Are you reaching a point in your service-based business where you’re almost booked-out? Or maybe you’ve already reached capacity and you have no room to take on more clients without working more hours or hiring someone to help you? Becoming ‘fully booked’ is a goal of many service-based business owners when they’re first starting out but what happens after that? How do you ensure you’re still growing your business without running yourself into the ground? I believe the answer is a passive income e-Course!
What is passive income?
To my mind ‘passive income’ is income that is made without you having to intercede directly in the purchase process or provision of the product or information.Passive income happens when you create a product that can be sold again and again. Click To Tweet
For me, the true measure of passive income is when I wake up in the morning with a notification that money has been deposited into my account while I slept and I don’t have to do anything directly to provide that product.
People can purchase and consume this information at any time and you can quite literally ‘earn money while you sleep’. It is a great feeling!
Passive income is not ‘easy money’ as some online entrepreneurs will let you believe but it does allow you the freedom to do limited 1:1 work (or grow your business beyond your 1:1 work).Passive income isn’t easy income! Click To Tweet
Examples of passive income products
Some examples of passive income products include:
- Downloadable products like a guided meditations
- Templates such as a business plan template
- Graphic design elements such as a decorative frame or quote graphic that can be tailored for use in your business
- Reports based on a calculated result from a survey e.g. filling out a dietary and exercise survey and getting a ‘tailored’ weight loss program emailed to you
Why you should create a passive income e-Course
Here are some reasons why you should create an e-Course for your fully-booked business:
1. It allows you to leverage your existing knowledge
Established business owners have an advantage when creating e-Courses – they can leverage the existing knowledge and relationships that they have with clients to create e-Course ideas that their existing customer base already need. For this reason these e-Courses are generally geared around solving a problem that you already know your customers have. You are in the lucky situation that you can design an e-Course for your customers rather than finding customers for your e-Course.
2. It can allow you to reach a new market
Do you have a 1:1 service that may not be accessible for all markets? Are there people who say they can’t afford your 1:1 services? Creating an e-Course could be a great alternative offering to people who can’t invest in your 1:1 services.
3. It can complement your one-on-one work
People create e-Courses for a range of reasons but as a service-based business, you have the opportunity to create an e-Course that compliments your 1:1 work. e-Courses are great for building trust and connection that can lead customers to purchase more premium offerings such as your 1:1 services. For example, a customer may have purchased your e-Course because they weren’t ready to invest in your 1:1 services but after having a great exchange with you and loving the work from your e-Course, they’ve decided that it’s a great investment to work with you 1:1!
4. It can give you the opportunity to raise your prices
Creating and launching an e-Course is a great time for a service-based business owner to re-assess their prices. Now that you’re offering your expertise and knowledge in a digital format, 1:1 time with you is even more valuable!
5. It can help to build your brand
Live launching e-Courses is a great way to build your brand and raise your visibility with pre-launch list building strategies, webinars, Facebook advertising and all the launch activities. It’s hard to re-create this kinda hype without going through a live launch!
6. It can help you get speaking gigs or book deals as ‘the expert’ in your niche
Creating an e-Course helps to build your authority and establish you as ‘the expert’ in your niche. This can lead to a variety of wonderful opportunities including speaking gigs or even book deals!
7. It can help you to get more PR opportunities
Your e-Course is a massive asset to your business and when looking for PR opportunities, it is proof of the great work that you put out into the world.
8. It can allow you to take a holiday and still make money
As this blog post goes live, I’m actually in Palm Cove on holiday with my family after a launch! And the best part is that there is still money coming into my account – even while I’m away! Having a fully-booked business can sometimes lead to stress, anxiety, isolation, depression, adrenal fatigue and burnout as you try to do all the things, all at once. Imagine if you could take a break from your business and still make an income? It’s great for your health and wellbeing!
9. It can allow you to go global, baby!
I have the opportunity to work with many women from all over the world in my online programs. It’s an opportunity that may not exist if I only offered 1:1 work. Sure, you can still work with overseas clients in your coaching or consulting business but with different time zones and schedules, an e-Course is a far more accessible option!
10. It can lead to more premium offerings
I spoke about how having an e-Course can allow you to increase your prices but it can also lead to the creation of more premium offerings for the people who have done the e-Course and want more! It’s a natural progression for the people who have done your e-Course and know how powerful your work is!
I hope this article has convinced you that creating a passive income e-Course is the next logical step in building your business!
So you’re ready to leverage your time and energy by creating an e-Course?
Smart move, Boss Lady!
But after 5 years of creating and launching e-Courses – and after guiding more than 700 students through the exact same process – there’s one thing I know for sure… not all e-course ideas are created equal!
Enter: The e-Course Idea Generator!