I recently wrapped up my annual reader survey and let me just say, ya’ll made some fabulously helpful points.
So cheers to you for taking the time to fill that out and give me some insight into where you’re currently at with life and business.
(Seriously, I can’t thank you enough.)
One of the focuses of my survey was to check in with those who are currently on the fence about adding passive a passive income stream to their business.
Turns out you’ve got some pretty big dreams, and after reading your feedback, I’m seeing some pretty common themes as to why you have yet to get started. Here’s what ya’ll had to say!
Yup! There’s no getting around it…there are already a heck-tonne of people doing what you want to do. It’s a big world and as the saying goes, there’s nothing new under the sun.
But take heart, because the fact that so many people are doing something only proves that that something works, and that people are actually interested in buying it.
Here’s the thing, those people aren’t doing it the way you would do it. They have their own story and their own way of looking at things, and the truth is is that person may not be everyone’s cup of tea.
They may be serving a lot of people, but they are not serving your niche audience, those people who resonate 100% with your story, your brand, and your voice. We all have different preferences in the way that we learn and receive help, and that alone is enough for people to seek out different solutions for the same problem.
There’s a lot of people out there who are offering what you want to offer that maybe don’t have the heart for customer service that you do, or can make learning your thing fun in the way you do. You have a totally unique set of gifts, strengths, and life experiences to share.
Let being YOU be the thing that sets you apart.
Want to appear as the authority on your topic?
Become an invaluable resource to people. Start a blog, podcast, YouTube channel, Instagram account, etc. and whatever your desired platform, make it your mission to show up with real answers.
Creating actual helpful content and do it consistently makes it so that you are the first to come to mind when people have a question about your topic. (And the first to appear in a google search. That never hurts.)
Here’s a bit of light reading to get you started creating consistently, useful content in your business.
In addition to creating your own library of “Oh, my gosh I can’t believe she’s giving this away for free” type resources, be the go-to answer giver in other communities such as Facebook groups and forums on your chosen topic.
Showing up consistently makes people feel like you have their backs, and lets them see your honest desire to help them – not just an honest desire to pad your bank account.
Ok, there are some cases where it’s more than just fear and doubt holding you back, but rather a legit roadblock. This is one of those times.
Having some sort of email list or engaged audience is pretty important for making passive income happen, so if you just started your business two weeks ago, and are still struggling to get enough clients, now may not be the right time to add a new income stream.
My advice to you? Work with clients and get to know all their biggest pain points and questions. You will be able to create a muchhhh better passive offering in the long run, so in this case, focusing on 1:1 client work would be a good first move.
In the meantime, knowing that passive income is your goal, you can work on building up an email list of only the people who are genuinely interested in your topic and therefore more likely to be interested in a paid offering in the future.
Finding yourself somewhere in between? Check out How big does my email list need to be before launching an online course? (The info in this post is fitting, no matter the passive income product, btw. It doesn’t have to be an online course.)
There’s no one thing.
Not everyone needs to be out there creating an online course, and honestly not everyone should. Say you are a copywriter thinking of creating a copywriting course because you’ve seen how successful other online business owners have been with this model and it seems like the super obvious choice…
There’s just one teensy problem…an online course is not what your audience is asking for. Maybe they want a mad-lib style, fill-in-the-blank copy promptlate to help them solve their copy woes instead.
It’s worth talking to your audience to figure out what might be most useful to them. (Hence my recent reader survey!)
Need help getting started surveying your audience? You’ll want to check out:
It’s true. Getting started with passive income does take effort. (You can’t make something out of nothing.)
But once the thing is created, you don’t have to recreate it each time you make a sale. This is where the passive part comes! Now that you’ve done the work and set up all the necessary automations to deliver your product, you’ll be on your way to earning money time and time again for work you did 6 months or even 6 years ago.
Wondering if the initial work is really worth it? Check out my post How passive is passive income really?
I give you an honest BTS look at how much I earned vs. many hours a week I had to work before and after adding passive income streams to my business.
Here’s the thing with passive income, it’s not the quick cash grab some people make it out to be.
You are not going to get rich overnight, but if you start now rather than 6 months from now, you’ll be 6 months into your passive income-earning results – rather than still stuck at square one.
It takes commitment and finishing, because even the best ideas don’t sell when they are left on the shelf, but I promise you as your small wins start to snowball, and you see the momentum building, you’ll naturally want to make this a priority in your business!
Don’t think of it as a quick win – think of it as setting up for success in the future when you will be earning that income ON TOP OF what you are already bringing in serving clients and customers 1:1. (Extra income? Yes please!)
That being said…if you’re currently struggling to make ends meet, this may not be the stage of business to make passive income your focus. You still need to eat, and client work is definitely the quickest way to get some cashflow happening.
Focus on getting booked-out in your business, perhaps increasing your prices, and start to build a little buffer for yourself for when you are ready to dive into creating your passive income thing.
Here’s a few posts to help you with that:
So, there’s definitely a few instances where it makes sense to build up your business a bit more prior to adding a new income stream.
But for the rest of you…what’s really keeping you? Wouldn’t you rather start now, before you feel 1000% ready, and get started gaining traction and maybe earn a few $$ while you work on improving your offering over time?
Or would you rather look back two years from now and realize that you’ve let perfection keep you on the sidelines, while there are others out there who aren’t nearly as talented or knowledgable as you, but decided to take the leap and are now successfully doing what you want to do?
Your fears are not irrational…but they also don’t need to get in the way of taking those next steps in your biz. Especially when there are others who have gone before you to hold your hand and show you the way!
If you could use just a little bit of hand-holding, I want to give you access to my Passive Income Roadmap. This is the exact roadmap that I use when adding a new passive income stream to my business, and I’m sharing it with you for free.
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