3 ways to turn your active income into passive income
If you currently support your clients on an individual basis, you are billing for your time, which is an example of “active income”.
With active income, your earnings are directly related to the time you spend with each client. If you have 8 clients per day, you will be paid 8 times; if you go on vacation and have no clients each day that passes, you will have no income.
Even if this individual mode of operation is profitable if you support high-end clients, you will still reach this glass ceiling because you only have a little time to devote to your clients in a day.
So if you want to break that glass ceiling and earn more while still coaching one-on-one, it's time to develop some passive income streams.
Here are 3 Passive Income Ideas .
Passive income is a way to take advantage of your individual activity by supporting more people at the same time.
What is the best way to do this?
The choice is yours; Start by choosing a passive income idea and once you have it set up, even in a very simple and imperfect way, and you see sales, try creating a different income stream.
Ideally, passive income and active income are like gears in the same mechanism, all working in perfect harmony to increase your income and increase your visibility.
1. WRITE A BOOK
Publishing a book gives you instant credibility with a very large audience. Get on Amazon's Best Sellers list and you'll be labeled an “expert” in your field in no time!
Writing a book will open the door to publications and media interviews and conferences, which will put you in contact with an ever-increasing audience each time.
In addition, you will delight fans who do not necessarily have the means to afford a consultation or individual support with you: with your book, they will be able to learn something from you despite limited means.
2. SELL RECORDINGS OF YOUR INTERVENTIONS
Whether you record webinars, podcast interviews, or host a summit, workshop, or conference with several other experts, selling the recordings after the event is another great way to generate passive income.
As always, there is work to be done to ensure that these webinars, interviews and summits are organized and run smoothly, so obviously here again we are not totally in the world of “passive” where you take it easy…
But offering a paid product to those who were unable to attend your events live brings you additional income for an overall reasonable workload and you will continue to delight your fans who will still be able to benefit from your talent.
3. CREATE ONLINE TRAINING (AND IT CAN BE AS BASIC AS A SIMPLE EMAIL SERIES)
Creating online training is a way to deepen your expertise beyond what a published book will allow you to do.
Think of it as a passive way to coach clients from the comfort of their home, but on a larger scale. Think about it… your fans can follow you independently, your words guiding them to their next steps, without you having to schedule each person into your already busy schedule. Plus, your students can work at their own pace, without worrying about deadlines or being forced to attend live webinars. Give them what they want, but let them work at their own pace.
Sounds great but don't see how you can free up time to build it all? Use your existing content (I'm sure your hard drive is full of pending documents) and buy "ready-made" Private Label Rights (PLR) content to fill in the gaps.
And put it all online before you have time to change your mind and tell yourself that what you've done is totally crap!
The best of the best as soon as you have a little bit of money available after selling one or two products? Delegate some of the work of preparing subsequent products to web editors or a virtual assistant to make your initial work time investment even lighter.
You will pay these freelancers to organize and produce the finished product so Ok it may cost a little but if you provide them with a good “model”, you should limit the cost and above all consider it as an investment in your business.
Remember… you will benefit from the revenue from these products for years to come after this initial investment.
KNOW THE 5 MISTAKES YOU SHOULD NEVER MAKE WHEN CREATING ONLINE TRAINING
Now I imagine you are excited about the idea of creating passive income, but before you do anything more with the 10,000 ideas you have in mind (or panic if no ideas come to mind mind), join me on my free Masterclass because I don't want you to make the same mistakes as me.
In it I discuss “5 Things You Should NEVER Do When Creating an Online Course” . An online presence, and even more so online training, is a lot of initial work and I hope your training courses are a great success from the start . I've done these trials and errors and I wish you could avoid them.
Click here to join me on my free Masterclass.
