Imagine if there was a way to package up your expertise and knowledge and sell it online?
What if there was a way to travel and work from wherever you wanted in the world. What if you could earn money while you spent time with your family?
Passive income is about creating multiple income streams that can be set up and automated without requiring you to spend hours on the project once it’s set up. Talking literally, it’s about being “passive” rather than “active”.
Passive income enables you to have the freedom you crave in your business. It includes various income streams, including; digital courses, memberships, Airbnb, cryptocurrency, e-commerce and selling e-books. When generating passive income, you want to think about your skills and experience.
Are you super talented at crafting or drawing?
Lucy Griffiths when it comes to passive income:
Brainstorm ideas for Passive Income
Allow yourself the space to brainstorm your ideas for passive income. Free flow and don’t restrict yourself or negate those tiny ideas that could become something truly remarkable. Give yourself the space with a big piece of paper and just start writing. Allow your creativity to unfurl and see what ideas come forward.
Talk to your audience and then niche down
Talk to your people and find out what they want to buy from you. Test and validate your idea to know that people want and desire it. Are people being polite: “Oh, that sounds interesting”, or do they want it: “OMG, where can I get it?” If they are your target audience and they get excited by your idea, then you know you’re on to something.
Niche down
Be selective with who you are creating a course for. You’re not making a course for everyone; you’re making a course for a select slice of the online world that needs your knowledge and experience. They will identify with you because they are a reflection of you. There’s a saying in the online world, “there are niches in the riches.” It’s true.
Create your course
This is the big one! Use the audience research as the starting point for the course or digital product, and create what your people want and need from you. This will help you to structure and map out your course. Put your passion and soul into the course and share your experience with your audience. Done is better than perfect, so take action and avoid procrastination. There may be times you want to throw your laptop out of the window, but the promise of making money while you sleep will carry you through the challenging times.
Create a sales machine to sell it
When you’ve gone to the effort of creating passive income products, you want an audience to sell it to. And it’s no point selling it once; you want to sell it again and again. This means creating an online sales system to sell on automatic while you get on with the business of life. It means you can live more and work less because you have an automated process to make money while you sleep!
