What if you could work less than a day each week, on something you love?
I’m writing this third post on being Time – Rich via Passive Income a day prior to a digital break, so no Tweeting etc. For two weeks.
I’ll be concentrating on the job in hand, which is £20k passive income in under ten months.
After assessing the options, I’m making a three pronged attack as opposed to doing absolutely everything immediately.
• I’m applying Warren Buffet – style conservatism so I don’t spread my energy too thin. My existing energy trading business brings in most passive income, so I’m attracting new customers to me as opposed to cold calls.
I’m not selling anything, simply inviting my target market to sign into my free monthly email newsletter.
Judging by the initial ten percent opt-in response, I should get around 300 new subscribers within ten months.
No other commercial energy business in the UK is taking this approach, they’re all hitting the phones as usual, driven by the immediate need to keep their jobs at the end of the month.
The established energy management consultants that get referrals are in a good position, however there are some fundamental flaws in the way they position themselves. And I’m not about to tell them what they’re doing wrong.
So, this income stream will take time to build, but will make for great relationships and trust in a price-driven market.Coupled to my low cost service delivery and I’m onto a winner.
I’ll pay an assistant to send the emails introducing the newsletter since it’s not the best use of my time. That will come later when I write the newsletters themselves and concentrate on looking after my customers, apart from the boring nature of the business.
I’ll fund the tiny outsourcing costs through an existing offline trade business I run : when I no longer need this I’ll sell the customer base and cash in.
Of course the way to be Time – Rich is not to do everything yourself, so I’ll be looking to build a small team of to refer business to me as well as the Newsletter campaign.They’ll be paid on results, not upfront and will receive a true passive income.
If all of this is sounding boring, the end result isn’t. I’m hoping this will allow me to work four hours per week into my energy business which should pay me enough passive income to cover all our income.
• So that’s the end of sensible.
The second part of the plan is to do what I really love, which is writing.
Working four hours per week for £30k per year is ok and to be honest we live a simple Lifestyle and don’t need any more than that.
But let’s say I write a book for Kindle…
These books are easy to write once you understand how to format, submit and hit the right target market.
I’ve read a report on how a $4 Kindle book took three weeks to write. It made the author $84000.
Sounds like a lot of fun to me.
But what subject should I write about? The one I love most of course. Passion powers profit if there’s a market for the subject.
My previous post outlines the subject matter, suffice to say I’m sitting in a Cafe writing this on my smartphone using the wordpress app, before going to a sub 25 minute unconventional Gym session.
So we’ll see how that pans out. I’m allocating a couple of weeks to completing the first Kindle book.
A couple of weeks may seem like a short deadline, but reports are written in a few hours that sell for decent money.
• Third, I’m reconnecting with an old passion, Photography.
From my early teens I always wanted to be a Photojournalist and my first job was as company snapper for a major Car design house in the UK.
I fell out of love with Photography because corporate work didn’t fulfill me (my personal work tended towards the abstract).
So I dropped any kind of personal work for the best part of twenty years until I got into the British Burlesque scene and produced Old School film camera images; check my Photography page to get a feel for my style.
Inspired by people like Tyler at Advanced Riskology (a musician who writes an excellent Bootstrapping Blog) to reconnect with my creative Self, I’m picking my old Contax SLR out of its dusty case and rocking out some key works.
I’m doing a long term Social commentary reportage feature on my Hometown, more Burlesque and whatever else comes out of me.
I could turn my backlog of work into a small repeating income, but it may lead to other offshoots, namely teaching others to do what I do.
To wrap this post up I’m so excited about the endless possibilities, using my energy wisely by disciplining myself to limit what I focus on, but trusting my instinct to be brave and try out whatever pulls at my heart the most.
If you’re embracing something dear to you why not tell everyone your story in a comment below?