How Passive Income Can Save Your Business
In today's connected world, passive income is no longer a sweet dream, it's a (lucrative) reality! Many coaches and consultants achieve financial stability and maximize their growth by implementing passive income strategies. This approach creates exciting new possibilities.
Multiple revenue streams can cover shortfalls when business is slow. However, you need to invest a lot of time and effort to start earning money as a side hustle. You need to choose the right source of passive income that suits your coaching niche.
Here are some of the passive income ideas for your coaching business.
EBOOKS
Publishing an eBook allows you to generate revenue that will support your business while showcasing your expertise. Platforms like Amazon Kindle Direct Publishing (KDP) provide a convenient way to reach hundreds of thousands of readers around the world.
You can leverage your subject matter expertise to publish bestsellers that increase your revenue. Some authors who opt for self-publishing sell millions of copies. The best part is that an e-book can still generate a significant amount of money – most often indirectly through the sale of services – even if it is not a bestseller.
VLOGGING
Vlogging is another viable source of passive income to supplement your core solopreneur businesses. Studies have shown that many people prefer to consume content in video format rather than reading text. You can leverage the popularity and monetization opportunities offered by platforms like YouTube to reach your audience.
Some vloggers with thousands of subscribers earn a decent income. YouTube allows you to monetize content with PPC ads. Additionally, you can maximize your earnings through sponsored posts and affiliate links.
As with ebooks, you will surely make more indirect sales thanks to your Youtube channel than direct monetization but the great advantage of this tool is that all of this is absolutely passive when it is well constructed.
CREATE TRAINING
Online training courses can generate more revenue than publishing an eBook. This option is ideal for solopreneurs active in the field of coaching or consulting.
Once you invest the necessary time and effort, you will start earning income over long periods of time. Online training requires little or no maintenance to continue generating income for many years. Udemy is a popular platform when you don't know anything about technology and still want to get started in publishing and selling online training.
The platform indicates that the average income for training publishers is $7,000. As an expert in your field, you can generate substantial sales. Over time, you can attract thousands of loyal followers and consider hosting your training courses on your own members area.
MARKETING D’AFFILIATION
Sharing your recommendations through your blog or website is another convenient option. It allows you to promote coaching services and other third-party products that you find interesting via affiliate links. You can choose to promote affiliates directly or through networks, such as Amazon Associates, ClickBank, and Commission Junction (CJ).
Affiliate partnerships allow you to earn a percentage of the sale for customers coming from your website or blog. To maximize earnings, it is in your best interest to promote products or services that are related to the content of your site.
PODCASTING
In recent years, the popularity of audio content has been on the rise. This growth has allowed many people to exploit the market by producing content for a captive audience.
You can diversify your passive income portfolio by publishing pre-recorded content on podcast hosting platforms. By doing so, you have the opportunity to monetize content through podcast ads, sponsorships, and affiliate marketing. Some podcasters maximize their revenue by launching membership sites. This approach eliminates the need to pay commissions or fees to podcast hosting platforms.
DO YOU WANT TO SELL YOUR TRAINING AUTOMATICALLY? JOIN MY MASTERCLASS!
You now see that by adopting passive income streams, you are sure to continue to receive income even when business is slow (holidays, seasonality in your sector, etc.). Invest time and effort into this project from the start and you will set yourself up to make a lot of money down the road.
My favorite product to sell is of course an online training course.
But I have seen so many people exhaust themselves marketing their training, making crazy launches only to end up almost burned out on the opening day of their training even though the initial idea was good to have passive income!
So I decided to share with you my 4 main secrets to put the sales funnel of your training in automatic mode : with these strategies, you will be able to make sales of your training – but also of your services – for years, whatever you do.
Join me here to attend my free Masterclass . Make sure to subscribe to my list to receive notifications.
