Today we’re going to get actionable!
Now you know that I am not one to shy away from giving you the goods. I mean that is what I do! But the series of posts I am about to share with you over the next few weeks is going to have you glued to these pages.
When you’re trying to grow a business, the last thing you need is bits and pieces.
You need a step-by-step action plan.
And I am here to deliver!
Anyone can start a business, but in order to get the customers, sales, and profits you want, you need to know the right things to do, at the right time and in the right order!
This is something I teach my WomanpreneuHER University students! I give my ladies step-by-step game plans that help them execute the exact strategy they are being taught, so they can create the results they expect and effectively build the type of business that they want.
When you have a step-by-step action plan, it eliminates the overwhelm and frustrations many entrepreneurs find themselves in when they don’t know what to do next.
So, if you are the type that’s ready to get results…this is for YOU!
Tired of Trading Time For Dollars? Your 6-Part Action Plan for Creating Passive Income with Ease!
When it comes to building a successful business there are 5 areas I see women getting STUCK at. So, over the next couple of posts, I’m going to go through these sticking points step-by-step…(and how to overcome them!)
Whether you’re a total beginner, a part-time business owner, a coach, a freelancer, a CEO, a creative, a teacher, a designer — whoever you are and whatever you do — there’s one thing that’s 100% certain:
Running a profitable, value-based business can profoundly change your life.
But to get there (without the added overwhelm and pressure that come with building a wildly profitable business) it is critical that you have a tried and tested game plan to keep you on course. The success and survival of your entrepreneurial journey depend on it!
As an entrepreneur you may find yourself in one of these 5 places:
- You currently have a product (or service) but you are trading your time for money and you’re TIRED!
- You currently have a product idea but are not sure how to make your offer IRRESISTIBLE.
- You currently have a great offer but you don’t have an AUDIENCE to sell to.
- You currently have a product offer (that you know is IRRESISTIBLE) but it’s not SELLING.
- You currently have a product that’s SELLING but you don’t know how to SCALE!
Today we are going to be talking to the people who are tired of trading their time for dollars (maybe you are a service provider or 1:1 coach) and you know that your current business model is not sustainable for you and the lifestyle you want to create for yourself.
Now, this post is going to be pretty robust so you may want to Pin this or bookmark it so you can come back to it at a later time. The key here is to not only read what you learn but to take action on it. That’s why I call it an action plan! (hint hint)
Before we dive into Part 1 of our 6-part passive income action plan, I just want to say that I get it. I get that this first stage – moving from 1:1 to 1:many may be an uncomfortable place to be.
But, I just want to celebrate you for taking the first step and being committed to getting started. There are many ways to build a business, but what’s the point of being an entrepreneur if you are working so hard that you can’t even enjoy the lifestyle it’s afforded you! And unless you are a glutton for punishment, if there is a way to make more money, while working less – every entrepreneur should be thinking about how to boost their passive income opportunities.
So many people have ideas on what passive income is or is not, so they never really try to put a passive income game plan together, but kudos to you for doing that now.
If you’re in this stage right now you’re probably wondering: “How can I move from 1:1 to 1:many and package up my passions in a way that generates passive income for my business?”
You may even be feeling burned out, frustrated by the lack of freedom you have, or overwhelmed with the amount of work you actually have to commit to each month to hit your income goal…but regardless of what has brought you here today, you are ready for change.
what is passive income and why do you need it?
Before we dive into the first step, let’s just define what we mean by “passive income” and WHY it’s so important.
Nothing sounds better than putting systems in place that make money for you months and years down the line (without you having to trade 40+ hours of your time each week to produce a paycheck).
But in order to create both time and financial freedom you need a whole new way of working and doing business that’s streamlined, automated, and predictable.
And for those of use building businesses online, having a passive income sales funnel is the key!
So, even when I am resting on the weekend, or playing with my kids, I can pull up my phone and see that I am getting payment notifications and making sales every single day – and that all come through my ecosystem of passive income funnels.
Now while books like the 4-hour workweek and Instagram accounts that glamorize the #laptoplifestyle make the idea of passive income seem much sweeter and simpler than it really is, setting up passive income systems while very attainable, still requires some work.
There is no magic bullet for setting up the exact passive income streams that are going to be right for you and your business. It’s often a lot of trial and error before you start making money but thank goodness you have lots of passive income options and this game plan to give you a great roadmap to start.
So, without further ado…Let’s get into it!
your first step: finding passive income product ideas
You want to start making passive income, and you’re ready to put in the work upfront to make it happen. But there’s just one problem…when it comes to brainstorming passive income product ideas, you’re drawing a blank.
If you have an existing business where you have been coaching, consulting, or providing a service, it’s very likely that you have a signature framework you already teach to help your customers get from Point A (where they are now) to Point Z (where they want to be).
So, start by looking over your existing content. From your free content to your paid coaching packages, the content you’ve created for your business is overflowing with passive income product ideas.
First, look at your freebies and lead magnets. Regardless of what you are selling, if you are creating freebies, they should be attracting potential customers and leads for your business, right?
Your freebies might be one of the following:
- .PDF download
- Swipe files or scripts
- Email templates
- Audio or podcast content
- Blog templates
- A how-to guide
- Roadmaps or tutorials
- Video Series
If people are downloading your freebie, there’s a good chance they would be interested in a product on the same topic. And they’ll likely pay money for these products if they find it satisfies a need or solves a problem for them.
Do an audit of your freebies. See which ones are the most popular (aka have the highest conversion rates) and think about what you’d charge if you were to put a price tag on them.
Can they be updated? Can the content be expanded so your customers get their money’s worth? Can you bundle a few freebies together to create a complete product offering? Think about the content that is attracting your ideal customers and how you can repurpose, remix, refresh, or bundle it up to create a passive product that will sell.
The second step is to look at your current workflows, onboarding processes, and SOPs (standard operating procedures) for passive income product inspiration.
One of the first passive income products I created was an ebook about how to create ebooks. I simply took my unique process for creating an ebook and turned it into teachable content!
So many 1:1 coaches worry that they have to come up with something “completely new” in order to create a passive income product, but you don’t. Just think about the other aspiring entrepreneurs who are building businesses similar to yours and the tools, templates, or tech knowledge you wish you had when you were first getting started.
I’m sure that the processes you use every day in your work are really familiar to you. So familiar that you may not have even thought to turn them into a passive income product! If the checklists, tools, processes, steps, and workflows you’ve created make your job easier — there’s a good chance it will make your clients’, customers’, and colleagues’ lives easier, too.
For example, when I created my Viral Content Startup Kit, a big part of the inspiration for that product was the process I used to turn 1 piece of long-form content into 25 individual pieces of content. I eventually started calling it my 25X Viral Content Formula, but it was a process I had already been using for years in my business to repurpose content.
As a 1:1 coach there is likely a process you use to close and onboard new clients that looks something like this:
- You have an application process
- You book a discovery call
- You conduct your discovery call or sales call perhaps following a specific script
- If you book the client you send a welcome email that includes the next steps including the finalization of paperwork and initial payment (proposal and contract, etc.)
- You collect client info and add them to the client portal
- You have a kickoff meeting to get your project or coaching sessions going
- You have scheduled follow up sessions and check-ins
- You have an exit meeting and close the client file
You can use your “unique” process that may look something like the steps above and turn it into a Client Success Onboarding Kit filled with call scripts, client forms, and tech tutorials.
You can also take just ONE component of your process, such as your welcome packet, and transform those into templates and sell them.
Other ideas can include your company brand book, hiring guidelines, or VA onboarding process. The options are limitless and you could turn it into a product to be sold!
The third step is to review your client or customer feedback.
Think about the tools, tutorials, strategies, or “help” your clients have asked you for in the past. If you keep a log of your customer and client feedback (which you should) it can be useful in helping you come up with product offer ideas!
For example, maybe a potential client reached out to see if you sold part of your services or a specific “segment” of your coaching package. Maybe a current client needs supporting graphics or tech guidance that is not already baked into your 1:1 coaching program…
If you see multiple people asking for a specific tutorial or “how-to,” pay attention because it could be an opportunity for you to fill that need. When you review what people have asked you for, you can truly see what solutions people want and what’s in demand.
step 02: creating a beta test program
Now that you have some product ideas under your belt, the next step is to think about the transition from 1:1 to 1:many! Many online coaches will not want to simply abandon their bread and butter (aka 1:1 coaching) but, ease into a more passive income model over time.
One of the easiest paths into a passive income business model is through a group coaching program. Group coaching allows you to leverage your time and experience while still building a truly scalable business.
When you decide to transition from 1:1 to group coaching it might feel a bit more intimidating than creating an ebook or template. So how do we make your transition easier?
You offer a beta test version of your 1:1 coaching program to your current clients first. Then make the transition to delivering it to a group.
When thinking about creating a product offer suitable for beta clients there are a few ways to do it:
Create a mini version of your program
Focus on ONE Phase / Pillar within your program
Cut your program in half (50%)
Deep dive into ONE topic in your program
step 03: turning your beta test program to a signature coaching program
Next, you want to invite your audience to your beta program.
Once you choose which option you want to use to deliver your beta program to your 1:1 clients, invite your existing clients or promote it to your email list or online community. Because it is a beta test, this should be a no-pressure opportunity to build and deliver your coaching program or course without worrying about filling a group or selling out seats.
From here you will want to get feedback so you can improve the program.
Keep track of your students’ questions and challenges along the way, and use them to improve and enhance your program. You might need to create additional tools or modules to support your clients in achieving better results. As always, remember to ask for testimonials so you can market your program when you’re ready to promote your group coaching or online course on a larger scale.
Lastly, promote your offer to a larger audience…
Once you have gotten feedback and made the necessary tweaks to your program you can begin to promote it to a larger audience as your regular (signature) offer. Each time you launch it, you will be able to make improvements, eventually, ending up with an IRRESISTIBLE offer that sells like hotcakes.
Not sure what makes your offer IRRESISTIBLE?
In the Profitable Offers Pillar of WomanpreneuHER University, we walk all of our students through a tried and tested process for creating no-brainer offers that get you paid, but to give you a taste of what it takes to create an irresistible offer, I’ll be providing you some key pointers in Part 2 of this action plan!
If you are loving this step-by-step action plan and want to get more help with building your passive income business, sign up for my FREE 4 Steps To $500K in Passive Income with Digital Products and Online Courses Masterclass!
There’s nothing else out there like this course and the amount of step-by-step support is something that is unparalleled. I’ll help you personally brainstorm product offer ideas, map out profitable passive income sales funnels, along with step-by-step marketing strategies on how to grow your audience and get your business out into the world which means more sales for YOU!
The 4 Steps To $500K in Passive Income with Digital Products and Online Courses Masterclass is available to you now right now (click here to get started.) I am so excited to support you in this part of your business journey…
If you’re thinking of creating your own passive income-generating online business, be sure to check out the additional resources at the bottom of this page. You can also join us inside of the FREE WomanpreneuHER FB Group for more tutorials, tips, and training on how to create 6-figure success with online courses and digital products.
Here’s to your 6-figure future!
*Use the Viral Content Startup Kit to get 365 Days of social media prompts, content, and live ideas to attract your ideal customers and clients. Click HERE to grab yours now.*