Top 5 Business Tips to Get Passive Income in 2021 for Software Engineers
“You become financially free when your passive income exceeds your expenses” T Harv Eker harveker.com
Do you like Sundays or Mondays? Can you relate to the picture below when your Employer says ”We do have flexible hours? Once a year when the boss goes on vacation”
I wrote this article to help you lead a fulfilled life doing what you love to do and not what your boss or job demands of you. It is your destiny to take your life into your hands and hope this helps.
What is Passive Income
Passive Income is the art of making money with little or no effort from your end. The simplest example is your Bank Deposit where your Savings will give Interest every year. You do not have to work to earn the Interest. I will be focusing on helping you convert your skills to recurring income with a few skills, technologies, and strategies. You need not work 9-5 or overtime to make money. Nor do you have to do a job that you hate.
Why Passive Income
Passive Income is very important for your security, freedom. As long as we have to pay in the supermarket to get needs, you need to have some regular cash flow for your expenses. Jobs are not secure, interviews are not in your favor and Employers have too much power that is misused leading to many harassments on employees. Passive Income gives you options to escape the insecurities, pains, uncertainties in a job system.
What do you think is better? A chair with 4 legs or a chair with single legs?
If a table with a single leg has one source of a leg gone, it falls. If a table with multiple legs has a problem with one leg, it can still stand. Passive Income gives you the freedom to work on multiple sources of income. At least 5 sources of Passive Income are recommended.
I have been in a Job environment and below are the painful experiences:
- Forced Overtime of 12 hours a day for others brand and not myself
- Others take credit for my work
- No Raise in pay when requested and was given an award instead
- Forced to sit in a chair with constant supervision and no freedom to go to the library.
- Did not get a proper computer to work in the initial days
- Thankless and Ruthless Employers who did not permit to take leave
- Employers denied paying any gratuity, my salary when resigned properly.
- It took 7 years for the company to return a partial amount of money after help from lawyers and newspapers that exposed their bribe to the government.
I have been an Independent Software Consultant and Coach for over 9+ and years and have enjoyed the following benefits:
- Working for myself and my brand
- Working on my own computer and not any common computer.
- Working from home
- Freedom to take rest or leave when needed
- Improved health
- I decide what to do and not any boss
- I choose my projects and clients
- My works work for me in future
Skills needed to get Passive Income
Based on my experiences, here are the top skills needed to earn passive income
- Know Yourself and Your Message –
- Identify your profitable Niche
- Have a unique brand message that reflects your passion and personality
- Identify the Target audience you want to help
- Identify the Problems you can solve that people are searching for in your niche
- Create Irresistible Offers to sell using any of the following strategies
- Social Media Presence
- Email Marketing
- Business Systems Setup
- Set up your Business Systems to sell your works in an automated way
- Money management
- Learn to earn
- Learn to save
- Invest the money to multiply the money
The above skills will not only you to make money but find peace and fulfillment in your life purpose
Top 5 Business Tips
Though you are a Software Engineer, you may not know your true value and potential to make money for yourself. How many software engineers are making money for a company owner and never for themselves? How many software engineers are maintaining the Bank Systems that is called money now? How many of them are actually rich and healthy? Below are Top Tips to make passive income for Software Engineers like you:
Software as a service is the latest trend to make money selling software as a service. You get recurring revenue in the subscription model and you don’t have to worry about software installation, server maintenance. Your software works well on both mobile and desktop.
- Software Development
You can identify the problems you can solve with your coding skills and create a software package and sell to your target audience.
- Website Development
You can create a website for your brand first and help many business owners develop or maintain a website. You can set up a store on your website that sells your products or services.
You can do Technical writing based on your technical skills on your website blog and generate passive income through blogging by sharing your experiences as a Software Engineer in eBooks.
You can do Technical Talks in International Conferences, Paid events in Eventbrite, and create videos to automate the income through your videos or recordings.
You have learned what is Passive Income and Why Passive Income is the need of the hour. With this knowledge, you learn not only to survive but thrive. It is a journey and it takes time. Would you be interested to start your passive income journey? Share your thoughts in the comment below. If you are facing any issues in the job system and do not know where to start, you can have a Free 1-hour Consultation call https://calendly.com/spthangu