Want Passive Income in Your Business? Try out one of these 5 models
I remember my very first passive income product that I created and how fun and accomplished it felt to put it out into the world. I originally thought an ebook bundle was going to be the answer to all of my business woes. It sounds super easy right? Create an ebook and just start selling it to everyone who comes across my site, passive income baby, woot!
I ended up selling about 5 of those ebooks within my first week of launching and it literally felt so good. Except there was one problem— for every email I sent out to talk about this ebook I literally made around $12. And I had an email list of about 150 people. So I made around $70 tops with that one. Was it amazing? Yes! Was it fun to make? Hell yes! Was it changing lives? I’d get comments about it every time it was sold about how much it was helping my tribe, so another hell yes! But it wasn’t really making me any type of passive income that would help me leave my job or even pay my monthly business costs.
If you’ve been dying to create passive income every since you heard of the idea than look no further, I’m a HUGE fan of the entire process. I love passive income for a few reasons:
- It gives your community another option to work with you if they aren’t ready for your 1:1 services — thereby impacting more people and making even more beautiful changes in the world
- It gives your community different levels of service and diversifies what you have to offer, adding to that element of expertise
- It gives you a LOT of extra cash that can help you with anything from covering your monthly business expenses to funding that next trip to Bali
One of the first things you need to understand in terms of passive income is that there are several models that all offer different touch points from you. Do you want to be available to your people to weekly or bi-weekly group calls? Or is a Facebook group enough? Or do you want to create a set it and forget it product that you never have to go into again? Asking yourself how much you want to be IN your passive income products is going to determine your overall time in them and their price
Here are some examples of passive income that can start giving you huge returns, fast:
A tripwire page
This will be one of the most affordable items you offer out to your community at a super low price— while being a very low touch point for you. You literally create this product and sell it without having to tweak or even open up a support group. Use this for quickly consumed ebooks, videos or presentations. These range from $12-97 for each purchase.
A self guided program
Also a set it and forget it model. Create an amazing course or program that provides immense value for your community and either give them the option of joining a Facebook group or an online forum that you can pop into for questions. These range from $100-$2000 depending on the value inside of them.
A membership site
Have you ever wanted to have a cozy community of your people where you can be available to them even more than just social media? A membership site is where you would create content exclusively for members and help them on a month to month basis. Some membership sites offer monthly trainings and coaching calls. These range from $20-$200 per month of being a member.
A group program
This is a more high level model because it requires a lot more of your time inside of it, but the model is quite lucrative and can yield amazing results for your clients. This is a program where you’re accomplishing one main thing for your audience in a specific time frame. Group programs almost always come with group coaching and 1 month launches so make sure that you’re adding room for that in your schedule. These can range in price from $300-$2000 depending on your industry and level of support.
A mastermind
I saved this one for last because this is one of my personal favourites— the mastermind. This is a high level group coaching type model where your community comes together and feeds off of each other’s energy in either bi-weekly or monthly calls together. Masterminds are meant for accountability and high level support. Sometimes masterminds are included in the membership format— you get to decide. These can range in price from $500-$5000 depending on your industry and level of support.
I’ve personally done almost all of these models in my business and I’ve loved every single one of them. The ones you will ultimately implement will come down to a combination of what your community needs and what works the best with your lifestyle.
Now tell me, which one of these models have you been dying to implement?
PS– Want to start bringing in the right people into your community, grow your list like crazy and finally get fully booked? Check out my Fully Booked in 30 Days Checklist here.
There you go, I hope you have as much fun with these as I usually do! Now tell me, did I leave anything out? What is your favourite way to stay high vibe?
