The 7th Step in Starting a Start-Up

The 7th Step in Starting a Start-Up

Last week we discussed building up your start-up to a point where it’s okay to quit your current job.  We also looked at the case where you are not working or need more money now.  Go here to read The 6th Step in Starting a Start-Up in its entirety.

start-upsThis week, we’ll cover adding streams of passive income to boost your business earnings. This type of income(s) also serves as a safety net if for some reason you are not able to work (in your business) for a lengthy period of time.

What is Passive Income?

Passive income is earnings that you didn’t work for, but is a system, which will generate a constant stream of income in the form of monthly checks.  An example is affiliate marketing.

Affiliate Marketing

According to ask.com, “affiliate marketing is when a website owner allows a company to put advertisements on their website. This is done to sell the company’s products or services. Most companies pay part of their profits for this service.”

Keep in mind that the type of passive income you choose should relate to your business model.

What type of income-generating system do you have in place?  Leave us a comment below. Come back next week when we’ll look at investing in you. As always, thanks for reading!

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