You’ve probably heard the phrase “making money while you sleep” before. It’s a common phrase that describes the power of passive income, that is, creating a unique product and reaping benefits for years to come.
Passive income can benefit anyone, no matter what type of business you have, whether it’s a product or a service. The key is to make the process of making your product as easy and inexpensive as possible. This does not mean that your product will be cheap; This means that you focus your area of expertise on solving a common problem your audience has and building a quality product around it.
Let’s first look at why Coaches need to create a passive income stream:
1. Supplement your income when a customer terminates their contract.
No one wants to think about losing a customer (or two!), but it does happen. Instead of panicking about finding a new client to fill that void, you can approach the task calmly, knowing that you have passive income to temporarily fill that void.
2. Build awareness of your name and attract new buyers from your target audience.
The world is big and you always have the opportunity to reach new people in your target audience. Pricing products at the bottom of passive income can entice newcomers to learn more about you and your training practices.
3. Attract media interaction or engagement.
Event organizers and journalists are constantly looking online for speakers or interviewees. If you have products as part of your business and have a consistent passive marketing plan, the media will find you faster in their online searches. Adding these events to your media profile can also increase your authority level.
4. Moving your leads through a sales funnel
Starting with a low-cost passive income product eventually leads them to your most expensive training packages. A sales funnel is essential for trainers because people want to know more about your work before paying hundreds or even thousands of dollars for a training program. First show off your expertise with small passive income products, then attract those buyers with your high-value packages.
5. Use passive income products as part of your overall marketing plan. When you have products, you can launch eye-catching social media promotions. Offer a free gift, a bonus if they buy a training package, or sneak a chapter in your e-book to entice them to buy. Unique promotions will attract the attention of new prospects in your target market.
Is passive income really passive?
Passive income has many benefits as an additional source of income, but some trainers wonder if you really can “set it and forget it” when it comes to creating passive income. Let’s explore it a bit more.
First of all, it takes a while to make any type of product. Even if you get information from your own experiences, you will need time to write it down or record it. You need to spend time proofreading and editing. If you outsource some editing and design tasks, you’ll have the availability of others added to the mix. So time is definitely involved, but as you already know from diving into expert ingredients, the first part of creating a product should be simple.
Once your product is complete, you need to prepare for launch. As wonderful as search engines are, you don’t want to hope and pray that people find your product; You have to tell them you have a product available, which means a press release, a social media blitz, a book launch party, a virtual book tour…the list can go on and on. . To showcase your new product, you need to claim the limelight.
Once your launch is complete, you can refocus your energy on your coaching clients; However, you never want to get 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 as a postscript in your weekly newsletter or other email outings.