18 Jan Your First Steps To Making An Extra 5k Per Month
How much extra income would make a significant difference to your life?
I asked my community this question recently and between us, we decided that an extra 5k per month would enable them to change their lives for the better.
It’s easier to get there than you might think too.
So, let’s get started, shall we? 🙂
I want to start with the very basics
You need to understand what you’re going to teach or sell. Then you need to understand how you can do it.
There are two ways of creating passive income in your business.
1. The Physical Product Model
One way is creating an automated business where you sell things, on Amazon or eBay.
Let’s say you sell widgets and the process becomes automated because somebody buys your product online and then it gets fulfilled, distributed and shipped.
Now, that is definitely one way of doing it, but the challenge with this way is that you have to have a physical product, which comes with upfront costs.
Then you’ve got to invest some time and money into understanding how you’re going to fulfill it.
2. The Digital Product Model
The other way to create passive income is to create a digital product-based business.
This would be something like having a membership site, online courses or online products that are digital. It isn’t a physical item that you have to ship.
How to decide which way to create passive income
What you’ve got to think about are the areas where you can help someone.
Start at the core…
What do you do right now? What can you teach people?
The key areas where people really want help is in health, wealth, and relationships.
There’s a chance that you (with your current knowledge and expertise) could expand on those themes…
Are you a nutritionist? Do you teach yoga? Can you help people lose weight? Do you do hypnosis?
Wealth isn’t just about how to make more from your money. Wealth is also about what you can teach people in their businesses that can help them make more money.
How can you help people in their relationships, whether it’s in their relationship with their significant other, or their kids, or their parents, or their friends?
Passive income is possible for all of us, but it requires upfront work and investment.
There’s a big debate around passive income. Some people think it’s non-existent, that it’s not possible and it’s all smoke and mirrors. Other people try to tell you that you can actually create passive income from nothing.
And I think both of those sides of the spectrum are untrue.
Passive income is totally and utterly possible for every single one of us, but it requires some upfront work and investment.
How to create passive income
The first step I want you to take is to work out what you can teach. Then I want you to check the market to see if there’s something similar online.
If you’re in the eBook space, for example, find out who’s already out there.
Do your research, download the book and see what they’re doing really well.
It’s not about plagiarism or copying, it’s about inspiration. I would never take anybody else’s work, but the reality is there isn’t very much left to be original about. There is only original interpretation, but that is the most important aspect.
Your clients and your customers want your interpretation.
I am not the world’s first business coach. I’m not the first or the only person to be able to teach you how to create online courses, or how to write bestselling books, or how to write eBooks.
There are lots of people out there who could teach you that.
I would like to think the reason people listen to me, whether it’s on this blog, through Facebook Live, our workshops, or our Bootcamp events, is because there’s something about me that particularly resonates with you.
Whether it’s that I walk my talk, or that I’m really honest, or that I’m practical.
If I can help you tap into what you love doing and show you how to put in the work now, so that it has recurring revenue in the long run for you, everybody wins.
So you put in the work up front. You build your courses and your membership. You spend time online, totally for free, giving back as much as you can. That’s what putting in the work means. That’s how you build recurring revenue. That’s how you build passive revenue.
Except that the product or service is only half of the equation.
The other half is building your community.
If you have an actively engaged community, then you should be making approximately £1 per subscriber per month.
If you can build 5,000 people onto your email list (5,000 active, engaged people), whether it’s via Facebook Live, on your email, or a combination of all of that, then that’s a really good stepping stone to helping you build out to your 5K a month passive income.
So, set that 5,000 people as your first goal.
Feeling daunted by that idea? Well, The Club could be the place for you!