It doesn’t matter what type of business you have you already have everything you need to create passive income programs. If you have any type of online business it is likely that you engage in content marketing. You likely already create content for your blog and maybe you even have a short report as a freebie for email newsletter sign ups. Maybe you even have a regularly sent out email newsletter.
You probably even send educational information to your audience in the form of curated content that answers questions or by outright answering your audience’s questions about your niche. You probably also have social media content for Facebook.com and perhaps even Youtube.com. All of this content that you create can be repurposed into passive income streams.
Regardless of what type of content you have now, you can add to it, reimagining it in another format to add to your passive income stream.
Here are a few ideas to get you started:
Blog Regularly — Many service providers, coaches, and consultants tend to forget about their blog. They may think they have enough clients through referrals, or they may just feel as if they don’t have time to blog. But the fact is, blogging can add tremendous value to your website and attract more visitors. You can even make money passively through your blog by recommending tools and other resources to your audience.
Create a Comprehensive Report — Turn a “How To” blog post into a longer report, add several blog posts, some PowerPoint slides, and video and sell it as a comprehensive “How To” kit or report. People love all-in-one items because they don’t have to weed through websites to find the information, they can just download a kit and learn fast.
Compile Your Work Into an EBook — You can edit, reorder, and add to the blog posts on your website to create a comprehensive complete book about your niche or your story, depending on what types of content you put on your blog and sell it as an eBook. If the content is completely original you can sell it as a Kindle book.
Create a Membership Site — Once you have a few products, you can now put them all behind a pay wall and sell them within your membership website. Include a forum and you have group coaching, and user added content at its finest. Many people will pay a small monthly fee to be able to access your work. You don’t have to include everything you have in the membership site either to make a lucrative recurring income from memberships.
Now that you have the content organized, here’s 5 passive income products you can create:
1) Affiliate Program
You may not have considered an affiliate program as a way to earn more passive income. If you sell even one product, book, or service you can use an affiliate program to help bring in more clients automatically. The best affiliates are those who use your products and services. With that in mind your affiliate program can be exclusive to customers only, or it can be open to the public if you prefer.
2) Udemy Courses
It’s really simple to set up an automated course on Udemy. You simply load up your course with PowerPoint Slides, PDF files, and the system does the rest. You can choose to be more active with students, or you can hire an assistant to be active with students, or you can let the course be completely automated. It’s up to you.
3) Kindle Books
You can update and expand on any “how to” or informative blog post you’ve written, interview you’ve conducted, course you’ve made or experience you’ve had and turn it into a Kindle book. You simply compile the materials into the right format and upload, and you’re in business. You can market the books on your website, in social media and via affiliates. You can even give them away free but include introductions to your other products and services within the pages of your book to attract more clients.
4) Membership Programs
Installing a little technology on your website like a forum and a membership wall to create a fully automated group coaching program. This is a great way to not only service your audience in a way that is practically self-serve but a way to introduce potential one-on-one coaching or consulting clients to your methods in a less intimidating way. In other words, it’s a good passive income model as well as a good way to let your clients get to know you so that they trust you.
You may not realize it but you can make money from Podcasts too. You can record them, put them on your website, behind a member wall, or on iTunes for a small fee. You can also get sponsorships for your program to bring in extra money. Recording a weekly podcast doesn’t take much time but it can bring you money time after time. (Plus, you can reuse a podcast by transcribing it and making an eBook out of it.)
There are so many different ways you can create passive income programs that will not only add to your bottom line now, but will increase the number of clients who are willing to pay top dollar for your exclusive, limited, one-on-one coaching and consulting.
Finally, don’t forget to cross sell and upsell at every opportunity. Every thank you page, thank you note, and interaction you have with a customer is a chance to recommend one more thing to your audience. The point of the passive income stream is to push them towards your most lucrative product. That product is you. Time with you, one-on-one, should be only earned by paying a premium. You can only afford to do that if you have a well-established passive income stream to fall back on.
If you’d like to join our new IAPLC Mastermind where we have monthly training toolkits and bimonthly live coaching, please email Jeannette at email@example.com