How to Create Passive Income In Your Business

Have you ever compared your business to someone else’s and thought: Wow. How do they have THAT much capital AND all of that extra time to keep pumping out new products, new services, and new programs?

It’s called passive revenue streams. And your business NEEDS them. 

What’s better than the BEST revenue stream in your business? A PASSIVE revenue stream. 

Not following? I like to think of passive income like a slow cooker. This is the “set it and forget it” portion of your business. You put in the hard work at the beginning and later watch the revenue flow its way in without you having to lift a finger. 

Creating passive income isn’t as hard as it seems. You CAN turn your knowledge into an additional revenue stream for your business. Whatever your expertise is, whatever your industry is–you likely have some valuable information in your arsenal that people will BUY. And, yes, even if your knowledge is niche or industry-specific. It’s all about how you market it!

We here at SHE Sparks Business worked tirelessly on a new, online school called SHE’s Online. We learned SO much about not only how to create online courses and passive income, but also how to market them. 

Here are 3 things we learned during that process: 

  1. Turning your expertise into content people will BUY

In case no one told you or you skipped over the introductory paragraph above: YOU ALREADY HAVE THE KNOW-HOW TO CREATE ONLINE COURSES. You have the power to turn that knowledge into content people will buy. The only thing you need at this point is some guidance, time to create, and the motivation to make your dream of passive income a reality. 

This all sounds fabulous, I know. So…how? 

First, you have to organize your content. Create a name for it (even if it’s just a draft), create an outline, create SOMETHING. If you’re not much of a writer or don’t enjoy typing, speak your thoughts into a recorder to transcribe later (or pay an employee to do this task), ask your customers if you can record the meeting, or record videos and edit them later to use in your course.

Secondly, look at your content and analyze it. What does your audience NEED right now? What bits and pieces of your content are going to be the most valuable? What kind of course would YOU want to spend money on? 

If you struggle answering those questions yourself, do what we did here at SHE Sparks: Ask your customers/clients for input! Your raving fans know you, they know your business, and they’re highly likely to give you valuable feedback you can’t get anywhere else.

2. Choose the best platform for your online courses

There are a plethora of online course hosting websites available. Choose what’s going to A: Be the most user-friendly and easiest for YOU. B: A hosting site in your budget. C: A site that has features on your “must-have” list. 

A quick example from our experience: We were passionate about creating an online school that was extremely user-friendly for our customers/students. We also were dead-set on having interactive videos, assignments, quizzes, and other features that made it easy for our customers/students to have accountability and FUN while experiencing our courses and learning.

Additionally, and I can’t emphasize this enough, choose a platform with PHENOMENAL customer service. Online courses aren’t easy to produce and create. You WILL need assistance from time to time. Read reviews and do your research before forking out the “overhead” for your online courses.

3. Launch your course with detail, in the best way possible

MAKE YOUR LAUNCH A BIG DEAL! This is a huge accomplishment in your business. The worlds NEEDS the content you’ve created, and your audience wants to know what new and exciting things you have been up to. 

If you haven’t already: Clean up your emailing lists. Perhaps you’ll make a new list specifically for individuals who you think are most likely to purchase your course. Consider these your “hot” leads. 

Not only that, but tell everyone about it! Create urgency. Maybe you offer something additional to the first 10 people who sign up. 

Do you struggle with promoting on social media? Click here.

MORE THINGS WE LEARNED:

  1. Have a clear plan, and be on the same page as your team members. Know what you may want at the beginning. What are your goals?
  2. Creating online courses is SERIOUS business. If you’re not careful or serious, you could waste a lot of time trying to build them out–so BE SERIOUS about it. Make a promise to yourself and keep it! This kind of activity could be seen as a time vampire, but really, it will only take up too much of your time if you LET IT. It will all be worth it if you actually follow through, especially with a good marketing plan.
  3. Many of these platforms have options for free trial runs. Experience the platform before you buy it and MAKE SURE there is a great support system that will help you learn the most effective way to use it.

SHE Sparks Business created online courses because we know how important it is to stand out. We know how difficult digital marketing can be without the background it takes to have a really strong strategy. 

We work with clients and customers everyday who need help with marketing and social media needs, and we have helped HUNDREDS of entrepreneurs grow their businesses. This is why we created the Social Media Deep Dive course. 

The Social Media Deep Dive course is all about feeling more confident on social media. Not only do our students learn the basics of social media platforms, but they also learn how to SCALE on social media. 

Our courses are so much more than just a surge of education–it’s a source our learners have unlimited access to. The content is relevant for ANY business that wants to scale and grow online. 

Some of the topics we dive into are how to get into a social media growth mindset, how to make Instagram work for you, content creation that makes you LOVE your social media pages, making Facebook profitable, and how to get real results from your social media pages.

It’s a 5-day course, filled with 22 videos, 6 PDFs, 4 self-guiding assignments and a certificate of completion.

The best part? It’s extremely affordable at just $95 for content you and your team have LIFETIME access to. 

Access the Social Media Deep Dive course HERE.

So…What’s next? 

Reach out to us for a FREE Strategy Session with the SHE Team on how you can get your customers back and acquire new customers online! connect@shesparksbiz.com

It always seems hard until it’s done, folks.

Written by Emily Havens.
Emily Havens is the Marketing Director for SHE Sparks Business. She is an award-winning journalist who has a passion for women in business and female empowerment. Contact her at Connect@SHEsparksBIZ.com
By | 2020-05-04T15:13:54-06:00 May 4th, 2020|Business Tricks & Tips, Growth|

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