Do you like the sound of nature? Think about it. The birds, the bees and crickets. I don't think anybody in business really likes the sound of crickets because typically that represents no money coming in. The sound of crickets isn't a fun thing, but there are ways that you can create more passive streams of income so that you don't have to hear the sound of crickets or no money coming in. In this video and blog post, I’m going to tell you some really cool ways, especially if you are an author, speaker, or a coach, to help you develop multiple streams of income and passive income.
So I want to begin with this premise - I believe that every business should have multiple streams of income. It's really hard in this day and age to just rely on one particular stream of income. And I don't care whether you are a coach who's offering coaching services or you've got some other product that you are selling, if you just have one single item and no other services or no other products that accompany that item, it's really hard to get rich or make passive income or make more money.
So we'll begin first with this idea of having multiple streams of income. But when we get into the idea of passive income and how best to generate passive income as a coach or an author or a speaker, my primary audience, I would first say that as a coach, many of you all are selling coaching packages, right? And so if you looked at developing your coaching packages in a way that allowed your clients to now pay you monthly as opposed to in one lump sum, it's not only a win-win for them, but a win-win for you because 10 clients paying you $500 a month for the next six months is $5,000 each month in ongoing recurring, somewhat passive income.
We've talked about passive income by breaking your clients up into payment plans. That's number one. Number two is selling online products. Now these days everyone's buying things online, right? Think about it. If you are an author, speaker, or a coach, do you have products that people could be buying from you online? I'm speaking of products that you could even be reselling for someone else that are in conjunction to the coaching, consulting or service based business that you have and you could truly set up a dedicated website for this product or service and offer that in addition to the services that you're offering.
If you don't know someone else who has a viable product or service that parallels the work that you do, you could even go out to a company like ClickBank and there's several others. Amazon even has an affiliate program where you can begin to market additional products and services that are in alignment with the work that you're doing.
Let's use the example of maybe a health coach. Maybe there are certain products and services that you absolutely love that you would highly recommend to your clients, whether it's weight loss or anti-aging or just overall health improvement. If you're not already associated with a company, maybe a network marketing company that you can tie that into your ongoing income stream as a health coach. Why not find products that first off you love, that work well, that you would endorse and then make those available as an add on product or service that people can come to you and buy month after month that are highly consumable? That becomes a passive income stream.
Have you done it? Do you have an online course working for you day after day, night after night? I get that for most people, this idea of creating an online course feels daunting, right? Oh my God, what do I put in it? What should I include? Are people going to actually take the course and get benefits? Well, I can tell you this, if you don't begin the steps, we can guarantee crickets.
I want you to start thinking about how you can package up your passion, the work that you do, the work that you know that you're good at, and actually start to organize it into an online course. You are likely going to need a platform of some sort, an online platform that people can actually come buy your course and consume your content. I use a platform called Kajabi which has essentially changed the life of my business and the life of my clients. There are lots of good things that you can add in like video lessons, downloads, tips, tools, resources, eBooks, supplemental lessons. You could even partner with other people to help you build the content that you need, collaborating with others to actually build the community and the content.
There are so many different ways that you can develop an online course. If you're an author and you've written a book and it's published why not create chapters from your book inside of an online course? This does not have to be complicated, but it does have to be in place if you're looking to develop passive streams of income. So I first recommend before you even get started with building a lot of content to put it inside of an online course, that you actually do this live as a test drive. I recommend that whether you do it live in a workshop where you gather a few people together in a room or you do something virtually where you have people meet you on a Zoom or a Hangout, that you literally take your content that you're preparing on a test drive and you really do want to figure out how are you going to plan, promote, publish, and then profit from your online course.
I developed something called The Workshop Formula. It's a beautiful way to begin to organize the material that you need, take it on a test drive with a live audience, and turn it into an online course. It's a great video series and I encourage you to watch it after this one so that you can begin to develop and design the content that you need for your online course.
So I want you to think about this; there are probably a lot of great people in business who you buy from regularly. You love their product or service. It's changed your life. You've seen it make a difference in other people's lives. And maybe they too are looking for a way to find more of their clients and customers who may want that product or service. Why not become a referral source for them?
If you were to take a look at the 10 people that you regularly do business with or just have one product that you love and are always making referrals but maybe not necessarily making an income from now, and consider how you could make money. A lot of companies have an affiliate program where you can receive a referral fee and for those that don’t you can just pick up the phone and call and say, “Hey, I love your stuff so much and I've been literally sharing it with other people. I'd be interested in knowing if it's possible that we set up some type of a referral fee.” Now I get, that might sound a little brazen of you, but why wouldn't someone say yes? If you wanted to refer me out, I'd be happy to give you a referral fee for doing it! So the first thing you want to do is think about who am I doing business with currently? Who am I normally buying from or whose product or service changed my life? And I love it so much that I've just been telling the world about it.
Check and see if they've got some type of referral fee in place or affiliate program for you to sign up for. And if not, ask them. If what they have in place is something that is ongoing and recurring, then you might be able to have an ongoing monthly income from that one referral depending on how they've lined that up. That is a very unique way of doing business these days. It's not out of the box thinking and in fact if you are an author, coach or speaker, it should be something that you should be looking at instituting within your own business as a way for you to generate passive income.
There are a lot of ways that you can generate passive income, but I am highlighting just a few to get you started!
I mentioned earlier Kajabi, it is the platform that has revolutionized my business in so many ways from allowing my courses to be available day and night, to processing payment to sending out my emails. It's just a wonderful platform and tool. And there are lots of others out there but because I use it every day and I believe so much in it, it happens to be a program and a platform that I highly recommend. Here is a link for you to actually test drive Kajabi for the next 28 days to decide whether or not that is a platform that you want to use to help you grow your business online. And I will say as a disclaimer, if you do decide to use Kajabi and begin payment, because I am an affiliate, I receive an affiliate commission but you could do the same and there's so many other programs out there.
Another program that I highly recommend that would be in high service to each and every one of you all is a company called Fiverr and you may have heard of them before. Anything and just about everything that you need is available on Fiverr and in most cases it starts at five bucks. So if you're just beginning and you need someone to help you with the graphics for your online course to help you set up the website, maybe even to help you with videos or anything else is probably available at Fiverr.
So I highly encourage you to take a look at that being a tool that you can use.
Finally, just another tool that I've recently begun using and I am loving as part of me dusting off my YouTube channel and getting it out there for you to view is a company called TubeBuddy and TubeBuddy has revolutionized the way that you market and set up your YouTube videos as well as optimizing it and really figuring out how to measure the results of your YouTube video. Again, it is an affiliate commission for me, but it can be one for you as well.
Passive income is such a great tool for you to make money as an author, speaker, a coach, and you really cannot rely these days on just one stream of income. I started this conversation earlier talking about the importance of having multiple streams of income and some of those being passive or recurring and I've literally just hit the tip of the iceberg, but I wanted to give you just five ways that you can start.
Is this resonating with you? Are you going to Institute at least one of these passive income streams? Then I invite you to take a look at my free web class Magnetic Speaker.
Watch this free training video series from a recorded live workshop, with examples, stories, highlights and action steps that will leave you confident to take the needed and necessary steps to make six figures sharing your story.