You’ve probably heard the saying “Make money while you sleep.” It’s a classic adage that captures the potential of passive income or creating a product once and profiting from it for years to come.
Any firm, whether it is a service or product-based one, may profit from passive income. Making your product production process as straightforward and affordable as you can is the key.
That still doesn’t imply that your product will be inexpensive; rather, it suggests that you concentrate on your area of expertise, which helps your target audience with a common problem, and builds a high-quality product around it.
Let’s go through the following reasons why coaches should develop a passive revenue stream:
1. Supplement your income when a client cancels their contract
No one wants to Imagine losing a client (or two! ), ket it does happen. Knowing you have a passive income to temporarily cover the void will help you approach the work calmly rather than freaking out at the thought of finding a new customer to fill that hole.
2. Expand your name recognition and attract new buyers from your target audience.
You constantly have the chance to connect with fresh members of your target audience since the world is so vast. Low prices on goods for passive income might tempt potential clients to discover more about you and your coaching methods.
3. Attract speaking or media engagements.
Both event planners and journalists frequently look for speakers or interview topics online. The media will probably discover you more quickly in their web searches if you have items as part of your firm and a reliable passive income marketing plan. You may increase your authority by including these events in your media profile.
4. Taking your prospects through a sales funnel, starting with a low-priced passive income product, ultimately leads them to your more expensive coaching packages.
Coaches must have a sales funnel because clients want to learn more about you before shelling out hundreds or thousands of dollars for a coaching package. Introduce your expertise with smaller, passive income products before luring those customers with your more expensive packages.
5. Use passive income products as part of your overall marketing plan.
You may execute social media-friendly promotions when you have merchandise. Offer a free gift, a bonus if they purchase a coaching package, or give them a sneak peek of your eBook to urge them to buy. Your target market’s fresh prospects will be drawn in by your promotions’ uniqueness.
Is Passive Income Really Passive?
As a second source of income, passive income has numerous advantages, but some experts have questioned whether you can truly “set it and forget it” when it comes to producing passive income. Let’s investigate this a little more.
To begin with, making any type of product requires time. You’ll need time to write it up or record it, even if you’re drawing the knowledge from your own experiences. You must allow time for editing and proofreading.
Although there are many benefits to using passive income as a secondary source of income, some experts have questioned whether it is genuinely possible to “set it and forget it” when it comes to earning passive money. Let’s look at this a bit more.
First of all, creating any kind of product takes time. Even if you are using your personal experiences to draw the information, you will need time to write it down or record it. Setting aside time for editing and proofreading is necessary.
You may turn your attention back to your coaching clients when your launch is complete, but you never want to get to the “forget it” stage because people need to be reminded. While you don’t have to send them emails advertising your product every day, you should feel free to include it in your weekly newsletter or as an afterthought in other email blasts.