This is the last in our series of posts about bringing different types of revenue into your business.
Today we talk about Passive Income – the most hands-off way to earn money.
Passive income is what we refer to when you work with a lot of people, and you charge each of them, for the same product or service. It’s described as the one-to-many model because you work with many people at various times.
For instance, you put together a self study program or an ebook that you sell. Basically you build the content once and then it’s done. When people buy it, you make money, but you don’t have to keep producing the work, and also the contact that the customer gets with you is usually, well, none.
The lowest priced products in your service offerings is usually a passive income offering.
It’s a great thing to have available in your business because it allows your customers to come in to work with you at their own pace, on their own budget, or even as a starter project to see if they like you.
When you have higher priced service offerings, a passive income product can help to springboard people into getting to know you better, and they will build that know, like and trust with you more quickly.
Starting to think about what to build as your first passive income product is easy.
If you have a blog or if you write a regular newsletter, you can pull together an ebook or an ecourse very easily.
Go through your vault of content that you have ‘out there’ and start to categorize the things you have available. How can you combine them to make a sellable product for your audience?
Looking at an entry level product is exciting … but when you start to look into what you probably already have started to compile in terms of content, you may even have the workings of a larger training course or a book or a workshop.
And of course once you realize what you already have, think about how you can build your content from here … to supplement what you have, and to build out your own bunch of passive income products!
Do you have passive income set up in your business yet? If not, why not? If you do, I’d love to see what you’ve put together – leave your links in the comment section below!