“If you do not find a way to make money while you sleep, you will work until you die.”-Warren Buffet
Passive income is money you make in your business that requires minimal work. Unlike your traditional one-to-one offerings like colour and style consultations, which need you to be in a particular place at a specific time, passive income comes from selling products that don’t tie you down to a place or time. They even allow you to keep making money in your sleep or while you’re on holiday!
Read on for my tips on bringing passive income into your business.
One of my passive income products has brought in €𝟰,𝟯𝟵𝟲 in the last 30 days. This is about average of what it brings in each month and it’s been doing that for several years now – I’ll let you do the math!
- This product requires minimal work (Less than 20 mins spread over the entire month).
- It doesn’t require me to add any scheduled hours to my week.
- It doesn’t require me to physically show up anywhere.
- I don’t pay anyone to do anything with it.
- The clients who purchase this product rave about it.
Passive income allows me a life of freedom while still providing massive value for my clients and bringing in consistent income.
Onto the tips:
1 Give yourself permission
Some people believe that they’re cheating if they earn money through passive income. They feel they should be working really hard to justify the money coming in, but that’s not the case. You can impart massive value to your clients without having to be with them face-to-face all the time.
I get rave reviews for my passive income products and I have never received a complaint.
I did have to have a word with myself in the early days though because I felt guilty about earning money from minimal effort. This belief probably originated from the fact that my parents worked so hard all their lives to get by.
But why do we need to wear ourselves to the bone when we now have access to the tools and technology that can make our working lives so much easier?
We only get one go at life, so why wouldn’t we free ourselves up to spend more of it doing things we love? It’s totally the way to go!
2 Know your ideal client and the problem you’re solving
I always come back to ideal client in every training I do because it’s SO important. If you don’t create a product they absolutely want, they won’t buy it.
It will take some effort from you upfront to design the right product. You will need to identify what problem you can solve for your ideal client and provide a self-serve solution that they can access and implement at a time that suits them and without you having to be there.
What kind of thing can personal stylists create to make passive income?
Online courses and digital products are the main ones. One of my most successful passive income products is my online colour analysis starter pack. It’s a set of digital drapes, checklists and videos that my clients can use to get started delivering colour analysis consultations online. They get all the help they need from the pack to take another step forward in growing their business, but I don’t need to be there to show them how it works.
Don’t get sucked into thinking you need to solve a massive problem with your passive income products. Focus on identifying a small, immediate problem that you can solve quickly and easily. It could be something that helps your client prepare for a special occasion, like when she’s the mother of the bride, for example. Think about what tools you can provide to save her time, effort and money. Wrap them up into a digital product and make it available to purchase through your website.
3 Don’t try to do it all by yourself
Get help to set up your passive income stream from someone who’s got experience of doing it for themselves or others.
So often, we try to do everything ourselves as business owners, and it takes us forever because we get stuck going round and round in circles. It’s daft really because a modest investment at the outset results in creating products that can bring in a LOT of money in the long term.
Here’s something to think about:
Are you stingy with yourself and not getting support to learn how to bring more money into your business?
Is it time that you step out of your comfort zone and invest in yourself to get closer to achieving your dreams?
4 Understand that no passive income product is truly passive
Even if you have the most fantastic passive income product or service in the world, it’s not going to sell itself. One of the skills you must master is promoting and selling your product. Again, this comes back to knowing your ideal client. You need to know them to create a product you know they want, AND you need to know them, so you understand how best to communicate the value of your product, so they buy it.
You should also make sure that your passive income product ties in with all your other services because, as a solopreneur, it’s tough to sell many different things simultaneously. There’s only one of you doing the marketing, and it’s impossible for one person the constantly chop and change between the different messages required to sell various products. You just don’t have enough space in your head! So, unless you have a team to help you, for the sake of your sanity, make sure your passive income product ties into everything else that you sell.
Tying your passive income product to your other services also creates a value ladder that encourages people to spend more with you. Let’s look at my business model as an example:
I’m a business mentor to personal stylists. I offer online colour analysis and style courses, and tying in with them is my online colour analysis starter pack. Often people buy the starter pack, which costs €47, and then they go on to buy my online colour course, then my online style course, followed by signing up for my mentorship program. The starter pack is a lower-priced steppingstone that offers excellent value to clients who, once they get a taste of how I work, trust in me even more and then buy higher-priced services.
5 If you’ve tried to sell a passive income product before and it didn’t work, it doesn’t mean that the next one won’t
Many people who fail at something give up and never try again. Very often, this leads to the end of their business. A big part of being an entrepreneur is getting comfortable with failing. We’ve all had failed products, launches and events. You must learn to disassociate failures in your business from your self-worth.
Just because a previous product launch failed, it doesn’t mean that YOU are a failure. It just means that whatever you created is not working right now, and you need to tweak it or create something more desirable.
Applications are still open for my 6 Figure Stylist Retreat happening in October in the South of France. If you’re a personal stylist or image consultant who is ready to commit the time, effort and financial investment to create a passive income product that will bring ease to your business, then send me a DM to request more details and the application form.
Over five days, you will join a small group of dynamic ladies in an immersive environment: no distractions from the children, dog or your business; and follow my blueprint to create your own passive income product.
You’ll get in-person, intensive support from me to take the urgency and desperation of your business and replace it with a consistent flow of income requiring minimal long-term effort.
Email me now for details & application form for The 6 Figure Stylist Retreat email@example.com