Can You Really Make Money While You Sleep?
Hey guys! I'm starting a new 2 month series running from now through mid-April about Passive Income or aka “making money while you sleep”. Each week I'll be posting a new video and blog post in this format.
You'll be able to get a great recap of the week's passive income topic by reading the blog post, but if you really want to go in-depth into the content, I suggest watching the full video post below!
WATCH THE FULL LESSON:
If you're on my email list than you will receive a weekly email alerting you to the new video + blog post in the series when it's published. So if you're not, be sure to download my brand new Passive Income Checklist + Automation Swipe file below, which will also get you on the list to be notified as the rest of the series is published!
READ THE RECAP:
What does Passive Income Really Mean?
Passive income does NOT = income with no work involved.
Passive income means making money in a way that does not require trading time for money.
So What could this Look like?
+ Digital Products ... online courses, e-books, recorded trainings, templates, workbooks
+ Affiliate income …. promoting products or services that you’ve used and believe in for a commission
+ Hiring employees or contractors to do the actual work for you.
I do a a little of each of these forms of passive income strategies, however our focus for this series will be creating passive income streams using digital products … specifically courses.
Why Passive Income?
For me it comes down to necessity ….
+ I’m a Mom of 2 young kids younger than school age, and I’m a stay-at-home Mom too.
+ My main work times are at 5 am, nap time, and after the kids have gone to bed.
+ I also run a local company - pet sitting and dog walking company, manage a team of 20 part-time employees
+ Most days I have around 3 hours to work on my business (on a good day). This works out to maybe 20 hours per week.
If I was spending my time trading time for money, then I’d been spending my limited work hours per day working IN my business, versus working ON my business. And I wouldn’t be building something sustainable.
That’s my reason for pursuing passive income. But yours could be different ….
+ You’re a college student that doesn’t want to enter the traditional workforce when you graduate.
+ You’re working a 9-5 with limited hours to work on your side-hustle.
+ You’re looking for the independence to travel, but not to be spending your time in all these new locations, wholed up in your RV working instead of exploring.
+ You’re currently running an online service-based business (VA, graphic designer, copywriter) but you realize it’s not sustainable the way you’re growing it, and you’re going to hit an income ceiling or burn-out.
Our Purpose for Passive Income
.... Is to create an income stream that you create ONCE, which then brings in revenue for you over and over again with little additional work or “maintenance” from you.
This is a scalable revenue option meaning it’s just as easy to deliver your passive income product to 1 person, as it is to deliver it to 100 people. So the sky is the limit in terms of people that you can reach and help.
And your future efforts can be used on advertising, exposure, and spreading the word, versus always being in work and creation mode.
What we’ll be covering in this Series
What this series is and is not …..
In this series I will NOT be discussing in-depth how to create your passive income product.
There are already a TON of resources out there that discuss exactly how to create a high-quality online course, or training product.
If you need help in this area, I highly suggest checking out Mariah Coz’s blog Femtrepreneur, and her signature offering called “Launch Your Signature Course.”
Teachable is also another great resource that provides a simple to use platform to build and host your course, as well as lots of course creation tips on their blog.
What I WILL be covering in this series is the BIGGEST problem out there that I see in the passive income and digital product community.
There is a lot of info out there on creating a course or a digital product, and even a lot of guidance on launching your product once it is created.
But then what? THIS is what’s missing.
You’ve spent multiple hours, late nights, long weekends, and poured your blood, sweat, and tears into what you believe to be the perfect course. You launch it into the world, and maybe you have success …. a $1,000 or $2,000 first launch … If you’re really doing everything right maybe you even hit the 5-figure mark and have a $10,000+ launch on your first time around.
Personally my first time, I brought in about $5,000 on my first launch.
But then what?
The Ugly Truth
Here’s the ugly truth. The majority of digital courses and products after their initial launch are sitting on websites and not selling.
You’ve likely come across them before … they have beautiful graphics, amazing sales pages, some high-quality testimonials …. and you imagine they are flying off the digital shelves for the course creator, bringing in tons of passive income.
But the problem is … they are not. I can’t tell you how many course creators I’ve talked to that I imagine must be killing it in course sales.
But instead they tell me they’re actually thinking about pulling their course off of their website all together because their course is such a miniscule part of their revenue that it’s not worth the real estate on their website.
This is SUCH a shame. Hours, weeks, and months wasted creating a high-quality online course or digital product, and after the initial launch, it just sits there.
THIS is the problem that I’m going to be addressing in this series.
It Doesn't Have to Be This Way
And I’m telling you right now, it doesn’t have to be this way.
Next week in Video #2 of the series, I’m going to be looking at exactly what’s going on with this issue. Why are these high-quality courses, e-books, and trainings sitting there and not selling?
I’m going to show you why the answer is NOT more website traffic, not lowering the price, and it’s definitely not creating more products.
Passive Income Checklist + Automation Swipe File
But for now, be sure to download my Passive Income Checklist + Automation Swipe File that covers all of the items you need in place to create a stream of passive income with digital products such as ebooks or online courses.
And don't forget to let me know in the comments ... what do you think about this new video lesson format? I'd love to get your feedback! Also, let me know if you're ALL-IN for getting a passive income system up and running in your own business!