Passive Income
Apr 15, 2020
Do you have a passive income product? Do you even know what that is?
I didn't know anything about passive income until around 18 months ago and since then I've been hooked! It is anything that you can sell in your sleep, from ebooks to masterclasses to online courses. They are usually lower price points as they don't involve interaction from you.
The idea that it is "passive" is a bit of a misnomer though, as it takes a lot of work up front to create a course, ebook or masterclass. But once you have done it once, you can sell it over and over again, so that becomes passive.
I think every small business should have something passive to offer as, over time, it will give an underlying source of income in your business. If you've always wanted to write a book, or create something more accessible for your clients, this is a great way to do it.
Be careful of creating a lot of content before you have sold places though. Lots of people create a huge course of content, only for no one to buy it. Have an outline and sell that, and only create the content once you have sold the course. That way, if no one buys it, you haven't wasted your time. Do your research, to ensure that you know what your audience want, rather than what you think they want.
Beware, this is not a get rich quick scheme, and will take time to build into your business. But with the right products and marketing, over time you could have a solid base for your business. It can also be a bit of a dirty word with people thinking it is something it's not.
I have several passive income products and you can get any of them via my website.
Do your own accounts and manage your cash with Becoming a Numbers Ninja. Use code NINJA25 for 25% off at the moment.
Got Xero for your accounts but no idea how to use it? For £47 you can get practical videos on how to use Xero.
If you are a sole trader, get my guide to managing your expenses with a spreadsheet and tutorial to help you get started for just £27.
