy which allows a business man to reap huge benefits in long run without active participation. This kind of income is considered as passive income, which is generated through employing recurring revenue model in the business. Here's a list of a few reflexive income ideas, which make one capable of selecting at least two or three that cater to your situation and skills:

1. Silent business partners

By laying out as a silent investor in a business, which has enough competency of profitability, scalability, and transparency, an income can be generated e.g. Ratan Tata has been investing his money in PayTM, OLA,  XIAOMI as a silent business partner. 

2. Adding subscription to business

Acquisition of a business requires huge money and efforts in operations like prospecting, presenting, follow-up, closure and objection handling contrarily retention policy does not require that much effort and money while operating a business. For example, India Today has created a recurring revenue model by enhancing 16 lakh reader base with bulk subscription base.

3. Franchise model

To get regular earnings, you can develop any business model which assists you in making association with franchisee firms in order to increase business revenues which may vary in nature of royalty, commission or profits. For example: Baskin Robbins, McDonald, Pizza hut, Sub way are few franchisee business.

4. Part-time assignments

Part-time jobs can be another good source of getting passive income. For example, a part-time LIC agent earns commission by selling policies to the customers.

5. Multi-level marketing

In multi-level marketing, recurring revenue model can be generated by down lining the high performance team through adopting hybrid form of organisation. The integration of business activities helps in earning positive cash flows in long run. 

6. Reward points

In recent times you must have heard various companies like Air India, Citibank and Star alliance group offering reward points to its regular customers while doing shopping. This strategy is influential in grabbing the clientele and retaining the cutomer loyalty.

7. Membership-based business model

In B2B services, creating memberships in different business sectors like in gyms, spa, salons, clubs by giving exciting offers to customers like offering low annual subscription fees instead of expensive monthly fees can also considered to be a good source of income.

8. Software as a service

If you have a competency to develop a software then you can earn profit by selling it on annual basis at minimal price instead of sell off at one time huge cost. Today’s market have an adaptive nature towards new technology. For example, Adobe co. initially offered high-priced services but could not retained their clientele for longer period and had to take a shift towards creative suite to cloud based service and turned up with huge profitability in business.

Just give a thought to explore your potential with an understanding of willingness to do something in your life. And move forward by considering the above mentioned ideas to live your dreams in a more practical way.

— The writer is International 

Motivational Speaker | Leadership Consultant | Business Coach