Passive Income

It is common for Massage Therapists to look at additional sources of income, preferably sources of passive income -- earning money even when you are not working.

As you may remember, Massage Therapists are paid for the clients they see. If they do not see any clients, they are not receiving income. Massage Therapists are limited to the amount of hours in a day they can see clients, and therefore there will always be a limit to how much income they will earn in a day. There is no pension, and no paid maternity leave. It is a physically demanding profession, so even working long hours can lead to repetitive injuries or burn-out.

Having a source of passive income without taking time away from your Massage Therapy practice will ease financial, physical, and emotional stress.

Passive income can come from various sources, and it is important to find one that feels right for you and provides results. Let’s look at a few of them briefly.

1. Selling a Product in your Clinic

Many Massage Therapists will sell a product to their clients. It is typically a product relating to Massage or Health and Wellness. It can be a muscle cream like Biofreeze or Traumeel, and it can even be vitamins that also benefit the client.

How do you make money from this?

By buying the product at a wholesale, you can sell the product at a retail price and make a profit.

What to think about in this venture

You have to pay for the product upfront and then have it in stock in order to sell it to the client. You will have to educate your client on the benefits of the product and why they will need it, and therefore why they should buy it from you. 

2. Real-Estate

I know the least about this stream of income, but I do know it is one of the best ways to bring in passive income. I am very eager to learn more and invest.

How do you make money from this?

By owning a property that brings in monthly rent, which covers the mortgage, taxes and bills. There is often extra money left over for profit each month, even before the property is sold for a profit.

What to think about in this venture

Obviously there is a large upfront cost, down payment, and a mortgage commitment. You may need to hire someone to act as a landlord for the property, to fix repairs and manage tenants...unless you want to do this yourself.

The best place to start if you are interested in learning more is in the book “Rich Dad, Poor Dad” by Robert Kiyosaki. It is one of the best books you will read (also available on audio).

3. Network Marketing

Bringing it back to Robert Kiyosaki, he has created the lifestyle he wants through real estate. However, he said that if he had to start all over again, he would join a network marketing company. Network marketing is a profession I know a lot about from personal experience.  I owe a lot of my personal development, and business knowledge to the company I stand behind today. It has given me a true residual income that allows me to think about life after Massage Therapy.... just in case.

How do you make money from this?

In my business, I earn passive income by referring friends, family, colleagues, and my business network to save money on their essential services (i.e. electricity, natural gas, Internet, cell phones, home security and more) and earning 10% of those bills every month. I also show them how to make money back on those same bills like I do.

What to think about in this venture

It truly is a no-brainer. Offering services that people already use everyday means I don’t have to convince anyone about the benefits of the products. They already know they can’t live without their cell phone. I’m helping them save money and they get to keep the same service. It’s different than Massage Therapy or Health and Wellness, and that’s why I love it. I get to work the other side of my brain. It gives me a whole new perspective on business and I am meeting a whole new network of individuals. What is the same, however, is that I am helping people everyday.

Robert Kiyosaki briefly explains the financial benefits of shifting your mindset

There are a lot of great network marketing companies out there, so you should do yourself a favour and look into a few. You honestly never know what is around the corner for your profession. It is critical to build a back-up plan now. Ask questions about the compensation plan,  the founders and the support to build your business the right way. Then, get started. If you would love to learn more about what I do, please feel free to ask.

Do you have another way to earn a secondary source of income outside of your full-time career? I would love to hear about it! I would also love to hear if you have any additional suggestions than the ones listed here. kristadicks@gmail.com