You love serving clients and you are hella good at what you do (if you do say so yourself). You’ve got this client-service thing totally dialed in and every last one of your customers has left you a raving 5-star review!
Maybe you’ve reached that point in your biz where you are ready to bump up those revenue goals, but you’re not sure where to go from here!
The fastest way to build more cashflow into your biz would obviously be to take on more projects, raise your prices, and maybe even build up a nice long client-waitlist. But in the end, you are still tying your dollars to hours, and there are only so many of those in a day!
Ready to grow your impact and income without having to hire a team-member, start an agency, or add extra hours to your workweek?
Add a passive income stream to your business! And here’s why:
When you provide a service, you are having to recreate that experience from start to finish for every single person that you serve.
It is possible to streamline things a bit through creating systems and processes for the way you work, but in the end, it still falls to you to sit down, do the work, and personally fulfill that service.
With a passive income offering, you only have to create the thing once, allowing you to make infinite sales with little to no additional work on your part.
With all your automations successfully set up and running, everything your client needs to get results is available on-demand and delivered automatically. No back and forth or inbox babysitting required!
Your customers will appreciate not having to wait 3-5 business days for you to surface from your sea of client work, and you can go back to giving your undivided attention to your current projects, knowing that those sales will continue to come in the background.
The initial time investment it takes to build a passive income stream into your business can be a little off-putting, and it’s honestly what keeps most people from ever starting.
But what if putting in a few extra hours a week for the next little while could mean that that aspect of your business could basically run itself on autopilot in the future?
When you are working with clients, you are scheduling your days around meetings, consultation calls, and the constant scope-creep of work that you’ve been hired to do. It can be hard to find that work-life balance when you are taking on extra projects just so you can pay your bills!
Getting set up and established with your new passive income stream puts you back in charge of your own schedule, and you won’t need to take on quite so many clients to make ends meet.
You’ll have more time and freedom to work on other thing things that move the needle in your biz and bring you closer to your goals. (Or not work. That is also a pretty solid goal).
If you think back to when you first dreamed of starting your business, you probably had a pretty specific type of client in mind that you wanted to serve. How many of the projects you are currently accepting would you say fit with that ideal?
Now that you are bringing in a little bit more revenue each month through passive income, you don’t have to accept whatever work comes your way.
You can niche way way down, focusing your client attraction efforts on speaking only to those who are a perfect fit for you, instead of trying to grab the attention of anyone who will do business with you.
Unless you up and retire altogether from the 1:1 model, the income you generate from your passive product is going to be on top of what you are already bringing in from client-work (basically just icing on the cake!)
You can take this extra bit of income and choose to:
A) Save up, pay off any debts, start a rainy day fund, or donate to your fav cause
B) Live it up, book that trip, buy that new laptop and treat. yo. self.
C) Invest it back into your business to keep that snowball rolling and develop a greater reach or more valuable passive offerings.
You no longer have to completely close your doors for a week if you want to take off on a holiday!
When you sell a passive income product, all that is needed to serve your customers is a decent wifi signal, so you can feel free to work on building your biz from all the best places on your bucket list!
I’ve even been known to leave my latop at home.
If you are at the point in your business where you, as just one person or small team, aren’t able to serve the number of people wanting to be helped by you, then you can be certain that now is the perfect time to introduce a passive offering!
If you find yourself feeling like a broken record, answering the same questions over and over in your inbox, or over the phone, it’s time to gather up those FAQ and get to work creating a passive income product from them!
You’re likely going to be giving the same advice anyway, so rather than having to repeat yourself 50 times a week, you can offer a paid, on-demand product that people can get access to right away to get their questions answered!
Your sanity will be saved and you’ll be able to help hundreds, if not thousands of people in the same amount of time it would have taken you to serve just one.
I’ve literally gotten emails from students while out to dinner, napping, or boarding a plane thanking me for my courses and for how I’ve been able to help their business.
Adding passive income to my original service-based business means I am now able to serve people all over the world, 24 hours a day, 365 days a year.