Why it's Important and How to Achieve it (2024)

Time is one of our most precious resources, which is why as business owners we need to use it as wisely as possible. Unlike money, we can’t earn back the time that’s already been spent – once it’s gone, it’s gone.

When you’re starting a business, your top priorities are likely profit and success, and part of that involves making the most of your time, using it in the right areas to grow your business in the most effective way, and creating the freedom you desire.

What is passive income?

Why it's Important and How to Achieve it (1)A passive income is something that many business owners aspire to achieve. It’s a regular form of income that requires little maintenance or effort on your behalf, and most importantly, it’s not reliant on you inputting your time on a daily or hourly basis.

Unlike active income, which requires continuous time and effort to generate, this type of income will generate on its own, which allows you to focus on other areas of your business rather than being tied down by day-to-day tasks. You can quite literally make money while you sleep.

If you currently only rely on an active income, here’s a little more insight into the importance of a passive income and how to achieve it.

What are examples of passive income streams?

While relying on providing your services in order to generate income is generally how businesses work, it’s always better to have income coming from multiple places so that you constantly stay afloat if one source of income dries up. Some common examples of passive income include:

  • Rental income from investment properties
  • Dividends from stocks and investments
  • Royalties from creative works such as books, eBooks, and photos
  • Revenue from online courses and digital products

Online courses, in particular, are an excellent form of passive income as you can essentially create your course, tweak it from time to time, and make it available to access online and eventually sell to your audience.

How do you create a passive income with an online course?

If you haven’t considered creating an online program, it’s definitely worth thinking about. Online courses are a wonderful way to share your knowledge with your audience, build your email lists, and make a passive income. To better understand how to create online courses on your area of expertise we’ve teamed up with Tom Bailey, the founder of Succeed Through Speaking. Together, we’ve to prepared a short video on ‘How To Create An Online Program That Makes An Impact‘, aimed at guiding you through the steps of creating a compelling and effective online course.

I recommend to create courses that appeal to your ideal clients on different intensity levels. You might offer something free to build your email lists. Then continue to give value over time and once people get to know your high standard of work and expertise, you can charge for your courses and start creating a passive income. You can then introduce more online courses and specialize in different areas, thus diversifying your income further.

For more information or guidance on this topic, contact us today.

Why it's Important and How to Achieve it (2)

About the author

Petra Mayer

Why it's Important and How to Achieve it (2024)

FAQs

Why is it important to accomplish things in life? ›

The truth is that goals move us and goals shape us. What we most desire to accomplish (or become) affects our lives in very important ways. It impacts what we think about. And it changes the way we spend our time, our money, and our energy.

What is the most important thing to achieve success? ›

10 key factors to success
  • Acquiring relevant education and skills. ...
  • Cultivating good habits. ...
  • Having a positive attitude. ...
  • Learning from your mistakes. ...
  • Being open to new things. ...
  • Taking risks. ...
  • Working hard. There can be no substitute for hard work. ...
  • Always being prepared. Preparation is crucial to achieving success.
Sep 5, 2022

Why is it important to achieve your goals in life? ›

Goals are a great way to hold ourselves accountable, even if we fail. Setting goals and working to achieving them helps us define what we truly want in life. Setting goals also helps us prioritize things. If we choose to simply wander through life, without a goal or a plan, that's certainly our choice.

What is success and how do you achieve it? ›

Success is often defined as the ability to reach your goals in life, whatever those goals may be. In some ways, a better word for success might be attainment, accomplishment, or progress. It is not necessarily a destination but a journey that helps develop the skills and resources you need to thrive.

Why is it important to achieve success? ›

Achieving Success Encourages Hope

Success is a beacon of hope, illuminating the path toward greater accomplishments and experiences. When you attain success, whether on a personal or business level, it not only validates your efforts but also fuels you with optimism for what lies ahead.

What must I do to achieve my purpose in life? ›

Set meaningful goals

Once you have a solid list of core values, brainstorm meaningful life goals that align with them. For example, if you value generosity, set goals to volunteer time, money, or resources to a cause. If you value sustainability, for example, make it a goal to begin composting at home.

What is the biggest key to success in life? ›

In conclusion, achieving success is not just about working hard, it's about working smart. Define your goals, create a plan, stay focused, work hard and smart, learn from mistakes, and stay motivated. By following these steps, you can achieve your goals and improve your life.

What is the secret key to success? ›

The essence of success lies in a combination of resilience, self-belief, and innovation. Successful individuals stand out by embracing risks, holding unwavering confidence in their abilities, and continually thinking outside the conventional norms.

What are the 5 reasons goals are important? ›

  • Reason 1: Focus. Goals keep you focused. ...
  • Reason 2: Plan of Action. Goals help you make a plan of action. ...
  • Reason 3: Motivation. Goals get you motivated. ...
  • Reason 4: Your Potential. Goals help you actualize your potential. ...
  • Reason 5: Commitment. Goals keep you committed.
Dec 20, 2022

What is SMART technique? ›

SMART is a well-established tool that you can use to plan and achieve your goals. While there are a number of interpretations of the acronym's meaning, the most common one is that goals should be Specific, Measurable, Achievable, Relevant, and Time-bound.

Why is it important to have a vision in your life? ›

Vision gives direction and a glimpse over our life to make our goals and purpose become a reality. In order to understand where we want ourselves to be in life, we must have a clear vision over our life. So, once you understand that vision clarifies purpose, life will become simpler and more meaningful.

How will we achieve success? ›

It's the result of hard work, dedication, motivation, and perseverance. Whether you're starting a new job, launching a business, or pursuing a personal goal, success requires a clear plan, a positive attitude, and a willingness to learn and adapt.

What is most important for success in life? ›

Set both short- and long-term goals and take action every day toward these. Showing commitment can help keep you motivated while achieving these goals, especially as you complete tasks that contribute to your larger goals. These goals might be ambitious, but remember to set a realistic plan and timeline.

What are the five keys of success? ›

The 5 Key to success
  • Confidence. Confidence requires that young people not be overly concerned with what others think if they make a mistake. ...
  • Persistence. ...
  • Organisation. ...
  • Getting Along. ...
  • Emotional Resilience.

What does it mean to accomplish something in life? ›

When we accomplish something, we tend to feel proud of ourselves, confident in our abilities, and a sense of achievement. These feelings can contribute positively to our overall well-being. Accomplishment can come from many areas of our lives: sports, work, hobbies, growth, etc.

Why is it important to have a purpose in your life? ›

Having a purpose in life means having a sense of direction and meaning. It means knowing what you want to achieve and why it matters. Research has shown that people who have a sense of purpose are happier, more resilient, and more successful than those who don't.

What accomplishments are the most important in life? ›

  • Being able to pursue interesting, high-quality work that has a positive impact. ...
  • Securing awards, promotions and other acknowledgements of achievement. ...
  • Maintaining a happy and healthy family life as well as a career. ...
  • Handling challenge, complexity and change. ...
  • Exercising leadership, authority and influence.

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