Does Your Income Stop When You’re Absent from Your Business?

January 25, 2010

I was recently at a blog where the pluses and down-sides of self-employment where being discussed. One down-side that came up was that you don’t get sick pay, paid absences or earn income while you’re not there. Well, I’m happy to share with you that you can get paid or generate income in your absence. Below are 4 of such ways. Especially important to business moms!

1. Generate passive income in your business

Can you create a product or service one time, and get paid for it over and over, even when you aren’t physically present to serve your customers/clients? Examples of this could be licensing a workshop/system/recipe you’ve created, setting up an affiliate scheme where others sell your products/services for you, giving out re-sellers rights so that people pay you for the right to resell your work/creations, packaging and re-selling information in the form of books, e-books, CDs, DVDs etc, franchising, leveraging your efforts by joint-venturing with others so that you gain access to a wider pool of prospects/clients. Think of ways you could create passive income in your kind of business.

2. Set up an on-line store

Setting up such a store means that your customers can buy from you 24/7, 365 days a year, whether you are dead or alive! PayPal makes it very easy. You can just add a PayPal button to your web page, or send your customers a link if you don’t have a website and they can pay you. They don’t need to have a PayPal account to do this. And there are many other sites you could sell from too.

3. Systematize everything

Set up systems and take on board an assistant to follow your systems. I personally prefer a virtual assistant (V.A.) VAs are not physically present as employees but work for you over the phone or internet. So you don’t have employee paperwork and responsibilities. VAs are widely used all over the world, not just by small businesses but also by large corporations. Not only can a V.A. cover for you in your absence, he/she can also take off your hands those time-consuming but low-paying aspects of your work, such as admin and clerical stuff, so that you can concentrate on the higher-paying tasks such as seeing clients.

4. Automate it!

Yet one more solution is to automate as much as you can. Set up auto responders to answer your emails or send out newsletters. Put your product fulfillment on auto-pilot by engaging the services of a fulfillment company. Set up systems to ship orders or deliver downloadable products once customers make their orders. Think of all the ways you can automate in your business.

Being self-employed has its benefits as well as its tough sides. But if not getting paid whenever you aren’t there has been one of your tough sides, I do hope that by now your mind is agog and your creative side a-whirl as you come up with your own solutions.

Care to share with us how you make money in your absence? What’s your experience with VAs, online stores, automation or systematizing? Are you hard-pressed coming up with ideas for passive income? Scroll down and tell us about it! You are welcome to offer suggestions too!