Recently, I sent an email declaring my “wish for you” – the wish is simple in nature, although a bit more complex to achieve:
No matter where you are or what you’re doing, you earn passive revenue.
There are, of course, several things involved in achieving this goal:
1. You must have information which your ideal clients are willing to pay for (and it’s a good idea to know “who” your ideal clients are)
2. You must have back end systems in place to collect monies, automatically provide the digital product purchased and follow-up with your new clients
3. You must know how and where to market your product, and your business, so your ideal clients know how to find you
4. . . .and more.
And to note that the above is possible whether or not you have a shopping cart solution.
What’s interesting are the responses I received to the email. There was the. . .
“Thank you so much for sharing this and letting me know that my dreams of earning revenue ‘while sleeping’ can be so much more than a dream. I love how you make things possible while keeping them realistic” response.
And then there was the. . .
“You don’t usually talk about money and today’s email sounded like you were bragging about making sales and earning a high profit” response.
Notice the difference in mindsets from those two responses. The first, happy to know that her dreams are realistic and achievable and, I hope, freshly motivated from seeing what someone else is achieving and knowing she can do the same.
The second, coming from a more negative place and, I’m assuming, frustrated about not achieving her own goals and less willing to learn from others.
There’s a few reasons I chose to discuss earning passive revenue from information products in that note:
1. It’s totally doable for any industry – you simply need the right steps to make it happen consistently.
2. Digital information products are, by their very nature, highly profitable once you’ve covered your time in creating them. It’s part of the reason having an online business is so attractive.
3. Once you have the systems in place for consistent product sales, you truly have a lifestyle business. Whether you’re shopping, shuttling children, making dinner or yes, even sleeping, you’re earning revenue AND profits!
Many small business owners focus exclusively on their “high ticket” items, often relegating info products to the back burner.
There’s a place for both in any business – whether you’re selling coaching, widgets, or services.
My Request To You
Take 30 minutes after reading this article to look at your business objectively.
· Do you have TRUE multiple streams of revenue or are your dollars in one basket?
· Are all revenue streams profitable?
· Are you earning revenue no matter where you are or what you’re doing or only when you’re launching a program?
· At the end of a program, do you enjoy some downtime knowing the revenue will continue to come in or are you scrambling wondering where your next deposit will come from (and when)?
It’s more important than ever to know what you’re doing in your business, not only today, but next week and next month to create “profitable revenue”.