If you provide professional services, did you know that it may be hard for you to achieve the kind of financial freedom you might want without having passive income in your business plan?
Some of the work I do with my clients involves mapping out their strategy to add information products and passive income to their existing services.
I have learned some very good strategies to build a profitable coaching business that I’d like to share with you today. These are the steps I took and that you can too to grow your business and leverage your expertise into sources of passive income.
Here’s how you can map out your strategy for a more leveraged business model:
- First, determine your ideal clients and the area you would like to specialize in that you are most experienced and passionate about. Start to carve out a niche for yourself where you can stand out as being very knowledgeable and experienced. One of the best areas to specialize in is something you have experienced and overcome or learned how to master yourself.
- Next, grow your list and community of people who would like to hear from you on a regular basis. If you have a purpose and passion for your work, you can develop a group of lifetime followers who will sustain your success for years to come.
- Then, map out your passive income marketing funnel. Plan to create several information products that will allow potential clients to get to know you with less work on your part and little risk or cost to them before they try your higher priced services.
- You’ll want to learn about content development to leverage the content you already have from your talks, articles and workshops. Learn the many ways to package your information and sell it online. You can still earn active revenue from delivering your services and offering workshops and seminars, but if you’re like me, the passive sources are very appealing because you can maintain your ideal lifestyle without working so many hours one-on-one or traveling all the time.
- Get into the habit of blocking out time to capture your ideas and writing regularly to develop information products and programs to position yourself as a credible expert.
- Think bigger about your business. Learn to delegate, systematize and automate. Build your team to help you create your ‘information empire’.
- Collaboration is the new business model. Approach joint venture partners and collaborate with others to leverage your expertise into products and programs beyond what you could do on your own.
In this web 2.0 marketing world, it has become almost essential to create information products and coaching programs so that you have sources of passive and leveraged income. That way, you’re selling your ideas, not just your time, and you’re able to make more money than you could charging by the hour. You can add value for your clients, but you don’t have to be doing it one client at a time.
You can take advantage of the information economy we’re in to earn passive income and up-level your business profits!
I invite your comments below….Jan
PS: Are You Ready for Private 1-1 Coaching and Mentoring? I can help you build a business that makes great money and gives you more freedom while you bring your great work out into the world. Take a look at my coaching programs – and let’s set up a time to talk!