3 Ways Your Business Can Benefit From Passive Income Streams with Courses

August 25, 2020 Product Creation No Comments

Passive Income Streams. It is something that we entrepreneurs and business owners dream about.

Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income but the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete. So think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.

Have you heard the statistic that millionaires have at least seven income streams? That’s seven different ways that they’re making money each month. Now take a look at your business. How many streams of income do you currently have? If it’s only one or two, then it’s time to open up that creative part of your brain and create more income streams.

Benefits of Passive Income

1. Increase your bottom line profits.

This is the most obvious benefit but certainly worth mentioning because who doesn’t want to earn more profits? If you created a for-profit business, extra ways to earn income are always welcomed. Limiting your practice to 1 on 1 coaching can limit your income potential, making passive income streams even more important when your coaching calendar is filled to capacity.

2. Regain time in your day.

I know I just said that creating products and other streams of income takes time but jump ahead and think about the back end of the process.

Your product or income stream is completely set up and the upfront work is done. With a consistent, strong marketing plan, you can easily earn money on these passive income streams without much effort, even while you sleep. This means you can take off a little earlier or take an entire day off for fun because your passive income stream is still earning money.

3. Increase your credibility by helping more people.

Think of passive income as a way to share your expertise with an ever-expanding audience. A snowball at the top of a mountain is very small. This represents you with your inner circle of clients. But as the snowball travels down the hill, it gathers more and more snow until it reaches mammoth size.

The same is true of you as you reach out to more and more people, networking online and off, and providing guidance through your books, webinars, or courses. You’re leveraging your knowledge and showcasing your expertise to more and more people, which will lead to increased sales and an army of people who rave about your work. In this case, the snowball effect is a very good thing!

Planning Your Passive Income

Now that I’ve sold you on the benefits of having passive income streams, it’s time to plan out what those streams should be for your business. Traditionally, passive income often means affiliate marketing, writing a book, or creating courses based on your coaching specialty.

Of course, use your creativity to think of an idea that’s different from what other coaches produce that will also appeal to your ideal target market.

Create Courses for Passive Income

If you are ready to begin collecting passive income from creating courses, you need to check out the Profit Planner Create Courses for Profit training.

After going through this training, you’ll come away knowing what to avoid and with actionable next steps so you can develop a course your fans will love.

https://www.internetmarketingwithbarb.com/profitplanners

You’ll be on the road to creating courses for a strong passive income stream, which can increase sales but also increase your email subscribers, your coaching clients, and your social media followers. Courses are the way to go to grow your business so be sure you act fast before it goes away!

With this month’s release, you’ll go through the process in step-by-step detail.

What’s covered in this training?