If you’ve been hearing the term “passive income” around the internet and you’re still scratching your head about what that means for your business, not to worry. Maybe you’ve heard about what passive income is but you’re still wondering how you can benefit from it.
Making money “in your sleep” (as some people like to say it) is great for your business because it allows you to earn income without being present in the sale. This means people are buying from your website in the background while you’re sleeping or working on other big things in your company.
If you’re wondering if your business is even a good fit for a passive income source, here are a few reasons to consider one.
You’ll Reach a Wider Audience
When your business is limited to one-on-one services, group coaching, or on-demand services, your business becomes limited to the number of clients you can serve. For example, as a logo designer, if you’re the only person on your team that does the designing, you probably can’t take 100 clients at a single time.
If you can’t supply for the demand, your potential clients might have no other option than to seek help elsewhere if they don’t want to wait for their turn.
Instead of having your clients move onto another service provider, you can create a passive income offer like a DIY logo template that allows your clients to design their logo with your framework. With that option, you’re able to make a sale, supply for the demand, and serve more clients.
You’ll Serve Clients with Different Learning Preferences
Your clients are unique. They all learn differently and have different schedules, so creating an evergreen course or offer for them to purchase at the time that’s most convenient to them, will help you serve them per their specific needs.
If there’s a client who’s been keeping an eye on the work you’re doing but they aren’t quite ready to dive into your big offer, giving them an option like buying your course, or buying your webinar replay, allows them to work with you on a smaller scale.
You’ll Create Another Source of Income in Your Business
Your time and expertise are so valuable to your clients but when you start to run out of time in your schedule to serve your clients, it’s time to consider creating a passive income offer. If you limit yourself to only in-person or intensive services, you’ll reach your capacity at a certain point.
Creating an offer that allows your clients to purchase from you when you’re not directly involved, is a way to inject money into your business on auto-pilot. Of course, it’ll take creating the income source and marketing it to sell, but if you have the golden information and you package it in an evergreen way, you’ve got a solid passive income source.
One of the best passive income ideas for digital business owners is a course. Take your expertise and turn it into a teachable method in an educational course. Once you build out your course, your clients can learn from you while you sleep.
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