Have you heard the phrase, “Make money while you sleep”? It’s a common phrase thrown around that describes the power of passive income. Make a product one time but reap the rewards for years to come.
In today’s world it seems like everything is super expensive! So many of us are working full time, trying to make ends meet and every month it can add on to your stress. That’s why we all need passive income.
Digital products are the best for creating passive income. Want to start earning passive income quickly? Check out my blog post on how to sell digital printables.
Benefits of Passive Income
Passive income can benefit absolutely everyone, no matter what you do in your side hustle or even full time hustle. The key is to make your product creation as simple and as inexpensive as possible. This doesn’t mean your product will be cheap; it means you should focus on your area of expertise and solve a common problem among your audience.
Let’s review why coaches, online business owners or folks with a side hustle need to create a stream of passive income:
1. Supplement your income, especially when something unexpected happens. This is the biggest factor for people when they consider creating passive income. Instead of panicking at the idea of finding the money to fill that space, you can approach the task calmly, knowing you have passive income to fill the gap temporarily.
2. Expand your name recognition and attract new customers from your target audience. The world is a big place and you always have the opportunity to reach new people in your target audience. Using your products as a giveaway or pricing it on the low end will entice these newcomers to learn more about you and your business.
3. Attract speaking or media engagements. Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have products as part of your business or side hustle and have a consistent marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile will immediately elevate your authority level, too.
4. Lead your customers through a sales funnel, ultimately leading them to your more expensive services or products. A sales funnel is a must-have for online business owners because people want to know about your practices prior to paying hundreds or even thousands of dollars on a high ticket item. Showcase your expertise with smaller, more inexpensive products first, then entice those buyers with your higher priced packages.
5. Use products as part of your overall marketing plan. When you have products, you can run promotions which garner lots of attention on social media. Offer a freebie, a printable bonus if they buy a something, or offer a chapter of your ebook as a teaser to entice them to buy. Unique promotions will attract attention from new prospects in your target market.
Getting Started
Don’t know where to begin or don’t have graphic design skills? Don’t worry. You can use templates. Check out some popular lead magnet templates here.
Ready to create your passive income empire? Join me for a FREE 5 day email challenge where I will help you get your first product up and running. I’ll share tips on how to create them, how to price them, and how to know WHAT your audience actually wants. Join me today by clicking the link here. Get ready to create passive income!
