I’ve been talking a lot about creating passive income lately here and on my Facebook Group Profits, Pleasure and Prosecco. So what does it take to create a passive income stream anyway?
I’m in the process of creating one now and I wanted to share with you how I’ve gone about it. I would highly recommend having an additional (or multiple sources of income) in your business and outside of your business so you can increase your income and create more freedom for yourself, your family and help the causes you care about.
Here are the steps I’ve taken to create my passive income product…
1. Survey your ideal client – Before you spend time and money creating a passive income product, make sure your ideal client wants, needs and would invest in it. How do you know this? Ask them. Survey past clients, your email community or Facebook group – ask them where they’re struggling most, what they’d like to learn or what would make their lives easier.
2. Create your info product – You don’t have to spend months creating an info product or creating an elaborate launch around it. Start small. Think about what your ideal client really needs to learn and create a simple but value-packed product which you can later update and continue improving. Start with an info product that is under $200 and sell it at the grass roots level. Sell it in FB groups, to your email community, via speaking gigs or as an upgrade to your opt-in, through a Facebook Ad funnel, (this will help you offset the cost of your Facebook ad budget as well), ect.
3. Distribute your product – You can use a tool like SendOwl to to create a product or service that you can integrate with payment gateways, automate delivery and protect your digital deliveries from theft. With Send Owl there are no transaction fees for your products, just a low monthly fee to use the service.
What passive income ideas have you had for your business? Join my Facebook Group Profits, Pleasure and Prosecco and share with me so I can give you some feedback and guidance!