Passive Income – Skill Based Income Source
Skill Based Income which can be Passive or Semi-Passive or Semi-Active depending on the skills the person have.
Today we will be looking at a Passive Income Source which can be created by the skills a person has or possess, it will require a little bit of money (since we live in a world where we can’t Survive and do anything without money) and it will definitely require a lot of quality time (which can be from a few weeks to a few months or few years) to get the desired outcome (which is a good amount of money coming in the wallet).
And the second reason for starting with a skill based income is that everyone has a specific skill or few skills, even though we aren’t fully aware of the skills we possess. But we have and everyone has a vague idea of their skills.
Having a skill generally means one is comparatively better at executing or doing or completing a certain task within a given period of time and resources than the majority of peoples.
So before jumping in Know Your Skills,
It is Very Important to know our skills to be successful in this and any other matter.
Do you engage in a fight without knowing who your opponent is, this is the same thing.
When you know your skills, consider more than 20% of the work to become successful is done.
So
How to know your skills ?
Answer is = Observe yourself, keep a diary of daily activities, look for patterns, see how you behave in different situations, Analyze Everything, Repeat the process and soon you will start to see what you are good at, what your strengths are, what are your weaknesses and in what areas you need to improve and also how you can improve.
It is that simple but time consuming, and you need to do it, if you want to achieve your goals and improve.
YOU CAN’T IMPROVE, WHAT YOU DON’T MEASURE – ALUX.COM
Now come to the point of skill, a person can have any one of these skills or a few of them, but mostly everyone has 3 to 5 skills, which they are good at and 1 or 2 which they are nearly excellent.
Like we learn everything else, skill can also be learned and enhanced or even acquired if required enough.
The more skills a person have, the better.
For example we will be listing a few skills below with a brief.
Skills works much better in right combinations.
1. Communication Skills –
Communication skills includes active listening and understanding what is being said or presented, asking questions to understanding if not understood and using relevant knowledge, know-how and skills to explain and clarify thoughts and ideas. Communication can be oral, written, formal, or informal.
Communication Skills includes – Active Listening, Understanding, Analyzing and Speaking etc.
2. Interpersonal Skills –
Interpersonal skills are a set of techniques and behaviors that let you effectively interact with others. In business contexts, they refer to your ability to smoothly cooperate with coworkers.
Interpersonal skills include listening, verbal and non-verbal communication skills etc.
3. Analytical Skills –
Analytical skills allow a person to collect, organize, visualize, and assimilate data etc.
Analytical skills includes – Research, Forecasting, Problem-solving, Organizing, Diagnostics, Creativity etc.
4. Writing Skills –
It includes Basic Writing Skills, Copywriter Skills, Content Writing, Blog Writing, Media Writing, Magazine Writing, Journalism, Social Media Writing etc.
5. Computer Skills –
It includes MS Office, Presentations/Slideshows, Web, Graphics, Software Skills, Computer Hardware Skills etc.
6. Specific Knowledge or Core Competencies (about Something or some Topic which is in demand or will be in demand in near future) which will help to stand out from the crowd.
7. Time Management Skill –
It includes Prioritizing, Delegation, Decision-making, Goal setting, Multitasking, Problem solving, Strategic thinking, Scheduling etc.
8. Management Skill –
From an individual viewpoint it is a skill that helps to manage money, time and available resources and get the maximum out of these.
But in broad or management viewpoint it includes the following skills –
People Management, Leadership, Collaboration & Teamwork, Office Management, Collaboration skills, Delegation, Coaching, Problem Solving, Negotiating, Organization, Planning, Project Management, Presenting, Technical Skills etc.
9. Critical Thinking
10. Public Speaking
11. Advertising and Marketing
12. Fast Learning
13. Adaptability
14. Reading Skills
15. Engaging
There is a lot of skills if you want to know more let us know in the comments below, but for now lets continue to our main topic –
@ After Knowing What Skills You Have comes the next point that is Where or in what Industry Your skills are going to be useful.
For example if you have skills of reading, writing, research, adaptability, desire to to know more, presenting skill, organizing skill, creativity and Specific knowledge about something then it may be a good idea to write content or e-book about it and provide it to the needed.
But before you start to work on this you need to do research and answer some questions,
Questions to answer before you start –
1. How much is it in demand ?
2. How are you going to provide it to the peoples ?
3. How much money you need to create it ?
4. How much time and efforts, it will it take to create this source ?
5. Do you have the necessary skills to create and manage this source ?
6. Re-think about the type of passive income source, can it be created with the Money, Time and Skills that you have,
If Yes, then get going,
If No, think what kind of passive income source can be created with the available resources (money, time and skills).
For More details visit
Passive Income Series – Part 1 – Basics of Passive Income
Now let’s assume you have answered all those questions and ready to go
Now comes the work of writing content or E-Book or Topic of your specialization.
If you have these skills you can easily write content or E-Book or Book or Article.
And once you done writing and start providing your work to needed you will have your money coming in from your Passive Income Source.
Congratulations, You have created a Passive Income Source.
If you have any question let us know in the comments below.
Aim Institute of Economics 