What to Do for Your Business Before Adding Passive Income
Are you ready to finally create those digital products you’ve imagined in your mind for ages? Are you ready to start creating passive income so you can diversify your business and get more time back in your schedule?
If so, congrats! I am here for those goals and making your dreams happen!
But before you dive right into creating a “passive income offer,” here’s a little tip. You may already have some awesome money-making opportunities hiding in plain sight in your business. Let’s talk about what you can do before adding passive income to your biz so you use what you have — and can create an offer faster than you originally thought!
Reflect on what you’ve already accomplished
Before you move forward with your business and start adding passive income streams, I encourage you to pause and think about what you’ve already accomplished! You should be proud of yourself for already making money.
Having the guts and determination to start your own business and make money with it is a huge achievement. Remember that. Before you get caught up in thinking about how to make passive income or what passive products you’ll create, take a moment to reflect on what you’ve already done.
Whether you’re eager to get started on passive income opportunities, feeling apprehensive about taking on something new for your biz, or unsure if you can do it all, I promise that this moment of reflection and celebration will help.
Strengthen your business before adding new layers
My clients come to me to help them add more wealth, freedom, and purpose to their lives. That’s the trifecta of having a multi-income business, isn’t it? It’s what we all dream of.
But before we dive right in, start adding income streams, start creating new products, and start adding more to our to-do list…we need to check in with your current business. Because there could be hidden opportunities and money-making gems in your existing business that shouldn’t be left untouched!
It’s really easy to miss these opportunities when you’ve been running your business for a while, because you’re so close to your work. That’s why having a fresh pair of eyes evaluate your business is so valuable.
Let me give you some examples.
Repurpose and repackage where you can
Corinne Morahan, Founder of home organizing company Grid + Glam, came to me with a desire to rebrand. She wanted Grid + Glam to look more professional, prettier, and powerful…and more in line with what they offered clients and her community.
What we did was so much more than just a simple brand redesign. Of course, we created a more elevated and streamlined visual presence for the brand, but I also helped take her business to the next level by repurposing existing content into money-making products.
Corinne launched a new “G + G Membership” that included a gorgeous Home Base Binder, which gave members a game plan for organizing their home. We used that fantastic content to create a standalone digital product that could be sold and bring in extra revenue!
So, what do you already have within your business that can be repurposed or repackaged and sold to customers who want it?
Adapt your offers or change up your services
When you review your business, I also want you to look at your current offers and services. Here’s a quick checklist of what to ask yourself, because you might find a few business opportunities hiding there!
- Are your prices still accurate for what you offer? Is it time to increase them?
- Can you upsell or cross-sell any products or services? What about offering bundles?
- Are there any services you’re including but not charging for (and probably should?)
Let me give you an example of that last one. my client, Liz Whitehead. helps eCommerce boutique owners automate their email + text marketing systems, taking that huge task off their plate so that they can focus their energy on doing the things they love the most.
In one of our meetings, I discovered that she didn’t charge extra for Black Friday emails…even though she could! We decided that Black Friday planning will be an additional charge for her clients, where she helps them create + map out their entire black Friday plan for their emails + text marketing. I’m so excited to see her take this offer to new heights!
It’s really easy to fall into that mindset of, “If I start charging for something I offered for free before, I’ll lose customers!” But remember that you’re not trying to deceive anyone. (And honestly, you can do everything right and still lose customers.) You’re simply charging what your time, energy, and work is really worth.
Check-in with your customer journey
Last thing to check on with your business? Your customer journey! Are you setting them (and your business) up for success? I’m talking about your funnels, your opt-ins, or your nurture sequences. They should be set up properly so that the next step your potential customer should take is always clear and easy.
If you make it difficult for site visitors to buy a product, or sign up for a freebie, or find the resource that you mentioned in your email, I guarantee they’ll leave your website and probably never return.
Take The Canva Template Shop’s free Canva Template funnel, for example. First off, if someone is browsing The Canva Template Shop, they’re most likely looking for Canva Templates to buy! A free template is exactly the right kind of freebie that would draw in the shop’s target audience. From there, we sell them into our All-Access Pass and showcase all the amazing resources they can get to cut down on design time inside our program. But it starts with a free template — and leads to a passive offer!
It’s always a good idea to run through your customer journey workflow and put yourself in your customer’s shoes. Is there a solution at each touchpoint? Are their questions answered before they even ask them? Are their needs met? Shore up your customer journey and I bet you’ll see an uptick in business.
Start making passive income now
Isn’t it incredible what you can do with your business when you know what opportunities to look for? It’s a really exciting feeling, being able to bring in extra income just by playing around with your services or rediscovering your content.
And now, you’re ready to start creating passive income! If you’re not sure where to get started there, or you’re stuck on what kind of passive products you can create with what you’ve already got, I’d love to help you out.
Schedule a passive product possibility call with me today and together, we’ll create a roadmap for you and your business. During this 60 minute call, we’ll identify possible passive income streams for your biz, and map out the next steps you need to take to bring them to life. I can’t wait to chat with you!