Passive Income for Makeup Artists
For all of us in the world of business AND makeup, time is a treasure beyond measure. I've often said that "time is my currency," and I couldn't mean it more in all honesty. Everything I do is in the pursuit of more time. True success, to me, means working in a way that grants us the freedom to return to what truly matters in our lives. Running a business isn't just about profits; it's a means to explore the world, take leisurely weekends off, visit our loved ones, and spend time in the places that rejuvenate our souls. Today, I want to dive into the realm of passive income and share the basics with you, my fellow makeup artists.
TIME: The Ultimate Currency
Time is the essence of life. Your days make up your life, and how you spend them defines your existence. This is why you need to ask yourself, "What do I want my business to look like?" Visualize the present and the future – what does it look like right now, and where do you see yourself in 5, 10, or more years? Can you sustain your current pace? Are you willing to be booked every weekend indefinitely? Be brutally honest with yourself and, if you can't see yourself keeping up with your current hustle of wedding season, it's time to explore passive income.
The Fundamentals of Passive Income
The concept of passive income is undeniably appealing. The core idea is to work minimally while making money, even as you sleep. However, achieving this balance requires substantial effort and preparation, in fact - I’m of the opinion, passive income is truly, not passive to begin with. Here are some key strategies:
Automate Everything: For passive income to work, you must be as hands-off as possible. This means building efficient systems in every facet of your makeup artistry business. Whether it's email, order processing, education courses, product sales, affiliate partnerships, or customer communication, create rock-solid systems for each. The initial setup may seem overwhelming, but you'd be amazed at how much you can automate. Efficiency is your new best friend.
Enlist Help: While automation is fantastic, certain aspects of your makeup artistry business demand a human touch. Technology can't handle everything, so it's essential to build a support network. In my team, this includes roles like email management, podcast management, associate photographers, and tech experts. Customize your team to suit your desired lifestyle while offering rewarding careers to your team members. Remember, no matter what you do, you'll need assistance – it's a crucial part of the passive income journey.
Create Demand for Your Services: Despite the relaxed nature of passive income, you must create a sense of urgency among your clients. Even if your services are available year-round, generate excitement through unique incentives. Whether it's a limited offer, a contest, or a special deal, create a "hook" to encourage prompt action.
Develop a Funnel: A sales funnel is a vital tool in the world of passive income. It helps you identify potential clients who convert into actual clients and those who don't. Once you understand your demographics, you can tailor your email and marketing strategies to target those who nearly make a purchase. Be strategic and watch the results in your bank account.
Create Urgency: This is crucial. While your products or services might always be available, that alone won't attract people. Implement "launches" and due dates to draw attention and prompt action. When there's a clear "end," whether it's a due date or a limited-time offer, make it a clear choice of "yes" or "no." Create a "time crunch" to encourage your clients to make decisions.
There you have it, my fellow makeup artists! These insights lay the foundation for a lifestyle of passive income. By freeing up your time, you're crafting a life that truly suits your desires. Passive income may take time, patience, and diligence, but it's a journey worth embarking on. It won't happen overnight, but imagine what your life could look like if you start working towards it today.
