EPISODE 55 - CAN YOU REALLY MAKE MONEY WHILE YOU SLEEP? 4 TRUTHS ABOUT CREATING A PASSIVE INCOME BUSINESS (THAT ARE RARELY TALKED ABOUT).
LISTEN TO THE EPISODE HERE:
Have you ever wondered if it is actually realistic to make money while you sleep?
Maybe you've heard that it's possible but it always just feels like a pipe dream?
Do you wonder if people are being honest when it comes to what it takes to create passive income in your business?
In this episode, Danielle shares 4 truths about what it really takes to create a passive income business that are rarely talked about!
CAN YOU REALLY MAKE MONEY WHILE YOU SLEEP? 4 TRUTHS ABOUT CREATING A PASSIVE INCOME THAT ARE RARELY TALKED ABOUT.
What sparked the idea for this episode was a simple conversation Danielle said with a friend who’s also an established entrepreneur. Danielle shares how adding a recurring revenue stream has been a game-changer for her business but realized that the details and challenges around actually building a passive income business are rarely talked about.
4 Truths About Building Passive Income in your Business:
It will take time or money or both to initially set up a passive or recurring income stream.
Whether you are going to set up an online shop selling digital products, launch an online course or membership, do affiliate marketing, drop-shipping etc. it is going to take either your sweat equity if you plan to do it all yourself, or an investment of money to get it set up potentially both.
Danielle shares when she first launched our signature program Action Takers Club online, she decided that, instead of learning everything herself, and taking months to do research on how to launch her course and make it evergreen, she decided to invest in a high ticket program which also came with coaching. It was thousands of dollars but the investment helped set her up, learn all the tech as well as the strategy around making it an evergreen course. She invested in her course platform to host the program and invested months of her time; in outlining the modules, recording the videos, creating the excel documents, support materials and uploading it all. Was it worth it? 100%!!! But was it easy and effortless? No, it wasn’t.
You’ll want to continue to update and fine-tune your passive income streams.
One of the biggest myths about creating a passive income business is that you can just launch it once and it will continue to pay you without you having to do anything to maintain it. Of course, you can outsource the maintenance of your passive income stream, but, regardless of the model of your business (courses, e-books, products, affiliate, network marketing, etc.), you’ll still want to check in on your team, get feedback on the product or service that you are selling, and make updates and adjustments as you go!
Danielle shares that she personally makes plans to update the Action Takers Club program and make adjustments every six months to a year to ensure all of the content is up to date. She always works to continue to add valuable resources as she learns more so that she can pass on her knowledge to her students so that they can get the VERY best results!
You’ll want to create an automated sales process that is always bringing in new leads.
The best way to be able to continue to sell your online products or services is to create an automated sales process that provides a lot of value for your ideal client/customer and allows people to get to know you, like you, trust you and then eventually invest in what you have to offer.
Danielle shares that you can do this in many different ways, but her favourite way is through an automated e-mail sequence (you may have heard it referred to as a funnel). For our business for example, we have a Free Masterclass that leads into our Signature Program! We also have an automated e-mail follow-up sequence that provides more value, information and follow-ups. We have 6 months' worth of scheduled e-mails that continue to serve our ideal clients!
We have had people who joined our e-mail last year, have been enjoying the value we provide and have only just recently become a client! We also have people who sign up for our Masterclass and invest in our program the same day. Some people will be ready right away and some people will take weeks, months or even years to say “yes!” to what you are selling. The most important thing is to stay top of mind and continue to incentivize them and serve them extremely valuable content!
You also want to have a long-term marketing strategy - where are these people going to find out about you, your products and your services? Is it going to be through a blog? A podcast? A youtube channel? Social media? And how will you scale this and get in front of new audiences?
Danielle shares about visibility strategies you can implement to scale inside of Action Takers Club - for example: Collaborations, Guest Podcasting, Cross Promotions, and Marketing Campaigns. There are so many ways to scale and get you in front of new audiences.
Setting up your business foundation FIRST is so important!
It's really tempting to skip to scaling a passive income stream, but Danielle shares how she always encourages her students and clients to build a strong foundation for your business FIRST.
This is why inside of Action Takers Club, we start with mindset, then move on to creating your mission, and vision statement, understanding your values. Then we dive into creating your ideal workweek, planning your profit, your profitable action steps, your workflows, systems. Then attracting your ideal clients, sales, pricing all of that and then FINALLY we go into scaling strategies - because if you don’t have the foundations really sold in your business, it's going to be difficult for you to actually build a passive income from scratch. Instead of just guessing and coming up with your passive income idea all on your own, you could co-create your product or course or program WITH your ideal clients.
Work SMARTER, not Harder!
Our Top Business Resources to Support Female Entrepreneurs:
Free Masterclass “How to Scale a Profitable Business without working around the clock”
Action Takers Club: Our Signature Business Course + Community to Support you in Scaling a Profitable Business
Ready to Take Your Business to the Next Level in an Intimate Group of other Successful Entrepreneurs? Learn more about our Mastermind
One on One Business Coaching and Strategy Consulting with Danielle Wiebe