A question that we are asked frequently is “Can I Build A Halal Passive Income Business?”
That’s why we wanted to dedicate this article to answer it!
Before we dive into answering the question we need to understand the difference between passive income & active income.
Passive income is money earned with minimal to no effort. While active income refers to income received for performing a service.
Passive income is crucial to generating wealth because it allows you to make money while you sleep.
So how can you create a passive income source to accumulate halal wealth?
Step #1: Build An Online Business
Building an online business surely takes time & effort, especially when you’re first getting started. In the beginning, the income that you will be generating in your business is active income, because it requires you to do all the work
However, every passive income source was once an active income source. Most wealthy people on the planet have built or taken part in the building of a business as a starting point in their financial journey.
Step #2: Grow Your Business
The next step is to acquire more clients to grow your business and the income that it generates. The more clients you have, the more money you will make. As your business continues to grow you will reach a point where you won’t be able to keep up with the demands of your business on your own.
Usually, this also means that you are in a position where your business is generating consistent revenue. Now you are one step closer to passive income.
Step #3: Start hiring
Once you are at a point where you can’t start with your business anymore, it’s time to start outsourcing. This can be done by hiring capable talent that can take on some of your work, leaving more time for you to focus on other important aspects of the business.
As you grow your team and your client base, your business revenue will also continue to grow.
While you will most likely still need to put lots of time into your business in this stage, you will be making much more money as you will be able to serve more clients.
Step #4: Delegate your Responsibilites
Once you have built your business foundation and hired a capable team to help you serve your clients, the next step would be to keep training your team so they require the least amount of management from your part, and hire someone to manage your business for you.
This allows you to slowly start transitioning your business from an active source to a passive income source.
The revenue that you will be generating will be passive income because your employees will be running and managing the business for you. This allows you to continue making money from your business with minimal effort.
While there are many ways to generate passive income, building an online business has proven to be one of the most sustainable methods for people who are starting from scratch.
If you are looking for more help with the strategies required to build a successful and halal online business, we invite you to review our Business Startup Masterclass linked below.