So what the hell is Passive Income?
Passive Income is currently the holy grail of entrepreneurs world-wide. The concept is that you develop products that can be consumed with limited or no input from yourself once developed.
The ‘passive’ refers to the fact that once the product is developed and the payment and delivery systems are set up you can earn money on an ongoing basis without doing any actual work.
It is a misleading term because there is a lot of time and effort that goes into producing and setting up these products to run seamlessly and generally you are still undertaking marketing and communications to make passive income sales.
I have two types of ‘passive income’ products:
- Fully Passive: Once developed and set-up I provide no hands on work or inputs unless directly contacted by a purchaser
- Semi-Passive: Most of my courses have a live forum or mastermind component where I need to make myself available to motivate, challenge, inspire and answer questions.
The benefit of semi-passive is that I can technically do this at any time that suits me, even if that was at 3am while breastfeeding a baby with my i-phone in the other hand! Not necessarily recommending this though!
People can potentially consume this information at any time and you can quite literally ‘earn money while you sleep’. It is a great feeling!
Passive income is particularly attractive to mums (or parents generally) who require a flexible way to earn money that does not require providing inputs at set times.
It is also a great option for those who seek a mobile lifestyle – travelling and working from anywhere.
What are Passive Income Products ?
Passive Income products are anything that is developed, written, or designed once and can be consumed multiple times without direct contact/inputs between the seller and purchaser.
Passive Income Products constitute one or more electronic files:
– MP4 (video)
– MP3 (music/audio),
– PSD (graphic file)
Examples of Passive Income Products
- E-books – a book/report on a particular support that you download such as an e-book on dressing for your body shape
- Product – such as a guided meditation that you can download and listen to
- Templates – i.e. a business plan template that you could tailor for use in your business
- Graphic Design Elements – i.e. a decorative frame or quote graphic that can be tailored for use in your business
- Reports – based on a calculated result from a survey i.e. filling out a dietary and exercise survey and getting a ‘tailored’ weight loss program emailed to you.
What is an e-course ?
E-Courses are the most complex of passive income products requiring the most development and set-up and are therefore generally more expensive than say an e-book but less expensive than one-on-one services.
An e-course has a series of topics/modules delivered electronically on some sort of regular basis.
An e-course may be delivered via a combination, or just one, of the following methods (this list is not exhaustive):
– Q&A calls
E-Courses generally include structured learning such as activities and tasks and have a set of expected outcomes.
If you would like to learn how to develop your own e-courses for your business make sure you check out the E-Course Launch Formula