One way to reach your monthly income goal is to include passive income programs in your offerings.
You may be familiar with the product funnel. This is where your stack of products and services flow in natural progression as a potential client enters the funnel. Most of the time the first and least expensive product at the widest part of the funnel is the freebie. As the funnel gets smaller the price gets higher. The products get more and more expensive as the funnel narrows, until finally you're at the most expensive product of all, your personal one-on-one products.
The problem is many coaches, and especially service providers, do not use the product funnel to its fullest advantage and lead with what should be their most expensive product. Time. If instead, you lead with any items that constitute passive or semi passive income, earning most of your income that way instead of with one-on-one programs, you'll find that you not only have more time in your day, but that when you do spend time with a client it's more productive since only the most serious-minded clients will get to experience it.
Here are a few suggestions for passive income programs:
Lead Generation Offers
These can be freebies, small reports or even live events and workshops. The only thing here that is a truly passive income generator is the small low-cost report. You can make money from one report over and over again. Although, offering a freebie to get the email address is also passive in that once they are on your list you can market other passive income products to them.
Monthly Membership Clubs
Some call them masterminds, inner circles, or insiders clubs. Usually the number that can join is limited in some way to increase the likelihood that people will join for worry of missing out. The cost is usually small, perhaps $27 to $97 a month.
Perhaps the first hundred could get in for $27 then the next hundred must pay $97. The only thing you have to do for the membership club is to insert content, give special exclusive access to something such as a weekly Zoom Q&A Calls, Workshop, Private Forum, and “How To” manuals.
- Email Coaching — This is another membership that you can add on exclusively to the Monthly Membership. For a premium price the client can get answers to a specific number of questions per week or day.
- Phone Coaching — Another idea added on to the membership club is to offer for a premium price a limited number of phone coaching to select members who have purchased email coaching. While they have to pay more for the phone coaching it's treated as a membership benefit, thus enacting the idea of scarcity.
- Yearly Weekend Retreats — This is added on for those who have received phone coaching only. For a premium price, upwards of 5K per person, you could do a weekend retreat with only very special clients.
As you see, from the initial lead generation offers, and the passive monthly membership club, you now have pulled people into your product funnel to become personal clients. You can arrange this however you want, these are just ideas to get your creative juices flowing. But the thing that drew the person into your product funnel to start with should be a passive income stream, which is where most of your money can and should be generated so that you can have a freer life that you always dreamed about.
This is just the beginning when it comes to using passive income programs to get new clients. No matter where you are in your business, you can put the power of passive income to work for you. And I don't say that lightly. No promises of money without effort, but if you put the work in (I'll show you how) you will be reaping the rewards later.
Your Partner in Designing Your Victory!
Are you still stuck thinking your income is limited by the number of hours in a day? Like many coaches and service providers, trading dollars for hours often means the only way for you to earn more is to raise your rates.
There’s definitely a better way. Creating products that not only attract raving fans, but also turn on that passive income faucet that makes running a business a whole lot less stressful is the way to go.
Get my complimentary report, 5 Passive Income Programs You Can Create Right Now. This report will give you all the information you need to start generating passive income so you can gain more time freedom. Click below to get your copy now!
5 Passive Income Programs You Can Create Right Now!
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