“Planning can defeat overwhelm,” Nicole Dean – Coach Glue.
Planning is one of the most important steps to take in building ongoing revenue for your business. Without a plan, it’s easy to stay in overwhelm. When you’re in overwhelm, you are not as productive. Lack of productivity minimizes your revenue generating opportunities.
Ultimately this leads to burnout. It’s a vicious cycle. But there is a solution.
First, let’s look at two primary types of income you can generate; active and passive.
Active income refers to income received that comes from delivering a service. In the world of coaching, consulting and speaking this is often referred to as trading hours for dollars.
On some level, whether it be on the phone, in person or via a webinar platform, you must be physically present.
Active income is a great way to make money, but it can be very limiting in that if you need (or want) to take time off, you may not be able to without your income going down.
Passive income are earnings that you make due to setting up specific systems. Passive income can be subscriptions services you offer, affiliate income and online courses you’ve developed.
Passive income is also referred to as mailbox money.
Passive income allows you to have multiple streams of income.
Steps to Take
Here are a few of the steps to take to create passive income.
- Identify what your potential customers are interested in. A survey can help considerably in this area.
- Determine what knowledge you have that people would be willing to pay for.
- Decide the format for the information product; video, audio, MP3.
- Determine method of delivery; ClickBank, autoresponder, other.
- Determine method of payment; PayPal, credit card.
- Develop the product.
- Develop a landing page.
Not quite sure where to start? There is a solution.
Recently, I came across an outstanding training from my friends at Coach Glue designed to teach you some amazing ways to create passive income. Check it out… Best of all, it’s FREE.