Make Money While You Sleep
Have you heard the phrase, “Make money while you sleep”? It’s a common phrase thrown around the internet marketing world that describes the power of passive income. Make a product one time but reap the rewards for years to come.
Your passive income can come from one or all of the following:
- Online Shop with multiple digital products
- Tripwire Offer
- Evergreen Online Course
Passive income can benefit absolutely everyone, no matter what type of business you have. The key to making this work is to focus on your area of expertise and solve a common problem among your audience with a product that spreads value.
Let’s review why you should consider creating a stream of passive income:
1 | Create Multiple Streams of Income
As entrepreneurs, we know that not every month is guaranteed. Some months are popping, while others are a little drier than we would like. It’s hard to admit, but one-on-one services just aren’t enough to sustain a successful business.
For a more well-rounded and consistent monthly flow, you should supplement your existing income so you can have a safety net that you can always rely on.
No one wants to think about losing a client (or two!) but it happens. Instead of panicking at the idea of finding a new client to fill that space, you can approach the task calmly, knowing you have passive income to fill that gap temporarily.
Related Blog Post: How to Utilize White Label Planners to Create Passive Income
2 | Expand Your Reach
Tapping into passive income and creating a digital product line for your brand allows you to expand your name recognition and attract new buyers from your target audience.
I like to imagine my website as a destination on Google Maps. There are a series of different roads one could take to get to that one destination. The more roads there are, the more likely someone will somehow end up at that destination.
In this example, let’s say that everytime you publish a new URL on your website, that paves a brand new road leading right towards your business.
With this in mind, for every product you create, that’s one more pathway you’ve opened up for people to find you online, it’s one more keyword to rank for, and one more link to share – all leading to the thing we’re all striving for…more traffic.
The internet is a huge place and you always have the opportunity to reach new people in your target audience. Use your digital products as part of your overall marketing plan, and gain more attention world-wide.
3 | Attract Speaking or Media Opportunities
One benefit from selling digital downloads online that I didn’t expect is the number of unique opportunities that are presented from organizations that stumble upon my shop and love my work!
From public speaking gigs, to interviews, to collaborations…I’ve gotten to be a part of some many fun projects that I would otherwise have missed out on.
Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have products as part of your business model and have a consistent marketing plan, the media will likely find you faster in their online searches.
Why is this so impactful? Well, being featured:
- Puts you directly in front of your ideal audience, rather than a broad, disinterested one.
- Gives you those all-important “clips” that show off your expertise to larger outlets.
- Typically offers a lot more space to share your message.
It’s easy (and fun) to kickstart your audience growth simply by making yourself available for these types of opportunities. Each guest post, podcast interview and webinar is another chance to get in front of a whole new market, so take advantage of it!
4 | Seal Any Leaks in Your Sales Funnel
Chances are your sales funnel only consists of your lead magnet + your main offer (the big ask).
If that’s the case, you’re missing out on a massive opportunity to guide your target customer/client through an impenetrable sales funnel, plus earn money along the way.
A sales funnel is a pathway through which you guide prospects into the depths of your business. Unless your prospects have unlimited funds, you will rarely find someone ready to purchase your highest priced service. Likewise, if you’re planning a weekend retreat in a faraway land, very few will shell out $10,000+ unless they already know you and like what you have to say.
Hence the need for a sales funnel.
Your sales funnel should consist of:
- Your Lead Magnet
- Tripwire *passive income*
- A Minor Offer *passive income*
- Your Main Offer (hands-on such as a membership, service, or coaching)
The key to a great sales funnel is to showcase your expertise with smaller, more inexpensive products first, then entice those buyers with your higher priced packages later on.
This system is a must because it allows your audience to get to know you & your brand, you’ll slowly earn their trust, and then committing to paying hundred or thousands of dollars on your main offer will be a no-brainer.
Related Blog Post: 5 Ways to Use White Label Planners to Scale Your Business
How Can I Get Started Creating a Passive Income Stream?
Ready to create your passive income empire?
The key to creating low priced products for your sales funnel is that they should be quick and easy to create. The idea is to pull your expertise out of your head and get it onto paper. No extra research necessary…it’s all about what you know.
If the idea of creating products is daunting, or if you’re already coming up with excuses of why this idea won’t work for you, consider looking into white label planners, which are pre-designed, editable templates that you can invest into one-time and use them to create passive income for life!
This is the most optimized and streamlined method to create digital products to sell. No need to spend days designing a straightforward product when you could use that time to develop other areas of your business.
I hope this idea of passive income intrigues you because it could really be a game changer in terms of your business income!
In the comments:
- What are your current revenue streams? Do you have elements of passive income?
- How would you like to implement passive income into your business? Online shop? Tripwire? eBook?
