Have you heard the phrase, “Make money while you sleep”? It’s a common phrase that describes the power of passive income. Make a product one time but reap the rewards for years to come.
Passive income can benefit absolutely everyone, no matter what type of business you have or what type of coach you are. The key is to make your product creation as simple and as inexpensive as possible. This doesn’t mean that your product will be cheap; it means that you should focus on your area of expertise and solve a common problem among your audience.
First, let’s review why coaches need to create a stream of passive income:
- Supplement your income when a client cancels their contract. 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.