Which Passive Income Stream Is Right For Me?
Online courses, digital products and live offers - which is the right sales funnel product for youโฆ
Dear Josephine,
I sooo need to figure out what my passive income stream could be - because I really need passive income.
But where do I even start?
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๐ ASK JOSEPHINE ๐
My agony-aunt style wisdom & guidance on growing a sustainable, flourishing business - delivered to your inbox every Monday.Dear where-do-i-even-start,
So you want passive income...
AKA you want F~R~E~E~D~O~M from having to show up to drive EVERY-single-sale?
(I hear ya!)
But you're not sure WHAT you're going to sell to create said passive income?
Let's figure it out together.
First, let's define what a passive income stream is...
Passive income stream:
A product you create once, and then sell it over and over again with no additional work needed to deliver the product.
Sounds juicy right? Yaaas please! ๐
Classic passive income streams include:
๐ Online courses
๐ Digital products - ebooks, online trainings, templates etc.
So you want one of those?
But actually, I want you to forget about the passive income for a second...
โฆwhile we figure out what your passive income stream could be.
Yeah.. ๐ค doesn't make sense... but it will.
'No-Brainer' low investment passive income streams
I usually find my โdone-for-youโ clients have a workshop or set of templates floating around that can become a low cost 'tripwire offer'.
So, firstly, what low hanging fruit have you got? ๐ What have you delivered in the past that could be a passive income stream?
Online workshops, trainings, lessons ~ that got a great result for your buyers.
You might already have recordings of these in the vault. Or you could spend an afternoon creating a recorded version.
Or perhaps you've created templates, dashboards, tools, ebooks in the past that could become a low-cost passive income stream.
Online Courses As Passive Income Streams
Here's what I see working best for my clients as their passive income stream...
๐ A self-paced online course
๐ฐ Priced around ยฃ$350-600
๐งโ๐ป With a live element - perhaps a monthly group coaching call or coworking session, or a community where students can ask questions, where they host a monthly Q&A.
๐ That they have live-launched before and delivered live - so they know it sells โ and delivers a great results for buyers โ
If you have a course or program you've run live, and you know it delivers great results - ๐ก there's your passive income stream.
If it's a live course right nowโฆ you could turn it into an evergreen course.
If you don't have that live course yet... Do you have a service that you deliver in person that you could codify into a digital product?
That's how my course Freedom Friendly Marketing came to life.
I was booked out with โdone-for-youโ projects, and I'd created a proven process to build sales funnels that deliver... sales.
I wanted to share it with a wider audience, so my course was born. And right now I'm working on giving it a glow up before releasing it as a self-paced digital product.
Could you do the same?
Non-Passive Income Streams
Before I wrap up, I need to add that...
You don't need to have a passive income stream to boost your income with a sales funnel.
You could build a sales funnel to drive discovery calls for your 1:1 offer. Or build a waitlist for your live course launches.
This isn't truly 'passive income' driving but it's still automating some of the marketing and sales tasks that you're currently doing in person.
I have a few friends who just bloody love working 1:1 with their clients ๐ and don't want to do that whole passive thing.
If you're the same AND you have a non-passive income stream that you love delivering - make that your sales funnel offer. ~ So you can cut down on the in-person marketing ๐ and focus in on the in-person delivery you love. ๐
Is your mind buzzing with ideas right now? Cool!
Use it - go and finesse your passive/ not so passive income stream, give the sales page a glow up - and get your sales funnel driving sales & enquiries to you.
Josephine x
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