When I first started as a business coach I didn’t know about passive income – I had this idea that all I needed to do was set up some coaching packages on a website, write a few blogs and my business would take off.
I soon came to realise that building a six figure business from coaching alone was not so easy.
It was not long after I started my business that I enrolled in a premium business eCourse and my mind was opened to the opportunities and benefits of Passive Income.
For someone like me who is most aligned to her passions when working from home writing and creating rather than speaking at events and coaching back to back it just made sense. In the last 18 months I have developed five e-courses taking my business to six figures.
But it has not all been easy and I want to share with you some of the blocks and challenges you face when developing passive income streams in your business:
1. You have to get comfortable with selling:
Passive income products are not going to sell themselves.
You will spend a lot of your time developing sales funnels for these products, running launches and activities such as webinars to reach large numbers of people.
The other day someone said to me ‘You’re a great salesperson’ and I instantly felt this icky feeling as I hate to be ‘sold’ to. I hope she meant that I was persuasive and really convinced her on the benefits of my eCourse.
Selling will get easier as your confidence grows from seeing the results your customers achieve.
2. Comparing yourself to bigger competitors:
My main eCourse product, the e-course launch formula, brings in six figures to my business and whilst it has been very successful there are still a number of competitors out in the market.
A couple of them are earning millions and so it is difficult to not compare myself to their success, Facebook likes or the strategies they use.
However what I have found useful is to focus on how I am different from them and what I have or my product has that theirs doesn’t. What is my point of difference?
I also look at their business structure and the different methods they use and ask myself – is that what I really want? Do I want to run big events or have a video blog every week?
It’s really important to remain aligned to your business vision and true to yourself.
3. Comparing your price:
The market is flooded with passive income products these days and consumers have so much choice available to them. It can be difficult to not base your price on what other’s are charging.
I was listening to Denise Duffield Thomas’s money blocks audio the other week and she said by matching pricing or pricing lower you are just matching your competitors money block.
I actually made the choice to price my premium eCourse higher than a competitor who is more well known than me. Why? Because I am certain that my course offers more content and more support than theirs and I am confident in the return on investment for my clients.
And, you know what, this slightly higher price just feels right for me.
4. Using your own money blocks to price your product:
In 2013 I launched a premium offering in the multiple thousands of dollars and I had so many blocks around the price.
But when I launched it I had multiple people tell me how cheap it was for the offering and value provided!
Price is relative.
You can’t assume that what feels expensive to you will be expensive or out of reach to everyone. In the end this is about knowing your ideal customer and what they will be comfortable spending on your product or service.
You will never be able to price at a point everyone can afford – and nor should you.
5. You’ll have to get comfortable with passive income meaning money comes more easily:
I’m sure most of you will be thinking – money coming easy, yes please!
But the thing is if you have always slogged your guts out working long hours and back-to-back clients earning passive income might feel a little uncomfortable and you might even block it.
The awesome thing about passive income is you only have to do the work once but can sell it to unlimited numbers of people around the world.
But this could feel a little icky and you could feel like you don’t deserve it or that you are not doing enough for the money.
A favorite quote of one of my mentors Denise Duffield -Thomas from a mastermind I attended in 2013 was ‘making money doesn’t have to be that hard‘. Seriously. So get out of your own way and embrace the amazing opportunities that technology has provided us to share our gifts and talents with the world whilst also having a great lifestyle balance.
This blog post was featured on luckybitch.com in January 2014.
If you want to create passive income in your business check out the e-course launch formula today!