When you’re a solopreneur — coach, consultant or other service provider — the biggest limiter of your income is your time. We all only have so much, and who wants to give it all to their business? Having more time to enjoy life is one of the big reasons I’m working for myself. You too?
If you want to make a six figure plus income, it’s critical to leverage your time and move beyond one-to-one coaching or time for money services. The easiest way to scale up, boost income and serve more people without working more hours is to create “passive” income streams.
Passive income is generated from a product or subscription-based program that you create once but can sell anytime to unlimited clients and deliver automatically. Your time isn’t caught up in live delivery. It’s the best way to get off the money for time treadmill.
No doubt you’ve purchased products or received them as a gift or bonus. These are just a few of the possible formats of passive or recurring revenue products:
- An ebook.
- Video series.
- A mobile app.
My very first passive revenue product has earned over $450,000 for me so far, and when I created it, I thought I didn’t know how to write! What a blessing this has been in my life.
My bookkeeper just sent me my 2012 P&L statement and over 45% of my revenue last year came from passive income streams. I’m so grateful! And since my theme this year is “work less and play more”, I’m determined to get that number up to 75%.
Not a Pie in the Sky
Anyone can create and sell a passive income product or program. All you need is:
- A target audience that you understand.
- A way to reach them.
- A unique product idea.
- Some time to develop it.
Zoom in on one very specific and highly relevant challenge or issue that your target audience has, that’s clearly in the way of an ultimate outcome they want, and create a product or program that helps them solve that. Generalized topics for general audiences aren’t recommended.
Once you know how to create a passive stream of income and point people to it, it’s easy to create more.
I bet you’ve already come up with some juicy ideas about products or programs you could create for your target audience, but maybe one of these things is in the way:
- You haven’t made the time to create it.
- You don’t know what format would be best.
- You don’t know the steps to market it.
- You don’t believe you have what it takes.
Truly, if I can do it you can too. If working less, reaching more people and earning more are important to you, allow yourself to create and launch a passive revenue product this year. Once you’ve created it, you’ll find more ways to get it out there to your target audinece.
One of my clients recently set intention to complete her product and launch it in 90 days, which is plenty of time, and her first week of selling her product yielded $4000 in sales. Wouldn’t you like an “extra” $4000 with the promise of more income from your effort over time?
If you’d like some help creating and marketing your first passive revenue product or program, my long time friend and recurring revenue expert, Milana Leshinsky, has allowed me to share with you her mini-webinar detailing the 8 simple steps to your first passive income stream. Access the free mini-webinar now and take lots of notes! You may know already that Milana is famous for generating $500K every year on 4 hours a day. Amazing!
Share your ideas for your passive income products or programs in the comments. I can’t wait to hear about what you’re up to.