How To Generate Recurring income streams … it seems like a dream. I already know that complaint 1 for most coaches and service providers is that they always have to exchange time for money.
And of course you love your customers. And do you love helping them overcome their biggest obstacle. I’m sure you genuinely love what you do.
But no matter how much you love your job, there are 2 things that stop you.
You have – just like everyone else – a limited number of hours available
If you don’t work, you don’t earn any money.
And these 2 things set a ceiling on your income potential.
And even if there is currently nothing on your wish list and you live a great life, you are not making the impact that you could make simply because you lack the time or money.
Because if you always work, you have little time to:
Do volunteer work
To travel
Have fun with your kids
Learn a new skill
And if you don’t work too much, you have little money to:
Going on vacation
To give to charity
To explore new hobbies
Or whatever makes your heart sing!
It is such a big paradox. You have to work more to earn the money you want, but if you work more, you cannot do the things you want again.
The solution? Passive Income!
Ask every successful entrepreneur and they will tell you that the key to a sustainable business that you do not burn up is in the art of using your time with leverage and thus earning passive, recurring income.
Now, that doesn’t mean you don’t have to work.
In fact, building up a passive income stream will cost you a lot of work.
Once you create the systemin, you can use it again and again to earn a fixed cash flow that is no longer dependent on you and your time.
Can you imagine what freedom this would bring? And it’s not even that difficult … with a little planning … your text here…
Step 1: Brainstorm about a Digital Product or small course
This will be the cornerstone of your plan. As soon as you have your Own Digital Product, all you have to do is send visitors to your offer. You can ..
Email your mailing list
Place advertisements
Working with affiliates
Create blog articles that lead to your course
Write guest blog entries
Give webinars
Honestly, there are dozens of ways to get eyes on your sales page.
So even if you don’t have a mailing list yet, you can already start your passive income plan by making a course. All you have to do is create this.
Now that you panic before you fall I don’t want you to make the process of making a course more complicated than it is.
This is a short 3 step way to brainstorm about your first (small) course.
With which problem does your ideal customer fight the MOST?
Does she need a step by step explanation to build up passive income?
Does she want to write a book and can’t get started?
Whatever her problem is, a small course will certainly help. Because remember: you don’t have to solve all problems. Start with this one and keep it simple.
Which format does your ideal customer prefer to learn? Videos, audio’s, action books, theory, or a mix.
What material do you already have that you can use? You probably already have blog posts about this theme.
Work this out further into a course.
Exercise: Brainstorm about your Course
Step 2: build a passive income funnel with a free e-book
You have a lot of knowledge to share and one of the simplest ways to share this is with a free e-book.
This gives you:
Immediate expert status
Access to the email address of the applicant
The opportunity to fill your sales tunnel with interested readers
If you have been blogging for a while, you know how to write something. Collect your content, organize it in a logical order, pimp it with your branding and images and end with a link to your sales page.
And nothing prevents you from creating extra free e-books or video training to make your list grow even faster.
If you don’t have a free offer yet, this is THE training for you. Make your Freebie in 1 day.
This training is online and available immediately, so you can get started with your free e-book tomorrow.
Exercise: Brainstorm about your free giveaway & funnel
Step 3: Pimp your Passive Income autoresponder
Refining your autoresponder is a task that is on my agenda every 6 months.
Because of course it is super nice that you can create and forget it, but if you do not take the time to view your results, it is possible that your money is on the table.
And if you don’t have a solid autoresponder series yet, then you will miss something!
Start thinking about "why did your visitors sign up in the first place"?
Your autoresponder must build on this and guide flow to your offer in a natural way, while still giving you value.
Suppose you offer a quick guide about Facebook Ads, then you can give extra value in your follow up emails by:
List sources for images that you can use in Ads
Report a book you read about Advertisements
Share testimonials about success with Ads
Give your opinion about a new tool or way of advertising.
All this info is relevant and interesting for those who downloaded a Facebook Advertising guide. So it’s information that is welcome.
Step 4: Blog
If you blog (and you should), then your blog is a fantastic source of passive income.
Because every blog has a function!
You should never, ever spend your time writing, editing and promoting a blog that only exists for taking a place on your website.
Instead, every message should have a strong focus that naturally leads to a strong call to action.
Call to actions can be:
An offer
Invitation to a strategy or brainstorming session
Free offer (i.e. freebie or customer magnet)
An invitation to a Facebook group
Or an invitation to read an additional blog that connects
An invitation to give a response
The point is, every post offers an opportunity to grow your list / community and create passive income – whether direct or indirect – and your call to action should be in your head before you write a blog.
Of course, if you are like most bloggers then you might have dozens or hundreds of messages that are not as optimized to earn as they could.
So in this step you go to your Google Analytics to see which messages get the most traffic and in this you already add attractive call to actions.
Once you do that, put them in the spotlight again on social media.
Extra Passive Income tips
What you can also do extra is sharing blogs that are relevant and that have a strong call to action in your autoresponder series.
This way your applicants will immediately find your most interesting content. Don’t wait until they accidentally get to the right blog. Lead them there!
Exercise: Review your most popular posts and create call to actions
Step 5: better blogging
Now that you have provided your best messages with a call to action, you are ready to build up a passive income.
So let’s see how you can get more people on your list and in your autoresponder series.
You already have a free e-book or video series. You have solid call to actions is your blog. And that is a good start, but you can do much more.
A very good way to get something extra out of the pot = content upgrades
Content upgrades are literally added value for the content.
They belong to the blog and indicate that extra. You can see an example of a content upgrade in this article, in which I share the theory and added an action book that you can download separately.
The action book gives extra added value because it ensures that you will turn the theory into action.
If you want to know everything about content upgrades from seam to thread, click here.
You don’t have to make a content upgrade for every blog, but it’s smart to have one for each category.
Exercise: Create 5 to 7 content upgrades for each category
Step 6: Create strategic Thank You pages
No product stands alone. There is always more to learn about each theme, there are tools that can provide extra help or are there additional areas that are a perfect duo to explore further.
So if a visitor downloads your free e-book or content upgrade, you can invite your visitor to explore additional interesting resources on the Thank You page.
For instance:
Add coupons or give a temporary karting for quick decision makers
Give bonus downloads to which robust call to actions have been added
Remember: everything that can help your client achieve results is your job to let them know. You don’t have to be intrusive to make a passive income.
A buyer must always have a good feeling, but where extra relevant information can help your customer even better, you must report it.
Exercise: Review your current Thank You Pages and look for opportunities
Step 7: Create a Passive Income Upsell
Do you know who is the most likely person to buy from you? It’s the person who just bought something!
Do you have an automatic system to let her know what the next logical step is to put on her wish list?
Whatever your customer buys, it is always smart to show them an additional and additional product or an in-depth version.
Example:
Suppose you help entrepreneurs who want to write a book, then your course on writing a book is of course step 1.
But it can be interesting for those who buy this course, to also step into your subscription formula in which you help the participants to really write and take action every month, so that the book really gets there.
So you first sell the theory and then you help with the implementation.
After all, it is the customer’s choice what they want, but it is your job to show all possibilities.
So every time you make a new product, you have to think about how it correlates with your current products. Sort them in a logical order. If your ideal customer comes to your website, what should they first purchase and then what…
This is actually your sales tunnel order and it will make it easier for you to decide what your upsell offer will be.
Exercise: Create a logical upsell process
Step 8: Your daily correspondence
You send emails every day. These emails are a golden opportunity to support your passive income plan.
Put in the signature of your email (and yes, you can automate this)
Provide a link to your most recent training
Report relevant blogs
Put a link to a blog with a strong call to action
Or A link to an opt-in for a freebie (customer magnet / free giveaway)
Are you looking for a passive income? Then get started with the exercises from this blog article