5 Reasons You Need a Passive Income Stream
You’ve probably heard the phrase “Earn money while you sleep.” It’s a common phrase that describes the power of passive income, that is, make a product once and reap the rewards for years to come.
Passive income can benefit absolutely everyone, no matter what type of business you have, be it product or service based. The key is to make the process of creating your product as simple and inexpensive as possible. This does not mean that your product will be cheap; it means you focus on your area of expertise that solves a common problem for your audience, and you build a quality product around it.
First, let’s review why Trainers need to create a passive income stream:
1. Supplement your income when a client cancels his contract. No one wants to think about losing a customer (or two!) but it does happen. Instead of panicking at the thought of finding a new client to fill that space, you can approach the task calmly, knowing that you have passive income to fill that space temporarily.
2. Expand your name recognition and attract new buyers from your target audience. The world is a big place and you always have the opportunity to reach new people in your target audience. Pricing for products on the lower end of passive income can entice newcomers to learn more about you and your training practices.
3. Attract talks or media engagements. Event organizers and reporters are constantly searching online for speakers or interviewees. If you have products as part of your business and have a consistent passive income marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile can also raise your authority level.
4. Taking your prospects through a sales funnel, starting with a low-priced passive income product, ultimately leads them to your most expensive training packages. A sales funnel is a must for trainers, because people want to hear about your work before paying hundreds or thousands of dollars on a training package. Showcase your expertise first with smaller passive income products, then lure those buyers in with your higher-priced packages.
5. Use passive income products as part of your overall marketing plan. When you have products, you can run attention-grabbing promotions on social media. Offer a free gift, a bonus, if they buy a training package, or offer a chapter of your eBook as an advance to entice them to buy. Unique promotions will attract the attention of new prospects in your target market.
Is passive income really passive?
There are many benefits of passive income as an additional stream of income, but some trainers have questioned whether you can really “set it and forget it” when it comes to creating passive income. Let’s explore this a bit more.
First of all, creating any type of product takes some time. Even if you are taking the information from your own experiences, you will need time to write it down or record it. You will have to allow time to correct and edit. If you outsource some of the editing and design tasks, you’ll have the availability of other people added to the mix. So time is certainly involved, but by digging into the expert stuff you already know, the first part of product creation should be simple.
Once your product is complete, you’ll need to prepare for a launch. As wonderful as search engines can be, you don’t want to wait and pray that people find your product; you have to tell them you have a product available, which means press releases, social media blitzes, a book launch party, a virtual book tour… the list could go on and on. To showcase your new product, you need to claim the spotlight.
After your pitch is over, you can refocus your energies on your coaching clients; however, you never want to fall into the ‘forget it’ phase, because people need to be reminded. You don’t have to email them every day about your product, but don’t be afraid to mention it in your weekly newsletter or as a postscript to other email blasts.
Here are some additional actions you can take to promote your product(s):
Add a graphic to your website’s home page with a link to your sales page.
· Create an affiliate program for others to promote your product for a commission and submit an ad about it.
Create a monthly social media post that includes occasional promotions of your product.
Organic sales are wonderful and they certainly happen, but you shouldn’t rely solely on search engines to drive buyers to you.
Paid ads on Facebook, Google, and YouTube can also get the word out about your products. Be sure to monitor your ad performance to see what’s working and what’s not.
In conclusion
Passive income products can increase your sales, your business assets, and your confidence. I say “confidence” because there is nothing quite as encouraging as seeing sales continually pour in from a product you once created.
You can also expand your name recognition and attract more media attention with passive income products.
Is passive income really passive? No, but the work that needs to be done to create a product that generates passive income, only needs to be done once to generate income for years to come.
Are you convinced that creating a passive income product will increase your sales? Then you can save a lot of time by using our handy “Product Creation Planner”.
Learn how…
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Create a product that gets results for your clients and passive income for you
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Create a sales page that sells your product on autopilot
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Create simple add-ons that increase perceived value, so you can charge more
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Use materials and content you already have to be able to create a product in record time, at any time
Learn more here: https://iaplifecoaches.org/product-creation/
