Download our FREE resources to start or improve your website 👉 

How to Create Passive Income in Your Business

Feb 5, 2019 | Business

It’s the buzzword these days: Create passive income! Earn more money by doing less work! We dream of travelling the world while our business whirs away behind the scenes. People buying our product day after day, and we have the time and money to enjoy life!

I love the idea of passive income and totally support the concept. The alternative, active income (like a job, seeing clients, etc.), requires you to trade hours for dollars, and can leave you feeling exhausted, disillusioned, and frustrated that you just can’t seem to get ahead in your business.

Diversifying your business income with both active and passive income can bring a little more balance to your finances and your life, and give you the things you desire – whether it’s time, money, or both.

Before You Create Passive Income, Develop These Three Things

There are plenty of people out there selling courses, ebooks, webinars, and programs to help you create this passive income. What I’m aiming to do is give you some pointers on what you need BEFORE you start thinking about creating passive income, so read on.

An Audience

First, you need someone to sell your product to, and they won’t appear overnight. An audience must be cultivated over time through communication, value, and interaction. They need to “know, like, and trust” what you have to say. Your audience can help you develop your idea (the next step), and they’ll be the first people who will want to buy whatever you’re selling, once it’s time to launch.

Get My Guide for Marketing and Growing Your Audience

Not sure where to start? Need blog ideas? This guide will help.

An Idea

What is your product? What will you be selling that will solve a critical problem for your audience? You can come up with some ideas using the marketing guide above, but then you’ll want to validate those ideas – there’s nothing worse than investing 50+ hours creating a digital course that no one is interested in.

How can you validate these ideas? Write some blog posts and content that focus on your ideas and see which ones get the most traffic and engagement. Create free downloadable content and see how it performs – how many people sign up to receive it? Post polls in Facebook groups you’re in. Interview your current audience and ask them questions – first focusing on what their main problems are, what a dream solution would look like, and how much they’d be willing to pay for it.

Time

Finally, you need to create the time and space for actually creating your product. And time equals money, therefore you must anticipate how much time you’ll need and how you will fund that time… if you’re in business for yourself, where is your revenue coming from during the development phase? Or are you keeping your full-time job while you develop your product on the nights and weekends?

Basically, passive income takes time to create – from conceptualization to development and launch. You need money during that time. Don’t launch your business and immediately focus on passive income, unless you’re OK using your savings for a while.

Even the most successful passive income gurus started by taking clients and consulting… and this actually achieves many things, because by working with clients you are able to develop an audience, an idea, and time (money) all at the same time.

Ramp Up Your Business, Ramp Up for Passive Income

An audience, an idea, and time. That’s what it takes to get started with passive income – and having a plan for establishing each will put you far ahead of the competition.

The first step is ramping up your business – getting a routine marketing strategy down, doing the research, and having the time and money to devote to the development of your product.

It’s absolutely possible to create passive income, and many people are successfully doing it. How quickly you get there, how easy it is for you, and how successful you are depends on the actions you take to ramp up and prepare for developing your product.


If you’d like help ramping up your business, schedule a call to chat with me. We’ll do an assessment to identify the opportunities for growing your business and get you well on your way to passive income bliss!

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Meet the Author

Jacqui portrait

HI, I’M WHITNEY!

I’m a dietitian first, but I have a deep passion for design and technology. I’ve started this business because I believe that with the right message, delivered at the right time, to the right people, in the right way – we can help people live their best lives.

MORE ABOUT ME

Free Resources

bowl of sliced oranges and applies

Grab FREE Templates and Checklists on our Resources Page

CHECK THEM OUT

4 Questions You Need to Ask Before Hiring a Web Designer

4 Questions You Need to Ask Before Hiring a Web Designer

Picture this: You’re talking to a colleague who wants to refer someone to you and they say, “I just sent them to your website!” What’s your response? “Yay!” or “Ohhh nooo….” If you’re embarrassed by your website, you’re not alone - I hear so many dietitian business...

Two Ways to Get More Leads From Your Website

Two Ways to Get More Leads From Your Website

https://youtu.be/wcNk_ZRLneA There is no doubt that having a website is important to connect with your audience, explain your value proposition, boost brand recognition, and drive sales for your business. But not all websites are created equal, and in order for our...

Pin It on Pinterest

Share This