Last night I attended a local Chamber of Commerce event in my area. During this event I had the opportunity to have a great discussion with someone about passive income. While talking with this person I quickly discovered that they wanted to move from active income (when you do the work; you get paid—only once) to passive income (when customers pay you over and over again for the same work—work you only did once).
Now from my experience when people think about marketing the last thing they think about is expansion, new markets, new income streams and new products. But this is part of marketing too. Plus complacency is a killer and it’s a killer because things change all around us.
Often the best way to overcome complacency, ensure company growth, and be responsive to market changes and influences is to develop new products, services, and streams of income.
So, discussing this was exciting for me because I’m working on a secret project called “Project Imagine and Implement.” (I plan to write about this in another post.)
As the conversation continued I started giving this person ways to increase their time and income through turning their active income into passive income. They soon said, “like the way you think”, and this inspired me to write this post to help you figure out how to transform your active income into passive income.
Here are 5 ways you can get paid many times for the same work:
- Turn your expertise into a product. Yes, you are an expert. Everyone reading this post, right now is an expert in something. Everybody has a passion, a hobby and a cause. And you’re justifiably proud of your point of view. Don’t make the mistake I made and just assume every one knows what you know. They don’t.
- Turn your blog posts, radio interviews or podcasts into an ebook, guide, workbook or book. Over and over again, we see that people will pay for the convenience. And the convenience you can provide will be having your content all in one place. Plus, you can incorporate insights (comments and stories) you get from readers and take the content to the next level. Incidentally this is the purpose I started blogging. My blog is my “virtual chalk board.”
- Turn your coaching or consulting into products. Often I find myself providing the same advice over and over again and when you find yourself providing the same advice over and over again, it’s a candidate for turning it into a product or series of products. I currently have some products like this on the drawing board.
- Turn a speech into a product. My mentor Zig Ziglar implemented this passive income technique in his product “Secrets of Closing the Sale.” See sample here. You can record it on video or even audio then turn that into a CD, mp3 file or DVD you sell. You can add value by including a study guide, worksheets or a transcript .
- Turn a live event into an online training experience. The first step in this process is to record the event. After that’s done then you can turn it into modules with workbooks, transcripts, or other promotional material and deliver it via a membership site.
I’m always thinking about how you or your company can turn active income opportunities into passive ones, so you get paid many times for the same work. If you need help with this i would be delighted to talk with you.
Question: What opportunities do you notice in your business to turn active income into passive ones?