I am passionate about Passive Income for Acupuncturists.
Passive income is money that you earn from sources other than your acupuncture services. It is income that once you have created a system, does not require your time or physical presence.
Examples of passive income include money you receive from a trust fund or an investment account. If you publish a book on Acupuncture and Oriental Medicine, you can receive royalties from the sale of that book for years into the future.
Passive income, also referred to as "Residual Income", is money that you are receiving day and night, regardless of where you are or what you are doing.
Developing ways to bring in passive income from a variety of different sources is not only "nice", but can help you have the quality of life you desire and deserve.
Multiple streams of income can also make the difference between your acupuncture practice succeeding or failing.
In 2004 my practice was doing fairly well. Then I was hit with a family emergency and ended up flying from coast to coast 6 times in 7 months.
Each trip took me away from my acupuncture practice for about a week, and one trip kept me away for 3 weeks. Not only was I wracking up expenses with my credit card to pay for flights and airport shuttles, but I was not earning an income because I was "out of the office". I still had to pay my lease, office expenses, not to mention home bills, mortgage, car payment, loans, you name it. So while my income was taking a dramatic nosedive, my expenses were skyrocketing. What's worse is, I was emotionally drained and unable to deal with a lot of the logistics of running my business.
Let me pause here to tell you, I am not complaining. My situation is not any different than what most people experience at some time or another. It is simply part of Life. You too will have times when you are called away from your acupuncture practice. I hope that it is for weddings, graduations, vacations, and joyous family events.
But it may not be. Regardless of the reasons, you still need to be able to leave your practice for periods of time and know that your business will remain financially stable.
Investing NOW in developing multiple streams of passive income may not only make your life a whole lot more enjoyable, but it just might save your acupuncture practice.
Fortunately for me, I had the support of my husband and office staff, as well as resources to allow us to sustain the debt we accumulated through that year. We have been able to bounce back financially but it has been a very, long and difficult haul.
I vowed never to let something like that threaten our practice again and I started searching for sources of passive income for acupuncturists.
I am showing you what I have found so far. This list will increase. Investigate them ALL and request help when you need it. If one does not appeal to you. Fine, move on. But do not ignore ways to develop Passive Income for Acupuncturists. Some methods take little effort and can be easily integrated into your acupuncture practice. Others will take years to set up but will pay-off literally in the end.
Stay tuned.... in the near future, I will be revealing The Best Passive Income Strategies for Acupuncturists.