Pivot Your Practice To Flourish in The Future — Is Passive Income Really Passive?

Photo Credit: Frank Busch | Unsplash

I’ve been touting the benefits of passive income as an additional stream of income in helping you get your practice Futureproofed but some of my readers have questioned if you can really ‘set it and forget it’ when it comes to creating passive income.

Let’s explore this a bit further.

First of all, creating any kind of product takes some time. Even if you’re taking the information from your own experiences, you’ll need time to write it out or record it. You’ll need to allow time for proofreading and editing. If you outsource some of the editing and design tasks, you’ll have other people’s availability added to the mix. So time is certainly involved but by delving into expert material you already know, the first part of creating the product should be simple.

Once your product is complete, you have a launch to prepare for. As wonderful as search engines may be, you don’t want to hope and pray people find your product; you have to tell them you have a product available, which means press releases, social media blitzes, a book release party, virtual book tour, finding a partner to help you get the word out …the list could go on and on. You do need to claim some part of the spotlight to showcase your new product.

After your launch excitement ends, you can calm down a little and refocus your energies on your coaching clients; however, you don’t ever want to fall into the ‘forget it’ phase because people need reminding. You don’t have to email them every day about your product but don’t be afraid to mention it in any of your communications. I am even considering how to have a poster showing in the background whenever I am on a zoom session with a client! Think outside the box. Zoom has a function whereby you can change the background — try it.

Add a graphic to your website. Create an affiliate programme for others to promote your product for a commission. Create a monthly social media campaign which includes occasional promotions of your product. Organic sales are wonderful and they certainly happen but you shouldn’t depend solely on the search results and your own private list of email addresses to bring buyers to you.

Repetition Brings Repeat Buyers

Is there a way to create a series out of your product?

When you break down your subject into individual steps, your books or videos or mini-courses will be shorter and easier for busy people to access. It’s also easier to include actionable steps, targeted specifically for whatever topic you’re discussing. What a feeling of accomplishment to finish a workbook you created as a product, have checked off all the action steps, and be wondering about the next step(s). Then find that you have already created another workbook for the next step and so they can move on immediately. Readers will be really excited about this. On the other hand, if you load people down with a 200-page book or a 10 module course, even if there are action steps buried in there, you’ll find it more difficult to keep people’s attention and there’s nothing else for these buyers to buy next since everything was included in the one book.

Likewise, if your chosen passive income model is a membership site, you can have repetition within the site. For instance, schedule a webinar-type call once a week or once a month for a Q&A session. Once they participate in the first call, they’ll expect the next call and put it on their calendars. Or run a monthly challenge for members. The challenge topic may change but members will come to expect it and keep their subscription active in order to participate.

In short, passive income is most definitely NOT ‘a set it and forget it’ business model. Most of the work is completed in advance of sales but some promotion and refinement or editing during the year is necessary to keep sales going. But it does get easier once you have done it a couple of times and it does accumulate as the number of products you put out there increases. So it is a great long term plan for an ongoing steady income as long as you know from the beginning it is not passive, but it will get as close to passive as possible once you start automating. But that takes time.

If you’re ready to brainstorm the best way to create ongoing passive-type incomes for your business, check out my workshop, How to Create a Low-Maintenance Monthly Club for Recurring Income. I’ll give you my personal 4-part blueprint to creating a membership site your clients will love and happily pay for. Pop your name into the link below and you will be the first to know when I’m live in this workshop.

This is a series for coaches and therapists who are passionate about their work and their clients but struggling to find a way to make things work post-Covid as clients melt away and money becomes an issue for most people.

This is a time when most of us are scared. Nothing is known or predictable and many of us are dithering about what to do. Trouble is this scare can stop us in our tracks and derail our business success with the practice. Therapists and coaches who are successful are people who have learned to do two things. One is be flexible enough to pivot their business to what will work now — and the other is to break through enough of the fear barriers to get productive again.

Need More Happiness, Freedom and Success? Join My Free Webinars…

If you want quick and easy steps to setting yourself up for a safe and happy future doing the work you love, join me for my free webinars. I usually give at least 5 tips for moving forward and implementing in ways that will move you forward in all of my webinars. Each is about a certain angle on the issue. They, on their own will have an immediate effect on your mood and your outlook on life with your business. Get off the hamster wheel and take some time for yourself with my webinars, learn and act, learn and act — that’s the way to start flourishing. Join my list and be the first to know when I’m live online. https://forms.aweber.com/form/76/1704509576.htm

“Just imagine if the next 5 years is like the last 5 years? How are you keeping yourself financially secure, happy and living your life of purpose by helping other people succeed?”
Elizabeth specializes in helping you Get Your Coaching or Therapy Practice Back On Track. Sign up for her highly-acclaimed free challenges and webinars to find out how to Pivot that Practice to FutureProof Yourself.
“Yes please, I’d love to find out more …..”
https://forms.aweber.com/form/76/1704509576.htm

--

--

--

Best-selling Digital Communicator on the Science, Psychology, Soma and Soul of Compassion in Action

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

How I Make My Passive Income Selling Digital Products.

Freelancing and Mental Health

Freelancing in the Pandemic

How to Become Self-Employed

How you could start a side hustle this weekend

Comparing Upwork, Freelancer, FreeUp and Fiverr

How to work with freelancers effectively

A freelancer’s 10 step guide to getting paid (on time)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Elizabeth Morris

Elizabeth Morris

Best-selling Digital Communicator on the Science, Psychology, Soma and Soul of Compassion in Action

More from Medium

travel & lifestyle

8 ways to create a purpose-driven workplace

Why White-Label Food Delivery App Is The Best

Realtor Records — Top traits of a realtor expert that can helps you find your next Big Deal