How Creating Digital Products Can Give You Passive Income

Have you heard the statistic that millionaires have up to 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 have?

If the answer is one, then it’s time to open up that creative part of your brain and create more income streams. One option is passive income products.

“Passive income” is something of a misnomer. Creating products or setting up different forms of income still takes work. But the difference is that these streams of income can work for you—almost on autopilot—for years to come.

Benefits of Passive Income

1. Increase your bottom line profits. This is the most obvious benefit, but worth mentioning, because who doesn’t want to earn more profits? And (as you probably well know) limiting your practice to 1:1 coaching can be a “feast or famine” proposition. Passive income streams can help you get through the “famine” times.

But, even in “feast” times, your income from 1:1 coaching is limited to the number of clients you can handle. Passive income streams can help remove that “income ceiling” and create a cushion.

2. Regain time in your day. Hold up… I know I just said that creating products and other streams of income takes time! But jump ahead with me for a minute and think about the back end of the process, when your income stream is completely set up, and the upfront work is done. With a strong marketing plan, you can easily earn money on these passive income streams even while you sleep. That means you can take off a little earlier or take an entire day off for fun, because your “passive” products are 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. Imagine a snowball at the top of a mountain representing you with your inner circle of coaching clients. As the snowball travels downhill, 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, and providing guidance through your books, webinars, or courses, increased exposure and word of mouth leverage your knowledge and showcase your expertise to more and more people. This all can lead to increased sales and an army of people who rave about your work. So (at least in this case) the snowball effect is a very good thing!

Planning Your Passive Income

Now that I’ve hopefully sold you on the benefits of having passive income streams, it’s time to plan out what those streams should be for your business. Passive income includes affiliate marketing, membership subscriptions, or writing a book. But by far the most popular and engaging is creating courses or digital products based on your coaching specialty.

Digital products allow you to solve other people’s problems from the comfort of your home. And your customers get answers to their particular questions almost immediately, and in a format they can use—their home computer, or smartphone.

“A successful digital product has almost unlimited income potential, and there are dozens of examples of successful digital marketers earning millions of dollars each year from products they released several years ago.” – C.M. Burns, BigHappyProfits.com

Imagine what your business & life could look like, say, if you had your own online course…

✓ Students excited to learn from you

✓ Working fewer hours while transforming more lives (and without exhausting yourself with 1:1 clients)

✓ Building your credibility & becoming an authority in your niche

✓ No more cap on your income

By creating a digital course, you will finally have a valuable business asset you can launch & sell again & again.

Creating Your Product

There are many steps involved in creating a product but once you’ve done one, creating others will be easier. When creating a digital product, you want to be sure to make it relevant to your main topic of interest. So, if you are a health coach, you want your product to be about a health issue, not a career issue. Also, you want to further hone it down by asking your audience what they need. This is something you can determine by quick surveys or just by keeping track of their frequent questions.

Next you need to validate the product, double-checking to make sure it’s the right one. Ask clients if it would be helpful and/or relevant. Put out questions about it on forums. You could even do a prelaunch with valued clients to test the product for you. I have a colleague who I give my products to in exchange for her evaluation of them.

Then you will need to write content for launching and promoting your product, and, finally, determine your pricing.

Launching Your Product

When you are launching a product, you need both a series of anticipation emails, and a series of launch emails.

1) Anticipation emails build excitement. They should be educating your audience on a topic you’re passionate about (and one that’s related to the course you’re selling). And give them a teaser for the product.

2) Launch emails make the offer. They say that the product is ready and point to where people can buy it.

As this marketer puts it:

“With my launches I built up to anticipation over a matter of weeks, not months or years. Each time I talk about it, the likely buyers get more and more excited. Then I give a clear date for when the product will launch and be available for purchase.

“The day before launch I send out a detailed email providing every bit of information my subscribers need in order to make a purchase. This email covers the benefits of the product, pricing information, and even answers frequently asked questions (that actually haven’t been asked yet).

“The one thing the email doesn’t include is a link to buy the product. Instead I tell them exactly when the product will be available (8:00 AM Eastern tomorrow) and to expect another email from me at that time.” – Nathan Barry, Founder, ConvertKit.com

If your launch runs for 5 days you’ll need at least 5 emails. I’ve been on some lists where they sent out two emails a day—sometimes the same email but different subject lines. To me that’s overdoing it, but it depends on your audience as to how often to email them. Keep in mind that they probably don’t read all their emails. So it doesn’t hurt to send out more than one.

Creating Urgency

Here are four easy ways that you can get your on-the-fence customers to purchase now:

1. Have sale or promotional pricing ending soon

2. Make the product available for a limited amount of time

3. Provide an additional bonus only available to the first x number of customers

4. Limit the quantity available for sale

Pick one or two of these strategies that will resonate with your audience. With careful planning, the urgency in your launch emails can boost sales.

In Conclusion

Working with clients one-on-one is great, but it shouldn’t be your entire business model. You need to have some other sources of income that supplement your coaching program. After all, how many times have you had a month with no new clients? With another source of income, that scenario is less painful.

If people don’t know you yet, they’re probably not going to drop $1000 on a coaching program. But they might be willing to take a chance on you for something that costs them $50 or less—because it’s low risk for them.

The good news is that you CAN create passive income with low-end digital products, and, if you need some help,

Learn how to create, package, and launch low-end digital products here: https://contentcreationtoolkit.com/low-end-offer

About the Author: Jeannette Koczela, Founder of the International Association of Professional Life Coaches®, provides business and marketing resources, tools, and training life coaches so that they can run their business more profitably. Download the free “Essential Coach Kickstart Business Guide” HERE, and get weekly tips, strategies, and guidance on how to create a thriving coaching business.

Online Course Platforms With Maximum Conversion Rate & Higher Margins

In your journey to create an online course, one of the major challenges you’ll face is to find a perfect online course platform.

Believe me, choosing a right course platform can be a huge pain in the neck.

You know why?

See, I have a profile on almost all social media channels whether its FB, FTwitter, Instagram, Pinterest etc.

And I’m heavily active on them.

I regularly share immensely valuable content on these platforms.

On some platforms, It gets shared instantly whereas others take time.

Why is it so?

It’s because different platforms have their own personalities & they behave differently.

For example, FB needs people to engage with the platform, whereas Twitter counts the number of retweets & likes a post gets.

Similarly, each online course platform is totally different from other & it’s your responsibility to choose the right one.

Your wrong selection of platform can put you in deep trouble.

After all, you don’t want to upload your marketing ecourse to a platform where customer support keeps you hanging for long hours, do you?

According to American Express survey, 78% customers have decided to cancel their purchase because of poor customer service.

So always remember

Precision in the decision, is your way to progression.

But in order to find that perfect online course platform, you should know exactly what to look for.
So, let’s have a quick look at different types of online course platforms, you should know about.

Different type of online course platform:

1. Learning destination sites:
LDS platforms provide a basic front-end shop to sell your online courses. It allows you to create, save & sell your online courses much like a normal e-commerce shop.

Udacity & Coursera became popular using such platforms, so this might be a great idea for your course.

2. Traditional LMS
Traditional LMS are specially designed eLearning platforms which provide really professional features.

Other than creating & selling your course, it also allows you to mark your students progress, give them grades, rankings & lot more.

Due to its high-end functionality, these traditional LMS platforms are highly preferred by top businesses.

3. Open Source LMS
Open source LMS is a mirror image of traditional LMS but with a twist.

These platforms are free to use.

Furthermore, these platforms are highly customizable, so you can style your ecourse as per your need.

Open edx is a great example of open source LMS.

4. Modern LMS:
Modern LMS systems are highly focused on creating a user-friendly environment.

These platforms are specially designed for adapting to user behavior & make things easy for its students.

For example, It reduces the number of clicks taken to do a simple task.

5. Learning Management Ecosystem
LM ecosystem is a combo of everything.

These platforms take the best features from other platforms, mix them together, add a bit of their own flavor & then come up with something of their own.

LM ecosystem allows you to create content, provide a solid front end store to sell it, it has an adaptive learning engine, e-commerce features as well as other LMS integrations.

6. Custom LMS
As the name suggests, custom LMS is a highly customized online course platform.

It is specially designed to fulfill a specific need.

Such platforms are mostly used by high-end organizations or universities like the HBX platform used in Harvard Business School.

So, next time when you search for an online course platform, don’t forget to have a quick look at this list.

Being a marketing expert, you have to keep learning about new concepts.

I have taken many online courses as well.

In my early days, I literally took a course onbest tools to create an online course.

So, whenever I need a new course, I look for few things.

What are they?

Yup, Features & benefits are important but they are all secondary things, the very first thing I look for in a course is “what’s trending”.

According to the rich kid report, there is a huge 912% increase in demand for big data.

And all the latest trends are based on this data only.

Always remember,

If a product is not worth it, People don’t give a shit.

So, if everyone is opting for a particular online course, it indicates the high value in it, otherwise who cares.

The same rule applies to pretty much everything, even for your online course platform.

So, let’s have a look at some of the most popular online course platforms..

Timeless Advice For Small Business Costs

Small business costs are often the reason that many businesses either fail or do not begin in the first place. For some small business owners, the business startup cost can be so intimidating that they lose their dream before they even get started. For other small business owners, small business costs can put a strain on the finances set aside for the business. Between paying employees, stocking inventory and finding the time to manage a business, small business costs can be a good reason for a small business to fail rather quickly. Fortunately, entrepreneurs have access to a number of options to relieve some of the stress of small business costs.

In order to access the financial assistance to help cover your small business costs, your first essential step is to create a business plan. A well-written business plan will lay out your plans for how you plan to create revenue for your company along with attaining a certain amount of success. Additionally, a business plan also gives you a plan to follow along for your new venture. Most importantly, though, a business plan helps to convince investors and other institutions that you are a good risk for them to put their money into. Put more simply, without a business plan, you are unlikely going to get a business startup loan.

A business plan for the sole purpose of receiving a small business startup loan must contain several components. The first few pages include the Executive Summary and the Table of Contents. After this is the company description. This is one of the most important sections of a business plan. Your company description will give potential investors a short history of your small business along with the future you are planning for it. It describes plans you might have to expand your business. For purposes of getting small business startup loans, this is one of the sections that loan providers and investors are most interested in.

In the company description, you will want to avoid mentioning that your business is a startup business. Startup businesses are considered very risky investments by most investors. As an alternative, outline details of what you have contributed to the industry that you are currently in or plan on entering. Without sounding arrogant, mention some details or things that you have changed or something you have done differently than others in your market that has proved to be successful. Also, discuss how your business has grown in recent months or years and don’t be shy about your predicted growth. Your excitement and passion regarding your new business needs to be seen in the writing of your business plan to help increase your chances of getting a business startup loan.

One of the last parts of a well-written business plan, but certainly not the least important, is your marketing plan analysis. This is an explanation of your demographics using facts and figures and a study done about your new, potential customers and clients. This section also explains your advertising plans, especially your target market and how you intend to reach them. This section must show that you have done extensive research, appropriate with your market to ensure that your product or service has a large demand. In order to obtain small business startup loans, you will also need to include a sound financial plan, including pro-forma financial statements for your new business.

With the worries and frustrations of starting a small business, small business costs are generally the biggest worry. Thankfully, in today’s society entrepreneurs can obtain business startup loans and other forms of capital to carry them through the slow times and help them finance their small business. The professional and most effective way to acquire a small business loan will be to create a well-written, though out business plan. Without a plan, most investors and banks will not give your business a second look.