How Self-Employed Nurses Can Benefit From Passive Income

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Self-employed nurses can benefit from passive income streams in their business.

Have you heard the statistic that millionaires have at least seven income streams? That’s seven different ways that they’re making money each month, self-employed nurses can do the same. Now take a look at your business; how many streams of income do you currently have? If it’s only one, then it’s time to open up that creative part of your brain and create more income streams.

Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income but the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete. So think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.

As a self-employed nurse, how do you take advantage of passive income streams in your business?

Let’s first look at the benefits of passive income:

Benefits of Passive Income for Self-Employed Nurses

Increase your bottom line profits.

This is the most obvious benefit but certainly worth mentioning because who doesn’t want to earn more profits? If you created a for-profit business, extra ways to earn income are always welcomed. As you well know, limiting your practice to 1:1 coaching can limit your income potential, making passive income streams even more important when your coaching calendar is filled to capacity.
Regain time in your day.

Hold up…I know I just said that creating products and other streams of income takes time but jump ahead and think about the back end of the process, when your product or income stream is completely set up and the upfront work is done. With a consistent, strong marketing plan, you can easily earn money on these passive income streams without much effort, even while you sleep, which means you can take off a little earlier or take an entire day off for fun because your passive income is still earning money.
Increase your credibility by helping more people.

Think of passive income as a way to share your expertise with an ever-expanding audience. A snowball at the top of a mountain is very small, which represents you with your inner circle of coaching clients. But as the snowball travels down the hill, it gathers more and more snow until it reaches mammoth size. The same is true of you as you reach out to more and more people, networking online and off, and providing guidance through your books, webinars, or courses. You’re leveraging your knowledge and showcasing your expertise to infinitely more people, which will lead to increased sales and an army of people who rave about your work. In this case, the snowball effect is a very good thing!

Planning Your Passive Income

Now that I’ve sold you on the benefits of having passive income streams, it’s time to plan out what those streams should be for your business. Traditionally, passive income often means affiliate marketing, writing a book, or creating courses based on your coaching specialty. Of course, use your creativity to think of an idea that’s different from what other coaches produce that will also appeal to your ideal target market.

Passive income can help self-employed nurses free up time

When you think about it, this is an easy way to make money. It may seem difficult at first, but with patience, it can be done.

This is a great example of a passive income business that does not require any investment on your part (except for the initial set-up of your passive income stream). The most important thing is that you do not have to work for your paycheck.

In order to make this work, you need flexible income streams. If your primary source of income is from providing a service, then you will want to look into other forms of passive income that don’t involve anything hands-on from you.

Why don’t more self-employed nurses take advantage of passive income streams?

In order to maximize your revenue potential, you need to be flexible. Being flexible is one of the keys to success in any business.

When you are self-employed, you can choose what type of income stream you want to pursue.

The main reason many nurse entrepreneurs don’t pursue more than one type of income stream is because they feel overwhelmed with options and don’t know where to start searching for guidance. While I am by no means an expert on all things nurse-related, having spent over 20 years working in the industry myself I can offer some helpful guidance regarding different types of passive income streams available for nurse entrepreneurs including tips for choosing which ones will work best for your needs based on individual goals and personal circumstances.

Another point worth mentioning that applies specifically toward nurse entrepreneurs is that there are a lot of misconceptions about what it means when someone says “passive” income stream (usually used interchangeably with “income” or “revenue”). For example, many people think someone who works at home doing nothing.

Setting up passive income streams takes time and effort, but it can be well worth it in the long run for self-employed nurses

There are many ways to earn passive income, but only a few of them are going to be profitable. The vast majority of passive income sources are only going to generate recurring income over time. Even if they are generating significant amounts of revenue, they will need to be managed on an ongoing basis.

For instance, I have several “passive” income streams – one of them is Nurse Pivoter Academy. Although the membership provides me with recurring income on a monthly basis, there is a bit of management I need to do for the membership. Things I do for the membership include updating out-of-date business advice, uploading new materials to the portal, and conducting workshops.

Even my books aren’t truly hands-off.

Since a majority of my books are on nurse practitioner education, I need to update them when guidelines change. I recently did this when I compiled them all together in my comprehensive textbook, Adult-Gero Primary Care and Family Nurse Practitioner Certification Review.

Even if you write a book on a non-technical subject, you may want to go and update it every once in a while because your values or ideology has changed since you first wrote it.

No matter how much time you put into your business, at some point in time it’s likely you will find yourself having a hard time generating enough money to cover the costs of your business expenses every month. If you don’t manage these costs effectively, you’re going to have a hard time making it work.

The pandemic was the perfect example of this. Many businesses were doing great and then once the pandemic hit they lost massive amounts of revenue because their business model wasn’t set up to do things virtually.

Some businesses are still reeling from the effects of the pandemic two years in.

This is where passive income streams come in to save the day – or business for that matter.

One approach many people use is setting up a side-hustle: exercising their creativity and producing for customers at home or in their spare time (or both). Passive income streams can make this kind of side hustle very convenient and compelling — lowering the cost of doing so significantly.

But what if you didn’t want to do any extra work? What if you just wanted the money? When it comes down to it, most people want both: They want passive income and they want supplemental revenue from their day job. So how can we combine the two?

This post presents some great ideas for how you can set up passive income streams that provide the cash flow needed in order to support your main business while still securing other revenue streams (such as those shown below). Even if your day job isn’t directly related to your business, there’s still value here: You’ll get more breathing room when deciding whether or not to take on additional freelance projects due to strong profitability potential in your current business.

Implementing passive income streams is simply any project where either all or part of the profit comes from other sources than direct sales activity (such as sales, consulting fees or subscriptions). They require some investment upfront (either a substantial amount which has already been invested or significant amounts which have not yet been invested) but typically don’t require ongoing maintenance and can provide recurring revenue after 12 months’ worth of effort is put into them.

I hope this gives you ideas on how self-employed nurses can benefit from passive income.

Let me know in the comments if this was helpful for you!

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