Have you heard the statistic that millionaires have up to seven sources of income? Those are seven different ways they make money every month. Now take a look at your business; How many sources of income do you have?
If the answer is one, then it’s time to open up that creative part of your brain and create more streams of income. One option is passive income products.
“Passive income” is something of a misnomer. Creating products or establishing different forms of income still takes work. But the difference is that these income streams can work for you, almost on autopilot, for years to come.
Passive Income Benefits
1. Increase your bottom line earnings. This is the most obvious benefit, but it’s worth mentioning, because who doesn’t want more profit? And (as you probably know) limiting your practice to 1:1 training can be a “feast or famine” proposition. Passive income streams can help you get through “famine” times.
But, even in “party” times, your income from 1:1 coaching is limited to the number of clients you can handle. Passive income streams can help remove that “income ceiling” and create a cushion.
2. Recover time in your day. Wait… I know I just said that creating products and other sources of income takes time. But go ahead with me for a minute and think about the final part of the process, when your income stream is fully set up and the initial work is done. With a solid marketing plan, you can easily earn money from these passive income streams, even while you sleep. That means you can take off a bit earlier or take a day off for some fun, because your “passive” products are still making money.
3. Increase your credibility by helping more people. Think of passive income as a way to share your expertise with an ever-expanding audience. Imagine a snow globe on top of a mountain representing you to your inner circle of coaching clients. As the snowball travels downhill, it accumulates more and more snow until it reaches the size of a mammoth. The same is true for you. As you reach more and more people and provide guidance through your books, webinars or courses, more exposure and word of mouth leverage your knowledge and show your expertise to more and more people. All of this can lead to increased sales and an army of people who are enthusiastic about your work. So (at least in this case) the snowball effect is a very good thing!
Planning your passive income
Now that I hope I’ve sold you on the benefits of having passive income streams, it’s time to plan what those streams should be for your business. Passive income includes affiliate marketing, membership subscriptions, or writing a book. But by far the most popular and engaging is creating courses or digital products based on your coaching specialty.
Digital products allow you to solve other people’s problems from the comfort of your own home. And your customers get answers to their unique questions almost immediately, and in a format they can use—their home computer or their smartphone.
“A successful digital product has almost unlimited revenue potential, and there are dozens of examples of successful digital marketers making millions of dollars each year from products they launched several years ago.” -CM Burns, BigHappyProfits.com
Imagine what your business and life would be like, for example, if you had your own online course…
✓ Students excited to learn from you
✓ Working fewer hours while transforming more lives (and without burning yourself out with 1:1 clients)
✓ Build your credibility and become an authority in your niche
✓ No more limits on your income
By creating a digital course, you will finally have a valuable business asset that you can launch and sell over and over again.
creating your product
There are many steps involved in creating a product, but once you’ve made one, creating others will be easier. When creating a digital product, you want to make sure it’s relevant to your main topic of interest. So if you’re a health coach, you want your product to be about a health issue, not a career issue. Also, you want to refine it further by asking your audience what they need. This is something you can determine by taking quick surveys or just keeping track of their FAQs.
You should then validate the product, double checking to make sure it’s the right one. Ask customers if it would be useful and/or relevant. Ask questions about it in the forums. You could even do a pre-launch with valuable customers to test the product for you. I have a colleague to whom I give my products in exchange for her evaluation of them.
Then you’ll need to write content to launch and promote your product, and finally determine your price.
Launch of your product
When you’re launching a product, you need a pre-launch email series and a launch email series.
1) Advance emails generate excitement. They need to educate their audience on a topic they are passionate about (and related to the course they are selling). And give them a sneak peek of the product.
2) Launch emails make the offer. They say the product is ready and point out where people can buy it.
As this seller says:
“With my releases, I build anticipation in a matter of weeks, not months or years. Every time I talk about it, prospective buyers get more and more excited. I then give a clear date of when the product will launch and be available to purchase.
“The day before launch, I send a detailed email that provides all the information my subscribers need to make a purchase. This email covers product benefits, pricing information, and even answers frequently asked questions (which haven’t actually been asked). answered). has been asked yet).
“The only thing the email doesn’t include is a link to purchase the product. Instead, I’m telling them exactly when the product will be available (8:00am ET tomorrow) and to look forward to another email from me at that moment”. – Nathan Barry, Founder, ConvertKit.com
If your launch is 5 days long, you will need at least 5 emails. I have been on a few lists where they would send two emails a day, sometimes the same email but with different subject lines. To me, that’s overkill, but it’s up to your audience how often you email them. Keep in mind that they probably don’t read all of your emails. So it doesn’t hurt to send more than one.
creating emergency
Here are four easy ways you can get your customers on the fence to buy now:
1. That promotional or sale prices end soon
2. Make the product available for a limited time
3. Provide an additional bonus only available to the first x number of customers
4. Limit the amount available for sale
Choose one or two of these strategies that will resonate with your audience. With careful planning, the urgency in your launch emails can drive sales.
In conclusion
Working with clients one-on-one is great, but it shouldn’t be your entire business model. You must have other sources of income that complement your training program. After all, how many times have you had a month without new clients? With another source of income, that scenario is less painful.
If people don’t already know about it, they probably won’t spend $1000 on a training program. But they might be willing to take a chance on you for something that costs them $50 or less, because it’s low risk for them.
The good news is that You CAN create passive income with low-end digital products and, if you need help,
Learn how to create, package, and launch low-end digital products here: https://contentcreationtoolkit.com/low-end-offer