Last week I did a free webinar on how to add passive income to your business and it went so well, that I just had to turn it into a blog post! I’ve been working on creating passive income for myself over the past year and haven’t shared too much about it, but now felt like the perfect time with everything going on in the world. I know that lots of businesses are being forced to pivot and diversify their income, so hopefully sharing my experience with passive income can help!
If you want to watch the full webinar, you can do so below. But if you’d rather just skim through the important parts and read my notes, you’ll find that beneath the video 🙂
Passive Income Changed My Business (and Life)
I started exploring passive income at the beginning of 2019. I launched a course and an online shop, which made up 54% of my total income for 2019. With just 3 launches spread out throughout the year, I was able to double what my income would’ve been with just client work. And the craziest part? I nearly hit $100k for the year, which is something that I NEVER thought I would be able to do! So yeah… passive income made a big difference for me.
Passive Income = Freedom
Before launching my shop + course, I was only relying on client work to make money. And while I love working with clients, it’s very difficult to scale a business when that’s all you’re doing. There will always be a limit to how much client work you can take on. And as a result, there will always be a limit to how much money you can make. Unless you want to build a team and outsource big chunks of your process, you’re going to struggle to make a lot of money from client work alone.
But on the flip side, passive income can be limitless. Rather than having to constantly trade your time for money, you can create something that will sell itself again and again without much maintenance. And that’s freedom! Adding passive income not only gave me more financial stability; it also gave me freedom with my client work! Since I wasn’t just relying on clients to make money, I could be more selective with the work that I took on. I was able to raise my prices and say no more to projects that didn’t light me up.
There is likely something that you are already doing for your own business that you can teach or sell to others.
What are you getting questions about (either from others in your industry or your clients?) What’s something that you have had to learn or streamline within your own business? These are all things that you can easily turn into a product or course. If it’s helped you, it will help others.
There is room for all of us to share our skills and knowledge.
Don’t let imposter syndrome keep you from putting your offering or product out there. Just because someone else is doing something similar, doesn’t mean that your offering won’t be valuable to someone. If you can help just one person, it’ll be worth it!
The best way to build hype (and trust) with your audience is to give them something free first.
Before people pay for your product, they want to know that they are getting their money’s worth! So the best way to gain their trust is to offer a freebie that either gives them a preview of what the paid product will be like or just shows your expertise and that you have valuable information to share with them.
You don’t need a huge audience to make sales. Quality is always better than quantity.
I made $9,000 from my first course launch with around 5k followers on Instagram and zero people on my email list. I didn’t pay for ads and I didn’t send out any newsletters.
How did I get those sales? Well first off, the few followers that I did have trusted me. I had been engaging with them consistently and sharing a lot about my process on my IG stories. So when I shared about my course on IG, they were quick to show interest. Then I did a free webinar to pitch what I was offering and seal the deal. That’s it! You don’t need a million followers, you just need a few loyal followers. That’s where your focus needs to be!
If you want to see results fast, learn from the experts.
If you really want to do this thing right, you’ve gotta get some expert advice! There are people out there who have tried all the things and know how to get results. Find them, learn from them! It’ll get you where you want to be a lot faster.
Sometimes launched is better than perfect.
Don’t get so caught up in making everything perfect that it keeps you from launching your product. You can always refine things after you launch! And honestly, that’s what your strategy should be! There will always be things to improve with your product or offering, but you might not even realize what they are until you people start using it and giving you feedback. So get it out there, get some feedback, and refine as you go.
I could talk about passive income and give advice for hours, but that breaks is all down to what I feel is most important for anyone starting out! If you have questions about anything from the webinar, feel free to ask them in the comments below! 🙂