THREE KEYS TO PASSIVE INCOME
AUTOMATION: Creating systems that automatically do the work, without you having to do it. In this process, you are not involved with any equation of a transaction – it is fully automated i.e. you set up an online store, put process in place to handle checkout, payment and delivery so that you are not physically involved. This will free you up to focus on other aspects of your business. In terms of properties, you can set up the automatic sending out of statements each month to people who rent properties so that you don’t have to do it yourself.
OUTSOURCE: Get the right people or systems in place. Partner with someone who physically goes to each of the properties each month to inspect their condition. This frees up your time to do something else, and creates an income for someone else you trust.
HAVING THE RIGHT SYSTEM: Foxx uses his JT Foxx Wealth Collection of ties as an example [JT Foxx Wealth Collection expanded to include Power Ties, a new tie selection specifically for entrepreneurs]. “I like and wear the ties, and it makes money, but everything in this company is automated, systemised and outsourced. [So we put into place an] inventory system, shipping system, and tracking system [so that we could automate this collection, too]. Negotiations take place behind the scenes to get better prices, different colours and fabrics. [As a result of automation] this entire business runs without me having to be an active part of it because of everything that has been put in place.”