You’ve heard the phrase, “Make money while you sleep”, right? It’s commonly used in the business world and refers to how powerful having a passive income stream can be. Create a product once and receive the rewards for years to come.
Just about everyone can benefit from passive income, it doesn’t matter what business you’re in or the products and services that you offer. The important thing is to make product creation as inexpensive and simple as possible. Inexpensive, however, should not be confused with cheap. The key is to focus on solving a problem for your audience in your area of expertise.
Here’s some reasons why business owners need to create a passive income stream.
- Passive income can help to create a cushion if you lose a client unexpectedly. No one wants to think about that, but unfortunately, it happens. Rather than racing to figure out how you will find your next client, you can move forward intentionally knowing you will have an additional source of income to fill the gap.
- Using products as a part of a giveaway or low-priced product campaign can help you to broaden your brand and name recognition, attracting new potential clients and buyers who might be interested in your other products and services.
- If you’re interested in media and speaking engagements, your products and services can help event organizers and reporters to find you. These parties are constantly searching online for interview subjects and speakers. You can add these engagements to your media profile and immediately elevate your authority level.
- A sales funnel is a powerful way to lead potential customers through your product and services eventually leading them to your higher priced offerings. Start with your smaller, less expensive products and carry them towards your more expensive packages.
- You can integrate your products into your big picture marketing plan, including running promotions on social media to attract lots of attention. There are lots of options. You can offer potential buyers a freebie or a bonus if they purchase one of your coaching packages or other products. You can offer a free chapter from the book you wrote to help entice them to buy. Get creative with your promotions to attract attention from new prospects in your niche.
If you want to stop trading time for dollars, passive income is a must have for business owners.
What kinds of passive income streams do you have in your business?
Let me know if the comments!