Here’s Why Passive Income is a Myth
Have you been sold the dream of passive income in your coaching business? You know the story – you create a bunch of online products and you wake up to money in your bank account without even getting out of bed? And as you lie on the beach sipping cocktails, the money just keeps on rolling in.
Sorry to burst your bubble, but in the coaching world, there’s no such thing as passive income. If you want passive income, go talk to a financial advisor. They’ll have options. But in your coaching practice, leveraged income is a much more realistic end-game. And there’s a lot to love about leveraged income. You still get to make more money in less time. It’s just not in zero time.
Creating quality products is a serious investment of time and effort
Yes, online products are more leveraged than 1:1 coaching, but it still takes time and effort to create the products and then market them.
To create a quality course or program that people want to buy requires strong foundations. Having a proven step-by-step process to create your products can ensure that you achieve this as efficiently and effectively as possible.
Some people lose months, even years trying to create their online course or program. Many of us will know of that one person who has been creating their online course for what feels like forever. It’s a serious investment of time and effort, but with a proven step-by-step system, the process can be smooth and efficient.
Marketing products is NOT passive
I’ve seen plenty of coaches with the “build it and they will come” mentality. Unfortunately I’ve also seen their passive income dreams shattered. Not that they did anything wrong. They just had unrealistic expectations.
If you want people to actually buy your products, you’re going to need to market them. Believe it or not, this takes time and effort. And the results very rarely happen overnight. It’s not passive! Leveraged, yes. Passive, no.
Marketing is about talking to people. Sure, you can use systems and strategies to streamline your process, but ultimately, it’ll take time to build up your tribe of people and market to them effectively.
You actually care about your clients
If you give a damn about your clients, you’ll want them to succeed – not just buy the course and never do anything with it.
To make sure they succeed, you need to make sure they are actually engaged in your program and they take action to get the results they desire. This takes work from you.
Plus, clients who get results are more likely to refer you on to others and become raving fans. Fantastic customer experience is great marketing. Some of the ways to do this are: live calls and private FB group/forum. Creating a feeling of a community/cohort. Fostering support and connection.
These things take time. Less time than working 1:1 with your clients, but time nonetheless.
So what now?
Leveraged products help your clients achieve their outcomes, while taking up less time than working 1:1. They create community, and keep you grounded and in touch with your clients. Leveraged products provide a better customer experience, and great customer experience is great marketing.
Leveraged products are an amazing way to make more money while being smart about how much time you’re putting in. You still escape the time-for-money trap, but in a way that aligns with your values and gets results.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
SHARE THIS ARTICLE WITH LIKE MINDED SMALL BUSINESS PEOPLE