Passive income seems such an attractive way to make money; while you sleep, while you play, and while you chase your passion.
Well, not all of it is true.
There is a lot more involved than just following your passion that goes into creating streams of passive or residual income, whatever you want to call it.
If you’ve invested well, yes, you do make money while you sleep or are not actively engaged in exchanging time for money.
Courses, coaching, websites, blogs et al, are all true business models and need to be backed with strategy and work before they turn a dollar.
When someone tells you that they make money while holidaying in Hawaii, just know that several hours to years of work went into creating a passive line of business before they set foot in Hawaii to tell you that. And, there may be a whole slew of technology infrastructure and people working hard to stand up that passion project, that business.
At the click of a mouse, you see a website open up, a short video that takes you to a course, and several upsells. Well, several hours to days of work went into creating that course and those upsells and then, setting it all up to reach you. There is strategy, operations, technology, sales, and marketing that is all wrapped up in that offer you see. It may have been done by the one whose course or product it is or through freelancers and other experts to set it up. But, that must be done and there is no shortcut around it.
If you’re up for that challenge, yes, you too can create it.
Clients may first trickle in as you market yourself and your product, and over time it builds up. So, know that income will follow the same route.
Everyone begins with an idea and an aspiration.
Next, you need to learn how to navigate the process, create it, market it, and continue to keep up the momentum irrespective of the tough times. You need to learn to be all over social media, market through various channels, automate processes, and continue to grow your email list.
Most importantly, you need to engage with your prospects and clients so you deliver what they seek. All of this translates into that passive income we just discussed. Remember, this is a continuous process and you cannot let it slip even for a day. if it slips, so does your business and income.
Passive income is perhaps the best way to create income where you don’t have to trade your time for money, but it does have an enormous investment at the outset, of your time, energies, and money.
Most of the work is done upfront; from building your product or service to creating and nurturing an audience, and then, providing them a lot of upfront value before you pitch to make a sale.
Deliver value to your audience in the form of a short program, challenge, free ebook, or course that provides them value. There should be enough value provided where they continue to stick with you to learn more and benefit. These are your prospects that you ultimately make a sale to, and convert them into clients for your program.
Focus on automating the workflow as much as you can. Leverage technology to do the repeatable tasks of delivery as well as marketing. Funnels, emails, copy and campaigns can all be automated with the myriad tools out there in the marketplace now. Focus on relationship building and customer satisfaction as specific tasks you want to be closest to.
Be the face of your brand and always interact with both prospects and customers.
Marketing is a continuous process and leverages both free and paid ways of reaching out. Social media and mailing lists are still great ways of interacting at scale.
Continue to diversify and evolve your brand. Take feedback from your prospects and customers and continue to build what they seek. Have a roadmap and calendar to launch new products and services over time, to build on your program set.
Increase the value you provide to your customers and make a difference in their lives and business. Seek out different segments of prospects and consumers, and appeal to them with a variety of products and services to cater to their needs.
This is when the variety and volume start to add up to create a stream of income that can very quickly replace your income from an existing job or business. It also allows you the time and energies to focus on what’s working for you.
Remember, nothing worth was achieved without working for it.
Plan, act, and enjoy the rewards!