Have you heard that millionaires can have seven streams of income? These are seven different ways they make money each month. Take a look at your company; what streams of payment are you earning?

If you can answer yes to one, then it’s time to unleash that imaginative part of your brain and generate additional income streams. One possibility is passive income sources.

“Passive income” is something that has an untrue description. Making products or establishing different income streams requires effort. However, the advantage is that these income streams can work for you — almost entirely on autopilot for the next few years.

The benefits of passive income

1. Improve your bottom line profit. More money is perhaps the most apparent benefit. However, it is worth noting, as who wouldn’t want more profit? Additionally, (as you’re likely aware) restricting your practice to one-on-one coaching could be a “feast or famine” proposition. Passive income streams will help you out of your “famine” times.

However, even during “feast” times, your revenue from 1:1 coaching is restricted to the number of clients you’re able to manage. Passive income streams can help to eliminate the “income ceiling” and create some cushion.

2. Regain time within your life. Hold up. I know that I’ve said that making products or other income streams takes time! But let’s move forward for a moment and think about the final side of the process once you have your revenue stream established and created the majority of the work. If you have a well-planned marketing method, you will be able to generate income from these earnings streams when you’re sleeping. You can get off work earlier or even take the whole day off to enjoy yourself since the “passive” products are still making money.

3. Enhance your credibility by aiding many more people. Consider your passive income as a way to make your knowledge available to the ever-growing number of people. Envision a snowball sitting at the top of the mountain, representing you and your circle of clients who you coach. As the snowball descends, it accumulates more significant snow until the ball is massive in size. The accumulation concept is the same for you if you can reach more people and provide advice through your books, webinars, or courses. As such, your publicity and positive word-of-mouth enhance your expertise and demonstrate your skills to many people. All of this can result in more excellent sales and a horde of customers who praise your work. Therefore (at the very least), the effect of snowballs is perfect!

Plan your passive income

After I’ve convinced you of the advantages of passive income streams, now is the time to map out what these streams will be for your company. Of course, anyone can earn passive income through the affiliate marketing industry, membership subscriptions, and even the writing of books. However, the most popular and enjoyable option is the creation of courses or digital products based on your expertise in coaching.

Digital devices let you solve problems for others within the privacy of your own home. Your customers will receive answers to their queries quickly, with a format that they can access via their smartphone or computer.

Imagine what your company and life would look like if you could create an online course.

• Students eager for learning from your teaching
• Spending less time on the job while changing more lives (and not overworking yourself by working with clients in a 1:1 manner)
• Establishing your credibility and making yourself an authority within your area
• No limitation on your earnings

When you design a digital course and launch it, you’ll have an important business asset that you can sell and launch repeatedly.

Making Your Product

There are a lot of steps in the creation of a product. However, after you’ve completed one, making others is much easier. When designing a digital item, it is essential to ensure that the product is pertinent to the primary area of your interest. If, for instance, you’re a health professional, the product that you should focus on should be health-related. You will also be able to continuously improve the quality of your product by asking your clients what they want. Finding out what clients want to can be done by asking them questions through quick surveys or recording their frequently asked questions.

After that, you must verify the product by making sure you double-check to ensure it’s the right product. Ask your customers if it could be helpful and pertinent. You can do this by posting questions on forums. It is possible to do an early launch with customers to try the product out on your behalf. I have a co-worker to whom I provide my products in exchange for evaluating the outcomes.

You’ll be required to write content for the launch and promotion of your product. Then, it would be best if you determined the price.

The Launch of Your Product

If you’re launching your product, you will require both anticipation emails as well as a sequence of launch emails.

1) Anticipation emails create foresight. They should be instructing your readers on a subject that you are enthusiastic about (and closely related to the course you’re offering). Also, give them an overview of the system.

2) Launch emails present the announcement. They inform the customer that the product is available and where they can purchase it.

This marketer says:

“With my launch, I have built up anticipation in a matter of weeks instead of months or years. Each time I speak about it, potential buyers become more enthusiastic. Then, I provide an exact date on how long the item will go live and be accessible to purchase.

“The one day before the launch, I send out a comprehensive email that contains all the details my subscribers require to purchase. In addition, the email provides advantages from the products, price details and even offers answers to commonly asked questions (that aren’t requested yet).

If your launch lasts for five days, you’ll need at minimum five emails. I’ve seen lists that issued two emails per day, sometimes the same but with various subject matters. I think this is a good strategy. The task is contingent on the audience you’re targeting and the frequency of emails they should send. Be aware that they likely don’t check all of their emails. It’s not a bad idea to send multiple emails.

Creates Urgency

Here are four methods to convince your customers on the fence to buy right now:

1. Are you in the middle of a sale or promotional pricing coming to an end?

2. The product should be made available for a short time.

3. Give an additional incentive only for the first x number of customers.

4. Limit the number of items available for sale.

Choose one or two strategies that be a hit with your customers. If you plan it well, the urgency of your launch emails will boost sales.

In Closing

Coaching clients one-on-one is fantastic, but it shouldn’t be the sole focus of your business strategy. It is critical to have other origins of income to supplement your coaching programs. In all likelihood, how often have you experienced an entire month without new clients? If you have another revenue source, this circumstance is less stressful.

If no one knows you at this point, they’re likely not willing to invest $1000 on a coaching program. However, a customer may be helpful to gamble on you for something that only costs them $100 mark or less — because it’s not much of a risk for them.