The importance of creating passive income

As a mother and a business woman working for herself, I've always been fascinated with people who make every minute of the day, including when they are fast asleep. Sounds pretty nice doesn't it?

As an entrepreneur and business professional coach, I enjoy helping my clients create more freedom in their lives. One of the ways that I do this is by helping them to create passive income that displays their talents and expertise. I've found that one of the main reasons that people start their own enterprises is to enjoy a stress free lifestyle instead of being tied to a desk all day. Unfortunately, even after they have started their own businesses, they find themselves working long hours, sometimes even longer than they did when they were working for someone else.

Now, I can't promise that you'll become a millionaire overnight, but it will be mighty nice to have an extra stream of income coming in. Here are four autopilot business strategies that operate so well, you don’t have to lift a finger (accept to click your mouse to check your bank account balance).

• Create digital products on subjects that you're passionate about. This is the information age, and people love to get their hands on e-books, recordings, and teleseminar programs that will give them more knowledge on subjects that they want to learn more about, especially if it tells them how to make more money (I will explore this in more detail in next week's article “How to Create Digital Products”).
• Get a virtual shopping cart. 1ShoppingCart.com, PayPal, and CartVille.com are all good options to allow customers to immediately purchase and download your products, day or night.
• Hire a virtual assistant to handle customer service and inquiries. Check out The International Virtual Assistants Association (ivaa.org) or LongerDays.com (which even gives you a free trial!) to find a suitable virtual assistant for your business.
• Put your communication with your customers and clients on autopilot. Create email messages and e-newsletters about your products and services and schedule them to go out whenever you want, including days or even weeks in advance.

BIO: Dawn Yerger, MSW is the president and CEO of DiamondMind Coaching & Consulting. She has recently launched a new coaching program titled “The P.O.L.I.S.H.ed Program for Entrepreneurs & Business Professionals”and an e-book titled “The Brink: How Women Entrepreneurs Resurrected Their Businesses & How You Can Do the Same” featuring the stories of prominent women entrepreneurs, which is due to launch Summer 2009. She resides in Northwest Indiana with her daughter Khailah. She can be reached at dawn@polishyourdiamond.com