Many small business owners dream of having a passive income. The question is how do you turn your active income into a passive income? If you’re coaching clients on a 1:1 basis, then you’re charging for your time, which is an example of “active income”. With active income your earnings are directly tied to the amount of time you spend with each client. If you have 8 clients a day, you’ll get paid 8 times. If you go on holiday and have zero clients a day, you’ll have no money coming in.
While this 1 to 1 premise can be profitable with high-end clients, you’ll still reach that glass ceiling because you only have so much time in a day to devote to clients. So, if you want to break that glass ceiling and earn more while still working 1:1, it’s time to develop some passive income streams.
3 Passive Income Ideas
Recurring income is a way to leverage your 1:1 work by reaching more people at one time. What’s the best way to do that? The choice is up to you; start off by choosing one recurring income idea and when that is complete and you see sales, try creating a different stream of income. Ideally, your passive income and active income are like gears in a clock, all working in perfect harmony to increase your profits and expand your name recognition.
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Write a book.
Publishing a book gives you instant credibility with the world at large. Make it onto the Amazon Best Sellers list and you’ll go to the front of the line in superstardom. Writing a book will open up doors to media interviews and speaking gigs, which in turn expose you to brand new, bigger audiences. Plus you’ll make those fans who can’t afford to work with you 1:1 extremely happy because they can still learn something from you in printed form.
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Sell your recordings.
Whether you record webinars, podcast interviews, or organise a summit of business owners who need help with a particular issue, selling the recordings after the event is another way to earn a recurring income. As always, there’s work to be done getting these webinars, interviews, and summits organised and running without a hitch, but offering a paid product for those who couldn’t attend live earns you some extra cash but also endears you to those fans who will still benefit from your brilliance. And remember you can continue to sell these recording for years to come. Don’t let them sit on your laptop taking up virtual space for no reason.
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Create a course…or an online membership.
Creating courses is a way to delve deeper into your expertise than a published book will allow. Consider this a passive way to work with clients in the comfort of their own homes but on a grander scale. Just think…your fans can follow along in DIY fashion, with your words guiding them to their next steps, without you having to schedule each person into your already-busy calendar. Plus your fans can work at their own pace instead of worrying about deadlines or having to attend webinars live. Give them what they want but allow them to work at their own pace.
Online memberships allow you to grow your inner circle of clients and guide them through sharing your expertise. One of the may ways that clients join online memberships is to be part of a community and to also be held accountable for sorting out the issues that you help them solve.
Want to start creating a passive income soon?
There are some things you can do that will help you start to make some passive income faster. Naturally I’d recommend working with a business mentor and digital product strategist, like me. I can help to make sure that you get the foundations right and create a viable product that will continue to sell for years. Then you can delegate some of the prep work for your passive income to a my team or a virtual assistant to make your part of the upfront work even more passive. You’ll pay extra to organise and produce the finished product but consider that an investment in your business. Remember…you’ll have these finished products for years to come after this initial investment.
I know you’re excited about creating a passive income from your business but before you do anything more with your ideas, I want you to read this article
Suzanne