Passive income – making more money from your existing business
Posted on July 1, 2015 by Nikki Lane
No doubt you’ve heard internet marketers and business coach’s push ‘earning a passive income’ as the best way to build your business.
It’s certainly true that moving away from just ‘swapping your time for money’ and towards a passive income is important for your business, and the phrase ‘earn money while you sleep’ is certainly appealing. But for many business owners it can be hard to know exactly what it is that you can sell and how you go about it.
So, let’s look at the why and how of making money while you sleep…
Why have a product that you sell?
- You earn money without actually being present
- You can create your product once and sell it forever
- Selling online can give you a freedom-based lifestyle
- People want information and they want it fast – so give it to them and reap the benefits
- The digital world makes it easy to produce and market your product
- Products can be a shortcut to getting better clients and more of them
- Having a product will enhance your ‘expert’ status
- Having a product will provide you with a scalable business model – trust me once you’ve done it once you’ll have the bug and want to create more and more products.
What do you need?
- You need to create a product that you can sell (keep reading for some ideas)
- A website to sell your product from – this becomes your 24/7 shop!
What product can you create and sell though your business?
- Sell the products you use, for example massage oils or essences. If you buy them at a wholesale price why not encourage your clients to purchase them from you (at the retail price) and use them at home.
- If you have been in business for a while you probably have some great strategies that you could share with less experienced practitioners. Why not make a video about your strategies and sell it from your website.
- Write an ebook that your clients can purchase from your website. Potential topics could include ways to maximize their health in between sessions, a guide to vitamin taking, or exercises for optimal health between visits. You could even create a series of ebooks…
Once you start thinking strategically you’ll be amazed at what you have to offer. And the first time you make money while you’re at the park with your kids, doing the grocery shopping or even asleep, you’ll be hooked!