Combining Service Based & Passive Income Businesses

from Alice Seba 

Many moms find themselves starting out online with a service-based business which a perfect way to transition from working outside the home to inside, but soon find themselves wanting a more passive way to bring in more money without adding to their work load. So, how can you successfully combine the two without becoming a slave to your computer or your clients?

  1. Value and schedule your time in the service-based side of business. It??s too easy to let the excitement of a more passive income overtake your time. You must value your client time just as much as you do your personal business work or your clients, their work, and your income will suffer.
  2. Charge what you are worth. When it comes to those in a service based business, it??s easy to charge dirt cheap prices to get work, but if you do this you??ll find you have to work more hours in order to make the amount of money you are looking for. Doing so cuts into the time necessary to grow your passive income.
  3. On the flip side, you have to be careful not to overcharge either. If you charge rates that are through the roof, youmight find it hard to retain clients if you aren??t producing the results they need to keep working with you. Be sure you are finding that perfect balance between what you are worth and what your market is willing to pay.

  4. When estimating length of time to complete a project, be realistic. This is important no matter how you charge your clients, but especially if you offer per project rates. You don??t want to under-schedule your time on a project because doing so will put you behind on your passive income business and other client work.
  5. Keep the two very separate. Chunk your work time into client time and personal business time. By doing this, you don??t get behind on either one and can continually grow both as you need to. Remember, Rome wasn??t built in a day, and you can??t expect any business to be either.
  6. Know exactly what you are doing every time you get on the computer. Again, you must have a plan in order to balance everything. Without a schedule and set amounts of time to devote to both of your businesses and your family, something will suffer and the majority of the time it ends up being yourself.

Passive and service based businesses can be run successfully, but not without proper planning and prioritizing. Be sure you think things through before jumping in with both feet.

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