There is a huge difference between building a six-figure business and a seven-figure business. But there is an even bigger difference between building a seven-figure business you have to be working day and night to keep running, and building a seven-figure machine that continues to generate revenue even while you sleep.
Passive revenue is what every entrepreneur is after. At some point, you’re not going to want to be in the trenches anymore. You’re going to want to spend your time focusing on bigger and better things. And in order to do that, you need to have certain aspects of your business running on autopilot—or as close to autopilot as possible.
Take it from Marshall Sylver, the hypnotist turned business speaker, coach, and passive-revenue mastermind. He took arguably one of the most difficult passions to build a business around, and turned it into an empire for himself.
How did he do it?
1. Follow Your Passion, Not The Money
Before even diving into what it takes to build passive revenue, Sylver’s first piece of advice is to, “Build what you want to build out of curiosity, not because you think you can make a lot of money doing it.”
For Sylver, his passion was magic and hypnotism. He loved the craft, and enjoyed entertaining groups of people. He didn’t set out to become a multi-millionaire—he set out to be great at what he loved, and as a result became a multi-millionaire.
There is a huge difference, and it all comes down to intention. So stop clicking on the Get Rich Quick banner ads that promise overnight success, and start thinking hard about what you are curious about—and how you might be able to turn that into a viable business.
2. Don’t Be Afraid To Pivot Along The Way
A big part of Sylver’s success has been his ability to stay relevant over the long term.
“Things won’t always go your way. Markets will change. What people want will change. So you have to spend more effort believing that you will figure out how to adjust, rather than getting down on yourself as to why things are different now,” he said.
This is important wisdom for aspiring entrepreneurs who sometimes get frustrated when things don’t go their way. It was a long journey for Sylver, and his advice is to be patient but to also know when to pivot.
As my grandmother used to always say, “Happiness is the ability to adjust.”
3. Ask Yourself What You Can Create Once And Replicate Over And Over Again
The real key to building streams of passive revenue is to think about what people would be willing to pay you for individually, and then how you can systematize that knowledge into something that can be packaged and sold without your involvement.
The way Sylver did this was he created workbooks and courses that helped teach people how to take control of their life. Sure, he still held workshops and events for people to come out to, and he charged for those as well, but that’s not how he scaled. He ultimately grew his business by taking the things he was charging “hours for dollars” for, and turned them into products.
This is how you ultimately expand and grow your passive revenue business. Create once, sell over and over again.
4. Find A Mentor To Help Show You The Ropes
If there is one thing Sylver speaks about often, it’s the importance of mentorship.
After all, he has built a knowledge empire for people essentially fulfilling the role of their mentor, but Sylver too has had his own influential mentors to show him the way.
“Look for someone who is going to teach you specifically and exactly what you want to learn. Having someone well-known or successful isn’t always enough. The whole purpose of a mentorship is for that person to show you what you want to know, the right way,” he said.
Sylver’s two most prominent mentors were Chuck Martinez (responsible for “reinventing” Modern Day Halloween) and Sir Richard Branson. Sylver has stated on multiple occasions that he has invested millions of dollars spending time with Branson on his private island, learning from him how to build much more than just a business, but how to build a true and longstanding brand.