“Make money while you sleep” is probably a phrase you’ve heard before. One of the most common phrases used to describe passive income is that you make a product once and reap the rewards for years to come. Here are 5 Reasons for Having a Passive Income Stream.
Anyone can benefit from passive income, regardless of the type of business they own, whether they sell products or services. To create the best product, you must make it as simple and affordable as possible. In other words, using your expertise to solve a problem for your audience doesn’t mean that you will make a cheap product, but rather that you focus on what you know best and create a quality product around it.
As a coach, you need to create passive income to support yourself:
1. Create a secondary income stream when clients cancel
Losing a client (or two!) isn’t something anyone looks forward to, but it can happen. When you have passive income in place to temporarily fill the gap, you do not need to panic when you need a new client to fill the void.
2. Make your name known to potential clients and attract new customers
With a big world and the possibility of always reaching new people in your target audience, you always have the chance to reach new people. You can entice newcomers to learn more about you and your coaching practices by pricing your products on the low end for passive income.
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3. Speak at events or engage the media
Speakers and interview subjects are constantly sought after on the internet by event organizers and reporters. Media will likely find you faster in online searches if you offer products as part of your business and have a reliable passive income marketing plan. You can also increase your authority by including these events in your media profile.
4. The sale funnel leads your prospects from a low-priced passive income product to your more costly coaching packages
A sales funnel particularly important for coaches because people are interested in knowing what you do before paying hundreds or thousands of dollars. Display your expertise with smaller, passive income products first, and then offer higher-priced packages to those buyers.
5. Include passive income products in your marketing strategy
Social media helps you reach a wide audience when you run promotions on products. You can give them a freebie, such as an ebook chapter, or a bonus if they buy a coaching package. Providing new prospects with unique offers will draw their attention.