How to map out your passive income product streams
Passive income is the “Holy Grail” for many online businesses. Passive income streams are sources of income that need very little work to maintain. Popular examples of these are ebooks, templates, courses, memberships, etc.
If you are new to the online business world this idea can be hard to grasp. Let me explain further, a day job is a source of active income because you get paid for only as long as you go to work. If you stop working today, your job stops producing income. Passive income requires minimal to no active involvement for income to be produced.
One of the best sources of passive income are online courses. You can share your knowledge and passion for a topic and create additional passive income. Some people only develop courses as part of their business model.
Let’s run through a few reasons why Online Courses could be a great passive income stream for you.
Why You should start an Online Course
1. It’s super easy:
Ok, the process of actually building a course might not be a walk in the park. However, the fact that you’re producing content that you are an expert in automatically makes it easier for you to deliver real value. For example, if you are an online coach and have a framework that gets results, explore ways in which you can share that knowledge. Online courses are a popular way for people to learn new information.
2. It is scalable:
As an online coach, your time for 1-2-1 work is limited by the number of hours in a day. The beauty in an online course is that you can work one to many. And your students can learn 24/7, whatever time zone they are in. Once you put in the work to build your course, your course can help as many people as possible. Allowing you to reach and help more people, while the amount of your time and energy remains relatively low. Basically, you can sell the same content over and over again, without needing to recreate it.
How to Map Out Your Passive Income Stream Offering
The major work when building passive income streams is to map out your offerings. What exactly are offering, how much transformation will they experience, who needs it, and how much should it cost.
Understand the Problem
Central to every business is understanding “Who can you help?”. You need to understand what problems, challenges or wants your audience has. There are so many different techniques for doing this. Some of the keys ones are researching in online forums, online quizzes, polls, examining reviews of similar products. However, nothing beats asking your past clients questions to undercover what you can offer.
Next, it is essential to understand what results you can offer. Does it offer then a 20% transformation to get them closer to their goal? Or does it have them a 75% transformation? Understanding how your offer fits into their journey to a solution gives you more insight than most of your competition. Most people don’t do this step. If you create a product which offers then a 100% solution, is there any part which you can offer as a stand-alone product. This way you can help more people and make more sales.
Once you have mapped out your product range, then build solutions to those problems. There are so many different ways in which you can share knowledge. For example, if you want to create videos you can do a “talking head”, a slideshow presentation, or even a mixture of the two. Understand the best way for you to teach others, but also consider the different way people learn. It’s best practice to have a mixture of visuals and audio.
When it comes to pricing, in the beginning, you can review what the marketplace price is for a similar offering. As you have students complete the course you will have more knowledge about what was valuable to them. This will give you insight into how you are different in the marketplace, and you can adjust your price accordingly.
Once you’ve done this, the next thing to do is to basically create a system to market your course to those who need it. Struggling with marketing? Check out our article on how to use sales funnels to sell your course.
If you are looking to create a new website and would like a FREE Strategic Website Consult Call here, schedule it here. Our calls are totally no-pressure. We are trying to help you solve problems in your business, not sell you stuff you don’t need.