Have you ever heard the phrase, “Make money while you sleep”? It’s a common phrase thrown around the internet marketing world, usually conjuring up the idea that there is free money just waiting to roll into your bank account. What the phrase really describes is the immense power of creating and selling passive income products. Simply put, passive income means that you make a product one time and reap the rewards over and over for years to come.

Passive income can benefit absolutely everyone, no matter what type of business you have or what type of coach you are. The key, especially at the beginning, is to make the product creation as simple and as inexpensive as possible. Let me be really clear that this does NOT mean that your product will be cheap or low quality. On the contrary, by focusing on your area of expertise and solving a common problem among your audience, you can create products of enormous value that you can sell repeatedly, on “auto-pilot” for extended periods of time.

Let’s delve into why coaches should create passive income streams.

SUPPLEMENT YOUR INCOME

We all know that one of the biggest challenges of 1-1 coaching is that you literally trade dollars for hours. At a certain point, you hit an income ceiling because you don’t have more hours in the day to “sell”. Even worse, when a client cancels their contract, it can throw your personal finances into a tailspin. No one wants to think about losing a client (or two!), but it happens. When you supplement your 1-1 coaching with passive income product sales, you don’t have to panic at the idea of finding a new client to fill that space, you can approach the task calmly, knowing you have a base income. You can even fill your income gap by creating sales “on demand” with some additional marketing effort.

EXPAND YOUR NAME RECOGNITION AND ATTRACT NEW BUYERS

 The world is a big place and you always have the opportunity to reach new people in your target audience. Passive income products are digital or “hands off” in nature. You can use these products as a giveaway or create some at a lower price point to entice newcomers to learn more about you and your coaching practices. Giving people an entry level product to learn about you lowers their purchase risk while increasing the chance you can make a higher-level sale later.

ATTRACT SPEAKING OR MEDIA ENGAGEMENTS

Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have products as part of your business and a consistent marketing plan, the media will likely find you faster in their online searches. Once you add these events to your media profile, you immediately elevate your authority level, too, drawing in even more potential clients. This creates a fantastic virtuous circle to boost your entire business.

SELL MORE WITH FUNNELS

Lead your prospects through a sales funnel, ultimately leading them to your more expensive coaching packages. A sales funnel is a must-have for coaches because people want to know about your practices prior to paying hundreds or thousands of dollars on a coaching package. As mentioned above, you can showcase your expertise with smaller, more inexpensive products first, then entice those buyers with your higher priced packages. Having a strategic sales funnel can, therefore, not only give you additional income, but it brings you a consistent flow of dream clients.

Use products as part of your overall marketing plan

When you have several products to offer, you can run promotions which bring lots of attention on social media. For example, you could offer a product as a freebie or as a bonus if they buy a coaching package. You could offer a chapter of your ebook as a teaser to entice them to buy. By creating unique promotions using your passive income products, you will attract attention from new prospects in your target market.

more income, more freedom

Adding passive income products to your business portfolio can help you add more value to existing customers, introduce you to a wider audience and add income quickly and regularly to your business. Imagine the freedom you can have with this additional security with a regular and expanded flow of sales.