The arrival of my daughter made me realize the importance of passive income! I was running a staff recruitment company called Redefine Retail. When I went on my maternity break, I could not actively work in my business. I could not focus in it.
Therefore, my revenue started going down. This was a big realization for me because I understood that I was actually self-employed. I was not a business owner. If I owned a business, then even if I go on a vacation for a year, the revenue from the business should only increase and not decrease. But in my case that was not happening. So, I was actually working in the business and not on the business.
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I realized that I should grow my business in such a way that it provides me consistent income, whether or not I work actively. I could have created some systems and structures to automate the business, like having an office, hiring more employees etc. But, this would involve huge investment of my time and money, which I did not have.
This made me look for other ways to generate passive income. While researching on this subject, I came across Kindle publishing. I saw the change in trend where people from across the world were moving from physical books to ebooks. Therefore, I saw huge potential in this business. Therefore, I studied this business thoroughly and was able to publish my first Kindle book within a month. I saw money coming in immediately. I quickly expanded the business and now after a year, I have published multiple best-selling books under my company Awesome Life Resources. Once a book is published, the royalties I get month after month is passive income. So, finally I see passive income coming into my life!
If you are an employee working in a company or you have a business in which you work the whole day, I highly recommend that you start creating passive income streams. Our life is every uncertain. By chance you fall sick and not able to work or if you just want to holiday with your family, it should not affect your income. Therefore, I urge you to start looking for ways to generate passive income. If you are already earning passive income, do share with us in the comments below, the other ways and techniques you are using. I would love to learn from you!