The Truth About Passive Income (Yes, It’s Worth It)
Do you want to make more money? Most of us do, the question just comes down to how. If you’re exploring ways to make more money in your business, you’ll probably get suggestions like “Increase your rates” or “Find a more profitable niche.” I have a different suggestion for you that doesn’t require you to keep working for every dollar, though.
Passive income products. Passive income products let you earn money with zero (or only a little) consistent effort.
Of course, creating passive income isn’t easy, a quick fix, or a solution to any and all issues your business may face. It requires dedication, effort, and hard work. But the benefits are totally worth the investment. Before diving into the world of passive income products, though, there’s an important first step.
Start with why
The first step in creating passive income? Ask yourself why passive income is your goal in the first place. What will bringing in passive income do for you personally? How will passive income fit into your business?
For example, maybe you want to make passive income in addition to your regular income so that you can grow your revenue without sacrificing your time and energy. As a small business owner, you only have so much to give every day. Passive income lets you bring in more money without pushing yourself to the point of burnout.
Or, maybe you want a way to boost your income without offering more services, raising your prices, or changing around the structure of your core business. I get that! That’s why passive income, when done well, can be so great. You can fit it into your business in a way that makes sense for you.
What’s required to create a passive income product?
If you think passive income is the magical answer to your revenue problem or an easy way to get rich quick… well, I hate to burst your bubble, but it’s not. There are a couple of things to consider before jumping onto the passive products bandwagon.
Passive products require time, research, and a bit of elbow grease
Creating passive income is an investment. Do you want to make money from selling passive products? Those products need to be high-quality. They need to fulfill a need in your target audience. They need to be priced well, and they need to stand out from your competitors’ products. That doesn’t sound like something you can whip up in ten minutes, does it?
If creating passive products was super easy, everyone would be doing it. That’s why I described it as an “investment” earlier. You’re not just putting in work upfront to bring in passive income. You’re also investing your time, your skills, and your willingness to learn.
Sometimes we have a really amazing idea that we get so excited for, but when it comes time to actually bring that idea to life, we get stuck. Or it gets hard, and we bail. Or we’re not immediately good at it, and we just give up. (I see you, fellow perfectionists.)
There will be a learning curve when you create your first passive product. You’ll have to make sure your product aligns with your business (more on that in a moment). You may have to learn some new skills, like using Canva or Kajabi or Photoshop. You might make mistakes and get frustrated, but that’s okay! Remember that you’re not just growing your business, you’re also growing as a person.
You have to create a passive income offer that matches your business
On the other hand, some people believe that passive income isn’t actually a real thing, or a viable option for their business! While I totally understand the view that passive income is a “myth,” I’m here to offer your proof: my own business, The Canva Template Shop.
Passive income isn’t some unattainable dream, nor is it a one-size-fits-all solution for everyone. You can make it happen for you, as long as it fits into your business. And you’re willing to put in the work.
That part about fitting it into your business? I encourage you to take the time to find a passive product that matches what you already offer. Who has time to create an entirely new separate business? That goes against why you’re creating a passive product in the first place. Don’t rush through this process so you can get to the sales.
Slow down and think about a product that feels right. In my blog about what to consider when creating your first Canva product, I share some examples of products that would fit into an existing business. If you use a specific questionnaire or checklist when onboarding a new client, for example, that may make a great product to sell!
look at how it will fit into our business and create something that makes sense for us, motivates us, and feels inspiring to us.
Let’s figure out your passive income options together
Overwhelmed thinking about all the ways you might start bringing in passive income? I get that! Creating a new revenue stream can be really exciting, but at the same time, really scary. And a lot of pressure. You want to do things right from the beginning so that your time is not wasted.
That’s why I’d love to help you get started on the right foot. Schedule a Passive Income Possibility Call with me today! During this 60-minute intensive, we’ll review and analyze your business’s content to identify possible passive income streams. Then, we’ll map out how to bring those passive income streams to life! Let’s get started, shall we? Schedule your call today!