I have those that ask what a freedom business is and why I’m building one.
A freedom business is a business that is built so that you still make money even if you’re spending the day going skiing or hanging with your kids. It’s set up so that you don’t have to be actively present all the time and part of your business run on autopilot.
A freedom business simply allows you more freedom to do what you want to do while still making money.
Most people get paid in exchange for their time. You go to a job that pays you for a set amount of hours. That is actively trading your time in exchange for money. If you don’t work, you don’t get paid and you traditionally have little influence on creating your own schedule.
Freelancing, coaching and consulting are other forms of actively trading time for money. You charge someone a set amount per project, coaching package or per hour. However, you have more freedom as you set your own hours and decide how many clients you want to have. Still, if you don’t work, you don’t get paid.
How do you add more freedom to your business?
By creating a business that is run by a manager so you don’t have to be there all the time, by creating passive income or by creating processes for your business that you can hand off to a team of virtual assistants.
The first one is pretty obvious. You work hard to get your business going, hire a manager you trust and off you go.
Passive income is money that you make regardless if you are working or not. However, it’s not as passive as it sounds as it requires a lot of work in order to become passive. It usually involves offering your own products or someone else’s products (affiliate).
An example of passive income would be my Financial Freedom course. I took the things I learned getting out of debt (some very expensive years!) and packaged it into an affordable course that helps people get out of debt and ahead with their money. Learning was active, creating the course was active but now when someone buys my course it’s passive income. I could be out hiking when the transaction takes place as it’s done online.
Other examples of passive income are digital downloads, book sales, affiliate marketing and any product or service that does not require you to be there to do the exchange. If you have physical products you can hire a fulfillment house to take care of the orders and shipping.
Passive income is about delivering value to someone in exchange for money. It’s just done without your presence allowing you to spend that time elsewhere.
You can also offer someone else’s product and service in exchange for an affiliate commission. However, I see way too many websites offering all kind of crap just to make money on their audience. That is wrong. You should only offer products and services that you personally use, trust AND that is of value to your audience.
Creating processes for your business can take time but once done those tasks can be handled by a team of virtual assistants (VA). Today you can hire a VA a few hours a week to full-time freeing you up to do other things.
Building a freedom business takes time, hard work and patience but if successful you can spend your days a little differently.
What do you think about having a freedom business? Share in the comments below.