Adding passive income streams to your coaching or consulting business or a business that is based on service to others like being a Virtual Assistant business can help you break through to six figures without burning yourself out.
What’s really awesome about having passive income programs is that they can also help you get more one-on-one clients who are willing to pay more money for the privilege of learning from you in person. Plus, if you offer automated, lower-cost passive programs to bring people into your product funnel you can lead them toward your more expensive, limited one-on-one coaching and consulting.
Here are five ways you can earn passive income through your buisness.
1. Affiliate Programs
You may not have considered an affiliate program as a way to earn more passive income. If you sell even one product, book, or service you can use an affiliate program to help bring in more clients automatically. The best affiliates are those who use your products and services. With that in mind, your affiliate program can be exclusive to customers only, or it can be open to the public if you prefer.
2. Online Courses
It’s really simple to set up an automated course on Udemy. You simply load up your course with PowerPoint Slides, PDF files, and the system does the rest. You can choose to be more active with students, or you can hire an assistant to be active with students, or you can let the course be completely automated. It’s up to you.
3. Kindle Books and eBooks
You can update and expand on any “how-to” or informative blog post you’ve written, interview you’ve conducted, course you’ve made or experience you’ve had and turn it into a Kindle book. You simply compile the materials into the right format and upload, and you’re in business. You can market the books on your website, in social media and via affiliates. You can even give them away free but include introductions to your other products and services within the pages of your book to attract more clients.
4. Membership Programs
By using a program like Mighty Networks as we do for LIFT, or by installing a forum and membership wall on your website, you can create a fully automated group coaching or membership program. This is a great way to not only service your audience in a way that is practically self-serve but a way to introduce potential one-on-one coaching or consulting clients to your methods in a less intimidating way. In other words, it’s a good passive income model as well as a good way to let your clients get to know you so that they trust you.
5. Podcasts and Videos
You may not realize it but you can make money from Podcasts too. You can record them, put them on your website, behind a member wall, or on iTunes for a small fee. You can also get sponsorships for your program to bring in extra money. Recording a weekly podcast doesn’t take much time but it can bring you money time after time. (Plus, you can reuse a podcast by transcribing it and making an eBook out of it.)
Start Increasing Your Revenue
There are so many different ways you can create passive income programs that will not only add to your bottom line now but will increase the number of clients who are willing to pay top dollar for your exclusive, limited, one-on-one coaching and consulting.
