Passive Income Tips For Beauty Pros
I get a lot of messages and questions about passive income- what it is, how to make it and where to start. I figured it was time I do a blog all about it and will definitely deep dive into this topic on the podcast (in the meantime, get caught up on the podcast here)
In the pro beauty industry world, most of us take clients in person, and are always on the hunt for other ways to make money-either while we take clients or while we sleep. This is passive income.
Less than a year into being an esthetician, I wondered what else there could be? I saw the wear and tear taking clients was already having on my hands and I kept thinking “Will I be doing this when I’m 50?” Call me crazy for already thinking this far ahead (or maybe it’s just the entrepreneur in me) but I wanted to find other ways to make money while I was taking clients and also work on a part of my business that could eventually kind of run itself…which is why I got into creating my own products as soon as I could.
While I have a few major tips- like being organized with your ideas, starting small and not putting this new side hustle on a credit card, there are a few things people don’t know about true passive income- it involves no back end work. It is money made literally doing nothing, and the only true form of passive income is investing…but more on that later ;)
Selling products and having an online business requires a ton of marketing, creativity, building and development in order to be profitable, and to have it run on its own requires help (which costs money) so to call this passive income wouldn’t necessarily be true.
I’ve personally put so much time, energy and MONEY into my online business. In the beginning I took every dollar I made and put it right back into the business. This money was spent on new branding, a better website, tradeshows, marketing,employees etc. This part of my business is far more complicated than taking in person clients ever was and also requires a lot more spending and overhead. It is simply a different way of making money and honestly not any easier! (Just your brain being used differently)
Yes! you can make money while you sleep and while you’re on vacation, and it is less wear and tear on your body. It doesn’t require you to physically be somewhere taking clients. In the online world you can market a business anywhere, and THAT is the difference between an online business and taking clients! Passive income in our industry isn’t totally passive but income you make from online sales is nice when you are at home eating dinner. :)
My tips for creating “passive” income would be to understand what passive income really is and understand that online sales do require some attention and work but are a great way to offset taking some clients.
First-figure out what your clients or ideal customers want and need and FILL THAT VOID. What you create doesn’t need to be earth shattering-that’s where branding comes in…building that trust with your clients so that they end up supporting your business and wanting anything you sell…because it comes from you!
Have a plan but also don’t be afraid to shoot your shot and adjust later. Know your clientele-be willing to put in the hours for your new venture and tell EVERYONE ABOUT IT. You need to love your new biz venture just as much if not more than everyone else.
Id say my biggest tip is to keep taking clients while you grow other parts of your business-this will allow you $$ to build your other side hustle instead of starting from scratch and keeps you in the loop with the clientele purchasing your future products.
As far as real and true passive income-open a Fidelity account and start investing in stocks. Ask someone for help and start small. I did this a few years ago and now have a nice nest egg that makes me $$ when I sleep :)
I'll be sure to share more on this later, stay tuned to the blog and podcast for more in depth info about running a business in our industry!