I’m a big believer in creating a passive income for your online business.
The problem is, many online entrepreneurs don’t know what to offer or think that their 1:1 coaching services are enough to sustain their business.
And although 1:1 support is a fantastic way to coach, teach, connect & support your clients (I personally love helping my clients via 1:1 sessions!) it all too often leads to burnout if you’re not careful!
Sure, your clients hire you for your specific skills, experience and expertise but that doesn’t mean that there aren’t other ways to pass on your unique experience than just in 1:1 coaching sessions!
Making money in your sleep IS possible for you.
If I can do it, and teach my clients how to do it, then you can do it too!
Passive income can benefit absolutely everyone, no matter what type of business you have or what type of coach you are. The key is to make the product creation as simple and as inexpensive as possible.
Wouldn’t you like to reach more of your target audience who aren’t quite ready to purchase your big ticket coaching packages?
And in fact, one of the best ways to convert your Ideal Clients to your high ticket packages and programs, is to gain their trust and show them what you can do for them by enrolling your audience in lower cost digital products & services.
I call these ‘Passive Products’.
The easiest way to determine what your audience needs is to simply ask them.
I know, obvious right?
But when was the last time you actually did it?
It’s super easy to do too, just create a quick survey with Survey Monkey or Google Forms and ask your audience on social media and on your email list to complete it!
TOP TIP: Give them a REASON to complete it! A free training or PDF works great!
Maybe what your audience really needs from you right now is a simple ebook or a workbook.
Others may be looking for a pre-recorded training video or masterclass to resolve a specific problem.
Also, don’t forget to ask your current (and past) coaching clients what they need!
This is especially important to retain them as clients after their coaching programs with you end.
Just think - what’s the logical next step for them to continue learning with you?
Passive Products are a great way to attract new clients, retain current & past clients, plus you get to create them once, and sell them via email, social media & ads to make them evergreen.
You’ve probably already done the whole ‘create your Ideal Client Avatar’ thing, but with your low cost, passive income products, you want to reach the masses. Passive Products work best when you have a larger audience who will buy them.
Take a look at who is one your email list and who is in your Facebook Group - these people are already primed to buy from you, so create something that you know THEY will love.
By creating lower priced products, you’ll attract people who aren’t quite ready to purchase a high priced item from you.
Every high-ticket client was once at the beginning of their journey and probably wanted to purchase lower cost products at that time.
And that’s the great thing about Passive Products!
They attract clients who are at the beginning of their journey and as they grow and their income increases, you can move them up to higher ticket offers, eventually leading to your highest priced product or service.
While they progress through your products and get to know you more, they will see you as a credible expert and will trust your expertise which is exactly where they need to be when you offer your higher priced coaching sessions.
As I mentioned earlier, the key to creating Passive Products is to make the product creation as simple and as inexpensive as possible.
You don’t need these lower-cost products to be created at the exact same level as your high end products - obviously those are priced higher for a reason.
Your Passive Products should be fast and easy to create - and likewise, they should be simple and easy for your clients to consume.
You have two options here:
I like to use a mix of both for my Passive Products, and map out when I’m going to be launching & selling them in the Cash Calendar. I also use it to plan out my flash sales & quick wins! (You can find out more about those inside the Cash Calendar too!)
This means I have consistent sales with the evergreen method, and a nice boost in sales when I launch my Passive Products live too!
Now, you may be thinking, “well, if you’re launching, it isn’t ‘passive’!”
But let's be real here, nothing is 100% ‘passive’ you still have to do some work! The great thing here is that you create them quickly & easily just once and they continue to work for you and sell for you every month, forever!
I hope this idea of creating consistent income with digital Passive Products intrigues you because it could really be a game changer in terms of your coaching income!
Got questions? Come and ask in our FREE Facebook Group, The Female Coaches Lounge!