In the process of helping thousands of speakers, consultants, coaches, and info-entrepreneurs in creating their passive streams of income I discovered how ANYONE can add more passive income to their lives.
Regardless of how busy you are, how much money you’re making right now, or how long you’ve been in business – you can easily add income streams that don’t rely on billable hours or working with clients.
I’ll go to a lot more detail in the webinar, but today I am going to give you my top 4 secrets for creating passive income streams any time you want, so you could have more free time and less stress, and stop relying on your clients to stay in business.
When you work with clients, it may seem challenging at times to deliver the same quality and insight in your products (ebooks, home-study courses, videos, etc.). Although you can’t give feedback and personalized attention inside your products, you can share what you KNOW about your subject and the LESSONS you learned while working with clients. In other words, productize what you KNOW and not what you DO.
#2. Keep it simple
There’s lots of ways to create and market your passive income products, and you may find yourself completely overwhelmed and paralyzed. It’s like having hundreds of TV channels and flipping through them for an hour, never actually watching a complete movie! So what’s worked great for me is stripping my idea down to a minimum and focusing on it for 30-60 days. Remove all obstacles, simplify, and just create it!
Not a new concept, but I think that most people still don’t do it. Here’s an example of how I repurpose in my business to create new passive income streams:
- Teleseminar: record, transcribe, polish, turn into $97 audio program with a workbook.
- Group coaching: record, transcribe, extract Q&A from the online group forum, turn into a $497 home-study program.
- Newsletter: polish, organize, turn into a $29.95 a month micro-continuity program.
- Coaching sessions: record, review, summarize, turn into written content to be used in future products and programs!
These are just a few examples, but I am sure you can think of more!
#4: Focus on creating more free time
Do you take pride in being busy? Or does your heart sing “joy” when your calendar looks clear? I’ve always focused on creating as much free time as possible, and that’s been my guide and filter for making my business decisions. To successfully create passive income streams, free time must become one of your TOP priorities and values on your list.