Building your business to have a diverse set of income streams is a wise move. If you hire a team of contractors to handle the production, your passive income truly becomes much more passive once you get your team started.
Think of it this way: If you invest in the stock market, every financial advisor suggests splitting up your investments into a diverse array of stocks and bonds, simply for the fact that not every company will perform well all the time. When one company has a bad quarter, a diverse portfolio allows you to minimize your losses, especially if the other companies in your portfolio are doing well.
Independent contractors are also advised to work for an array of clients instead of devoting all their time to just one client, simply because you never know when that one client will close up shop or decide to hire a different contractor. The same is true for your own business. What if you lost multiple clients in one month? Do you have a calm way to make up that income or would you be scrambling in a panic? Creating passive income over time lessens the panic.
How a Dream Team Benefits Your Business
Outsourcing allows you to focus on your daily money-making tasks while your products, classes, books, summits or webinars are being produced in the background. While these products will certainly be money-makers, delegating the creation to a team makes them even more passive so you can focus on your coaching clients and marketing.
A basic dream team may include of aTweet