Let me guess, you’re currently up to your eyeballs in client work and managing projects and this whole ‘passive income’ thing is sounding pretty appealing right now.
But you’ve got an important question, how passive is passive income really?!
The last thing you want is to go from one revenue stream (client work) to a digital product that is just going to add MORE work to an already full plate.
Valid point friend.
First I’m going to lay some kinda astonishing numbers on you and then follow it up with what my life looked like when doing 1:1 client work, what it looked like when I built my passive income products while still doing client work, and what it’s like now with just passive income products.
Worked average of 60 hours/week
Worked average of 25 hours/week (with 3 months vacation!)
Yep… you read that right.
I made 10 times the revenue, worked a muchhh more manageable amount of hours in a week and took a heck of a lot of vacation.
In 2019 I also traveled to the Netherlands, England (x2), France, Denmark, Austria, Canada (x3), USA, Croatia, Indonesia & Ireland!
I took a total of 3 months vacation and spent another 4.5 months working part-time as I learned a second language.
So if you asked me how passive is a passive income stream really, as you can probably tell from how much my business was running itself while I was off doing other things, a passive income stream really can be superrr passive.
I think the biggest myth of passive income is that you don’t work at all.
I’ll be honest, that’s not the case. (Sorry to burst your bubble there.)
Let me explain how I think of passive income, and that should clarify the whole ‘how much do you actually work with passive revenue streams’ thing.
Think of passive income as separating your hours from dollars.
For example, when you work with clients, say, doing their website copywriting, you’re paid per hour or per package (which is generally valued at how many hours you’re working on a project).
When you work the hours for a client, you make money.
When you stop working for clients, you stop making money.
(Which makes taking vacations or time off for life really tough to make yourself do, even if you reallyyy want to!)
With a passive income product, you work a set number of hours (to create your product, maintain it, plan marketing pushes, etc.) and you can earn an unlimited amount of dollars from the same amount of work.
Say for example you create an Italy travel guide. The work on your end is mostly the same no matter how many people buy it and benefit from it.
No matter if you sell the guide to 1 person, or 100, you still need to write the guide, design it, set up the sales tech, and do your marketing efforts.
The one thing that does genuinely increase with increased customer numbers is increased time spent on customer service, say responding to emails and DM’s asking questions about the product.
But with that exception, there’s really not more work needed on your end to serve more people.
Having seen the results of my latest audience survey, I can see that a common concern about starting a passive income revenue stream is that people are afraid of how much work it’s going to mean, because they already feel overwhelmed with client work.
Here’s the thing, yes, while building your passive income product you will potentially need to both work on your client projects and building the new product at the same time.
Or, if you’re like me and reallyyy hate splitting your brain and time between multiple projects, I just checked I had enough money to get me through 3 months of no client work, and jumped into the deep end.
When I built my first passive income digital product, I just fully stopped with client work, used my savings to ride out that time and focused just on building my passive income product.
If you take a peek into your bank account and determine that’s possible for you too, then you’re all set!
In that case, you don’t even need to worry about doing both client work and product creation work at the same time.
There’s good news however, regardless if you choose to continue client work while creating your product or not, this is without a doubt the hardest part.
And it’s a temporary increased amount of work that once completed, significantly frees up your time in the future!
When your passive income product is complete and selling, you don’t need to take on so many clients, because you have another revenue stream replacing that client work income!
That’s when you can step off the work treadmill, take a breath, maybe a vacation, and then go back to work so much more calm.
When you have a passive income stream running in your business, you can take on a fraction of the client work you currently are.
You can be superrr choosey as to the clients you do take on. You can work with the ones you LOVE and pass off the rest!
So know that if you continue with just doing client work forever, you’re basically guaranteeing yourself working the same amount as now indefinitely.
But if you choose to make a passive income product, it means a temporary period of more work, and then a heck of a lot less work hours for years in the future.
So if you’re currently overwhelmed with client work, know that a passive income product is your ticket to less working hours in the future!
I’m about to start offering a business coaching program to help established business owners add this wonderful revenue stream to their business too!
If you want to walk the same path I did from client work to passive income products, this is exactly the thing for you! You can get all the details by clicking the button below!