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How Creating Digital Products Can Give You Passive Income
Have you heard the statistic that millionaires have up to seven sources of income? That’s seven different ways they make money every month. Now look at your business; how many streams of income do you have?
If the answer is one, then it’s time to open up that creative part of your brain and create additional sources of income. One option is passive income products.
“Passive income” is something of a misnomer. Creating products or setting up different forms of income still requires work. But the difference is that these income streams can work for you—almost on autopilot—for many years.
Advantages of passive income
1. Increase your bottom line. This is the most obvious benefit, but it’s worth mentioning because who doesn’t want to earn more profits? And (as you probably well know), limiting your practice to 1:1 coaching can be a “feast or famine” proposition. Passive income streams can help you get through the “famine” times.
But even during “hours” your income from 1:1 coaching is limited to the number of clients you can handle. Passive income streams can help remove this “income ceiling” and create a cushion.
2. Get time back in your day. Hold on… I know I just said that it takes time to create products and other sources of income! But jump in with me for a minute and think about the back end of the process where your revenue stream is all set up and done. With a strong marketing plan, you can easily make money from these passive income streams while you sleep. This means you can take off a little earlier or take a whole day off for fun because your “passive” products are still earning.
3. Increase your credibility by helping more people. Think of passive income as a way to share your expertise with an ever-expanding audience. Imagine a snow globe on top of a mountain representing you with your inner circle of coaching clients. As the snowball moves downhill, it collects more and more snow until it reaches mammoth size. The same goes for you. As you reach more and more people and give advice through your books, webinars or courses, increasing traffic and word of mouth will leverage your knowledge and present your expertise to more and more people. All of this can lead to increased sales and an army of people raving about your work. So (at least in this case) the snowball effect is a very good thing!
Planning your passive income
Now that I’ve hopefully sold you on the benefits of passive income streams, it’s time to plan what those streams should be for your business. Passive income includes affiliate marketing, membership subscriptions or writing a book. But by far the most popular and engaging is creating courses or digital products based on your coaching specialty.
Digital products allow you to solve other people’s problems from the comfort of your home. And your customers get answers to their specific questions almost instantly and in a format they can use – their home computer or smartphone.
“A successful digital product has almost unlimited income potential, and there are dozens of examples of successful digital marketers making millions of dollars each year from products they launched years ago.” – CM Burns, BigHappyProfits.com
Imagine how your business and life could be, say, if you had your own online course…
âœ” Students are happy to learn from you
âœ” Working fewer hours while changing more lives (and without exhausting yourself with 1:1 clients)
âœ” Building your credibility and becoming an authority in your niche
“No more restrictions on your income
By creating a digital course, you will finally have a valuable business asset that you can launch and sell over and over again.
Creating your product
There are many steps involved in creating a product, but once you do one, creating others will be easier. When creating a digital product, you want to make sure it is relevant to your main topic of interest. So if you’re a health coach, you want your product to be about a health issue, not a career issue. You also want to refine it further by asking your audience what they need. This is something you can find out by taking quick surveys or just watching their FAQ.
Next you have to verify product, double check that it is correct. Ask clients if this would be helpful and/or relevant. Write questions about it in the forum. You can even do a pre-launch with valued clients and test the product for you. I have a colleague who I give my products to in exchange for her review.
You will then need to write content to launch and promote your product and finally determine the price.
Launching your product
When you’re launching a product, you need both an anticipatory email series and an introductory email series.
1) Anticipatory emails create excitement. They should educate your audience about a topic of interest to you (and a topic that is related to the course you are selling). And give them a product trailer.
2) Launch emails offer an offer. They say the product is ready and show where people can buy it.
As this merchant says:
“With my launch, I’ve built up anticipation in weeks, not months or years. Every time I talk about it, potential buyers get more and more excited. Then I’ll give a clear date when the product will be available for purchase.
“The day before launch, I send out a detailed email giving all the information my subscribers need to purchase. This email covers product benefits, pricing information, and even answers frequently asked questions (that haven’t actually been asked yet).
“One thing the email does not include is a link to purchase the product. Instead, I will tell them exactly when the product will be available (tomorrow at 8:00 AM ET) and expect another email from me at that time.” – Nathan Barry, Founder of ConvertKit.com
If your launch runs for 5 days, you will need at least 5 emails. I’ve been on some lists where they sent two emails a day—sometimes the same email but a different subject line. That’s overkill for me, but it depends on your audience how often you email them. Keep in mind that they probably don’t read all of their emails. So it won’t hurt to send more.
Here are four easy ways to get your customers to buy now:
1. Sale or promotional prices will end soon
2. Make the product available for a limited time
3. Provide another bonus available only to the first x number of customers
4. Limit the amount available for sale
Choose one or two of these strategies that will resonate with your audience. With careful planning, urgency in your opening emails can increase sales.
Working with clients one-on-one is great, but it shouldn’t be your entire business model. You must have some other sources of income to complement your coaching program. After all, how many times have you had a month without new clients? With another source of income, this scenario is less painful.
If people don’t know you yet, they probably won’t give $1,000 to a coaching program. But they may be willing to take a risk on something that costs them $50 or less because it’s a low risk to them.
The good news is that you can create passive income with lower end digital products and if you need help,
Learn how to create, package and market low-end digital products here: https://contentcreationtoolkit.com/low-end-offer
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