If you are a business owner, or concerned about building your retirement nest egg, then you’ve probably heard about this ever-elusive “passive income”. Earn money while you sleep. Work in your business while the “cha-ching” of your next online sale pops up in your notifications.
How do people do this? Is it really even possible? How do I start? Is there a legitimate way to achieve this?
Some people take the multi-level marketing (MLM) approach. Build your team. Recommend your products. Home parties. According to The Case (for and) against Multi-level Marketing By Jon M. Taylor, MBA, Ph.D., of the Consumer Awareness Institute:
“Failure and loss rates for MLMs are not comparable with legitimate small businesses, which have been found to be profitable for 39% over the lifetime of the business; whereas less than 1% of MLM participants profit. MLM makes even gambling look like a safe bet in comparison.”
That’s a pretty abysmal statistic. I’m not saying that MLM is a scam, BUT, I don’t think people start on their MLM journey with a realistic mindset.
Passive Income Options
Aside from MLM, people tend to create “side hustles” or freelance. These are viable options for many people. Whether you are a writer, graphic designer, voice over expert, and or moonlight as a handyman or landscaper, and more, people can often earn some extra money on platforms like Fiverr, Upwork, and others. The downside is that most people looking to hire from these platforms are seeking services on the cheap. That doesn’t exactly equate to a big payout for the freelancer. It takes time to build your portfolio, so you can charge more, and ultimately earn more.
Finding a second job is another option for securing additional income. But, you’ve already spent 40+ hours in your 9-5 job. Do you really want to spend another 20 hours per week working weekends and holidays? For some people, this is the best option.
But, I’d like to introduce you to the world of “digital products”, specifically eBooks.
I can already hear your objections.
“I’m not a writer”.
“I don’t have time”.
“I don’t have anything to say”.
Let’s debunk these one-by-one, shall we?
The “I’m not a writer” excuse.
Guess what? You don’t have to be a writer! Can you tell a story? Explain a skill in expert fashion on video? Do you blog? Do you have a podcast?
If you’ve answered yes to any of these activities, then YOU can embark on a mission to produce your first eBook.
Audio files from telling a story, from a Live video, recorded video, or podcast can be transcribed and transformed into an eBook. If you have blog posts, these can be merged into a book. (People will happily pay for information that’s in one place versus searching all over your blog). I’ve developed an amazing process to convert all of this into an eBook.
I’m here to tell you that you don’t have to “be a writer” to have a successful eBook. I’ll say that again:
You don’t need to be a writer to have a successful eBook.
Stay with me.
If you can speak (think voice-to-text), then you can create an eBook (notice I didn’t say you had to write the book!). If you have a podcast or like to do live videos, you have audio that can be used. If you have a blog, again, you can compile an eBook.
How does an audio file lend itself to eBooks? Transcription provides the text. You can hire a ghostwriter (like me! It’s my passion!) to add some finesse to your files, edit, and create the eBook for you. The beauty of this process is that I can preserve your voice because I’m using YOUR words. Audiences love authenticity and it doesn’t get more real than that.
“I don’t have time”.
How much time do you spend on the following:
- Scrolling social media?
- Binging the latest Netflix hit?
- <<Insert your own “time wasting activity” here.
Now, how much time do you spend on these activities? I know it’s uncomfortable. No one wants to admit they are “addicted to the scroll”. –>Myself included. But, I’d bet there’s a significant chunk of time that isn’t business/work-related that could be better used. Amiright?
Do you take public transportation? Or, what about working on your side business during your lunch break? Or how about spending a few hours on the weekend dedicated to increasing your earning potential? I know it isn’t glamorous, but since we can’t create extra hours in our days, we must find time within our schedules to do the things that accomplish what we want.
If you are serious about securing your financial future, you’ll likely have to make *some* sacrifices in the short-term.
“I don’t have anything to say”.
What are your hobbies? Your passions? What skills could you share? What inspiring story has been an influential part of your life?
Take 15 minutes from your scroll time and brainstorm answers to these questions. Do you see a pattern? Do one of these options light you on fire?
If you answered yes to ANY of these questions, then you have the premise for an eBook.
Even if you are a business owner and your topics have NOTHING to do with your business, you can still create your eBook! Our life experiences, our skills, are unique to us. There’s someone out there waiting on your story to inspire them or needing someone to explain a skill in just the way you do it.
There will be a market for your product.
How does this create passive income?
Once your eBook is completed, you set up the tech to sell it. It’s not too hard, I promise. I am NOT tech-y.
Once your product is up for sale, people can buy this anytime, even while you sleep or work your 9-5 job.
Your product may need updated occasionally, but for the most part, you won’t have to touch this again. But, you’ll keep earning that residual income. Even while you’re earning your regular income from your day job! #HelloEfficiency
Furthermore, these can be compiled quickly, likely in under 2 weeks. (I just helped a client create her eBook in under a week!)
Work with Me!!
If you’d like to learn more, let’s talk! You can schedule a 30-minute call here.
If you’d like to fast-track your product, email me at email@example.com with the subject line of Fast Track. I’ll give you a great deal on an eBook package (including some marketing!). This deal will run through 9/30/2021 at midnight EST or for the first 5 people who book and pay in full!
Stay tuned…join my email list and be the first to know when I publish Top Tips to Improve Your Writing (Even If You Hated English Class and “Research Paper” Makes You Sweat). You’ll be eligible for “Early Bird Pricing”!!