Table of Contents

Why You Need to Create Passive Income Programs

5 Money-Making Action Tasks to Grow Your Business

You Need a Passive Income Stream

Writing a Resource Box that Makes People Click

Creating Products Your Clients Will Actually Buy

 

Why You Need to Create Passive Income Programs

As a coach, consultant or service provider you're used to trading hours for dollars. Unfortunately, hours are finite. Due to the fact that time cannot be generated and is not in never ending supply, it's important for you to find ways to generate passive income. Creating passive income programs will help you create the life you always dreamed was possible. Imagine waking up each day, and most days not having to watch the clock. Imagine being able to work from any country in the world, in any time zone, from any place with just an Internet connection. Imagine getting to travel and meet awesome people with whom you relate very well.

Imagine finally earning that six figures or multiple six figures that you always dreamed of without working more hours and running yourself into exhaustion.

Time is Money

First, you must finally realize that your time is a premium. This is especially true if you've spent a number of years building up your knowledge and you are a true expert in your niche. If right now most of your income is derived from one-on-one work for your clients, be it a service, consulting or coaching, it's time to start thinking outside the box and turning your knowledge into passive income programs.

Flip Everything To Earn Freedom

Once you get that going, you can flip everything around so that you earn most of your money passively, thus having the appearance of generating more time due to freeing up the time you now spend performing services. Everything starts with your product funnel. Take a look at your product sales funnel and decide what types of products and services you can add that are passive in nature to the widest side, and at the most narrow point put "one-on-one" time.

Make One-on-one Time Exclusive

One-on-one time can mean, telephone, email, task based services, anything that you must do on an hourly basis directly for just one client at a time should be at or near the smallest part of the funnel. The easier it is to accomplish the higher up toward the wider part the service or product can go.

Your product sales funnel might look like this:

This is just a very basic outline, make your product funnel as elaborate as possible to ensure that you've filled all the potential gaps in possible passive income programs such as eCourses, Udemy Courses, Podcasts, eBooks, Kindle Books, Affiliate Income, Advertising and more.

No matter what sort of niche you are part of, you can add all of these ideas to your product funnel. By doing so, you create more entry points into your funnel. The more places a lead can enter your funnel the more clients you'll have waiting for you to have free time to spend one-on-one time with them. The more people you have waiting, the higher your fees can climb. The higher your fees climb, the more freedom you'll have from time constraints.

Ready to create your passive income empire? To get started check out "Micro Report Riches"

If you want to get started faster check out the video course "HOW TO QUICKLY AND EASILY BUILD Your 6-Figure Low-End Product Suite!"

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5 Money-Making Action Tasks to Grow Your Business

Inaction is the death of any business. Without taking regular action every single day to grow your business, inaction will cause your business to become stagnant. Clients will disappear, your sales funnel will be empty, and your revenue will dip to zero in a heartbeat.

Let’s avoid this scenario! Here are five action tasks that will lead to increased income and business growth.

1. Email Your Customers Regularly.

Contrary to popular belief, email marketing is NOT dead. Email is the easiest way to stay in touch with customers and prospects to let them know about your new offerings or to recommend an affiliate product which pays you a commission.

2. Focus on Customer Service.

You will never please everyone but you may as well try your best. Inevitably customers will contact you with questions or refund requests so be prepared to answer these requests in a timely manner. Stick to your rules about refunds but never disregard or disrespect a customer. Negative online reviews are easier to find than positive ones.

3. Raise Your Rates.

When was your last rate increase? Are your prices competitive with the current market of coaches of your caliber? Can your ideal client still afford your new rates? Be confident that your expertise is worth that new rate and break the new carefully to your current clientele so they don’t jump ship.

4. Repackage Your Offerings.

Don’t reinvent the wheel. Simply take your older content – books, programs, blog posts, etc. – and create new bundles or create an entirely new product. The information or products should obviously be related in topic to appeal to the most people and be sure to price it accordingly.

5. Create a New Offering for Old Clients.

People buy from those they know, like, and trust, so open up that old client list and create an exclusive offer just for them. Make the offer sexy, exclusive, and time-sensitive to get quick action results.

How Do I Know What to Offer?

This is an age-old question of many coaches and business owners and it boils down to knowing your target audience. How do they want their information presented? What are the hot topics in their industry? What struggles do they have every day? The simplest way to know what they want is to simply ask them.

Another reason coaches don’t know what to offer is because they don’t have a plan, either for their business or who they want to help. Writing a business plan with action steps is imperative for business growth and I’m presenting a very in-depth workshop on this very topic.

 

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You Need a Passive Income Stream

Have you heard the phrase, “Make money while you sleep”? It’s a common phrase thrown around the internet marketing world that describes the power of passive income. Make a product one time but reap the rewards for years to come.

Passive income can benefit absolutely everyone, no matter what type of business you have or what type of coach you are. The key is to make the product creation as simple and as inexpensive as possible. This doesn’t mean your product will be cheap; it means you should focus on your area of expertise and solve a common problem among your audience.

Let’s review why coaches need to create a stream of passive income: 1. Supplement your income when a client cancels their contract. No one wants to think about losing a client (or two!) but it happens. Instead of panicking at the idea of finding a new client to fill that space, you can approach the task calmly, knowing you have passive income to fill that gap 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. Using your products as a giveaway or pricing it on the low end will entice these newcomers to learn more about you and your coaching practices.

3. Attract speaking or media engagements. Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have products as part of your business and have a consistent marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile will immediately elevate your authority level, too.

4. Lead your prospects through a sales funnel, ultimately leading them to your more expensive coaching packages. A sales funnel is a must-have for coaches because people want to know about your practices prior to paying hundreds or thousands of dollars on a coaching package. Showcase your expertise with smaller, more inexpensive products first, then entice those buyers with your higher priced packages.

5. Use products as part of your overall marketing plan. When you have products, you can run promotions which garner lots of attention on social media. Offer a freebie, a bonus if they buy a coaching package, or offer a chapter of your ebook as a teaser to entice them to buy. Unique promotions will attract attention from new prospects in your target market.

Ready to create your passive income empire? To get started check out "Micro Report Riches"

If you want to get started faster check out the video course "HOW TO QUICKLY AND EASILY BUILD Your 6-Figure Low-End Product Suite!"

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Writing a Resource Box that Makes People Click

A resource box is what you usually find at the end of an article. They will contain the name of the author, a brief description of the author, a brief description of the sponsoring site and a link.

If a reader likes what they read, they would have the tendency to find out where the article came from to read more. The resource box will be their link to the source of the article and this will entice them to go to the site and do some more reading or research for the subject or topic they are interested in.

But like the article itself, the resource box must also be eye-catching to demand the attention and interest of the reader. While the resource bow encompasses only a small space, providing the right keywords and content for your resource box will provide more prodding for the reader to go to your site.

Now we know what resource boxes are, what are the benefits of having a good resource box?

Mainly its driving traffic to your site.

Many sites would allow articles to be placed in their sites because they can make use of the articles to fill their pages. They also get affiliation with other sites that can be beneficial for them as well. For the sponsoring site, when you get people to click on your resource box, you generate traffic that can be counted upon as potential customers.

So what would be a good content for your resource box? Basically it is keywords, learning about the proper keywords that people are mainly searching for. There are many tools you can find in the Internet that can help you in determining what keywords to use.

Resource boxes can also make use of all the creativity it can get. You only get a small space for your resource box so you better make the most of it. Try to catch the attention of your reader with resource box content that can make them give a second look. Unlike TV ads, you don’t have visual aids to drive your point in. But you do have the power of imagination of a reader. With the right content, you can make them think and intrigued.

Another tip is to use keywords that should be related to your site. Do not mislead your potential website visitors. Build your credibility so that more people would get enticed to visit your site and browse what you have to offer. Make the people click your resource box by providing resource box content that makes a lasting impression. You only get one chance to wow them and hundreds of chances to repulse them.

Never underestimate the power of the resource box. It may be small in size but they will provide a significant aid in driving traffic to your site. A boring resource box will never get a job done. Be fun and creative but at the same time show that you have a great deal to offer, too much to ask for something that couldn’t fit a paragraph? Yes and no, there are many tips and guides that can help you in doing this, the first step is realizing how important a resource box could be in making people click your link and be directed to your site.

Ready to create your passive income empire? To get started check out "Micro Report Riches"

If you want to get started faster check out the video course "HOW TO QUICKLY AND EASILY BUILD Your 6-Figure Low-End Product Suite!"

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Creating Products Your Clients Will Actually Buy

I’m a big believer in creating passive income for your coaching business but many coaches don’t know what to offer or think that their one-on-one coaching services are enough to sustain their lifestyle.
Sure, your clients hire you for your specific skillset and specialty but wouldn’t you like to earn more in your business? Wouldn’t you like to cash in on the phrase, “Make money in your sleep”? Wouldn’t you like to reach more of your target audience who aren’t quite ready to purchase your big ticket coaching packages?
This is why you need products to sell in addition to your coaching services.
What Will They Buy?
A simple way to determine what your audience needs is to simply ask them. Create a survey with Survey Monkey and ask your followers on social media and on your email list to complete it. Maybe what they are looking for is a simple ebook or a workbook. Others may be looking for a class to resolve their particular problem.
Also ask your current coaching clients what they need. This is especially important to retain them as clients after their coaching sessions end. What’s the logical next step for them to continue learning with you?
Identify Your Target Market
You have likely done this exercise already however it’s important to reanalyze your market and identify any changes that may have occurred. Have you stayed true to your initial business plan of attracting your target market or are your clients at a lower income level? How do you attract new prospects?
By creating lower priced products, you’ll attract people who aren’t quite ready to purchase a high priced item. However, these are still good prospects to have in your sales funnel because they can start slowly with your lower priced items and as their income increases, you can offer higher priced items, eventually leading to your highest priced product. While they progress through your products, they will see you as a credible expert and will trust this expertise, especially when you offer your higher priced coaching sessions.
How to Create Low Priced Products

I hope this idea of passive income intrigues you because it could really be a game changer in terms of your coaching income.

Ready to create your passive income empire? To get started check out "Micro Report Riches"

If you want to get started faster check out the video course "HOW TO QUICKLY AND EASILY BUILD Your 6-Figure Low-End Product Suite!"