How do you create passive income for your coaching and consulting business when you’re already busy?
Believe me, I completely understand this. I’m now the mom of a two-year-old and I’m amazed at how much free time I had before having Caidynn.
Of course you already understand that passive income doesn’t mean that you never did any work whatsoever.
It means that you typically invest your time (and maybe money) upfront and improve it over time. You then get paid for that work over and over again.
A great example of passive income is creating an online course. You can create that course once, then market and launch the course over and over again until it’s either out of date, or you’ve created the next course to market and launch.
We recommend that every coach, consultant and service provider build passive income revenue streams into their business.
Passive income adds more money to your bank account each day AND it brings in more potential VIP clients for your most lucrative and non-passive income: Your Services.
Stop trading hours for dollar and add multiple passive income programs to create a full product and service funnel.
Thankfully, it doesn’t have to be hard to do. Here are three steps to make it happen.
1. “Write” a Book
Do you have a process that most, or even just a segment, of your clients follow?
Your first step is to look through all the content you currently have and figure out if you can compile it into a full information product in the form of an ebook.
You may need to fill in some missing gaps with more content, especially stories of clients you’ve already helped. Add some graphic design, perhaps charts, and professional formatting before you can call it a real information product.
Next, re-imagine your books into other formats.
2. Repurpose the Information Product Into Multiple Formats
You don’t have to sell the product in only one format. See how many forms you can put the product in.
As you move it to other forms, it will become either more or less comprehensive depending on the format. Price the product according to how much information, with the most comprehensive being the most expensive. Add in personal coaching or consulting from you, and the product in all its form, for the most lucrative income of all.
For example, perhaps you wrote a book that teaches your audience how to overcome some problem or fear.
Next, create a workbook based on your book. This can be sold separately or bundeled with your book.
Then repurpose the first few chapters of your book and workbook into a free online challenge to build your email list with potential clients. Now you have your book and a lead magnet challenge.
The rest of the book and workbook can be developed into a full online course once it’s transformed into a slide presentation with a voiceover. The book can now be a bonus when someone signs up for your course.
A great example of a life coach who launched her coaching business this way is Cory Jenkins, one of our LIFT members, and the author of I Love Myself So… A Guide to Creating a Life You Love.
Cory continued in developing her coaching funnel by adding a high-end mastermind program and private coaching.
3. Keep Going to Develop a Membership Site
Now you have two books, a lead magnet, and an online course.
All of which can be compiled together and sold as a bundle, or it could be added to a membership website where members have access to the things you create for paying a small monthly fee. Your membership site can offer different levels. Information, Group Coaching with a Forum, and all that plus personal coaching and consulting from you can be the VIP level.
If you would like to see how we formatted our membership program, as well as receive support, accountability, and training for purpose-driven coaches and consultants, sign up for LIFT here.
As you can see, as you continue to repurpose your information into new forms, you add to the value of your offerings to your audience and increase your passive income. You will also attract new high-end private clients via your less expensive passive income programs.