If you’re working with clients on a 1:1 basis, then you’re charging for your time, which is an example of “active income”.
With active income your earnings are directly tied to the amount of time you spend with each client. If you have 8 clients a day, you’ll get paid 8 times; if you go on holiday and have zero clients a day, you’ll have no money coming in.
While this 1:1 premise can be profitable with high-end clients, you’ll still reach that glass ceiling because you only have so much time in a day to devote to clients.
So, if you want to break that glass ceiling and earn more while still working on a 1:1 basis, it’s time to develop some passive income streams.
Three Passive Income Ideas
Passive income is a way to leverage your 1:1 clients by reaching more people at one time.
What’s the best way to do that?
The choice is up to you; start off by choosing one passive income idea and when that is complete and you see sales, try creating a different stream of income.
Ideally, your passive income and active income are like gears in a clock, all working in perfect harmony to increase your profits and expand your name recognition.
1. Write a book. Publishing a book gives you instant credibility with the world at large. Make it onto the Amazon Best Sellers list and you’ll go to the front of the line in superstardom. Writing a book will open up doors to media interviews and speaking gigs, which in turn expose you to brand new, bigger audiences. Plus you’ll make those fans who can’t afford your 1:1 time extremely happy because they can still learn something from you in printed form.
2. Sell your recordings. Whether you record webinars, podcast interviews, or organize a summit of business leaders, selling the recordings after the event is another way to earn passive income. As always, there’s work to be done getting these webinars, interviews, and summits organized and running without a hitch, but offering a paid product for those who couldn’t attend live earns you some extra cash but also endears you to those fans who will still benefit from your brilliance.
3. Create a course…or a series. Creating courses is a way to delve deeper into your expertise than a published book will allow. Consider this a passive way to coach or work with clients in the comfort of their own homes but on a grander scale.
Just think…your fans can follow along in DIY fashion, with your words guiding them to their next steps, without you having to schedule each person into your already-busy calendar. Plus your fans can work at their own pace instead of worrying about deadlines or having to attend webinars live.
Give them what they want but allow them to work at their own pace.
Delegate some of the prep work to ghostwriters or a virtual assistant to make your part of the upfront work even more passive. You’ll pay those contractors to organize and produce the finished product but consider that an investment in your business.
Remember…you’ll have these finished products for years to come after this initial investment.
Next week I’m going to debunking four myths about passive income.