If you’re reading this page, you probably know that passive income doesn’t mean doing nothing. It means you work once and get paid multiple times. When you get affiliate income, for instance, you might earn several hundred (or several thousand) dollars from just one email. To get to this point you’ve had to build your list and develop a relationship with your list members/
Passive income can be as simple as creating ebooks and selling them. However, executing the strategy isn’t always simple. Frequently I get asked, “How can I create an info product that will bring in revenue?”
Often I find business owners do what I did when I started out: they create ebooks based on what they find interesting or what they want their clients to know. Since then I’ve learned that ebooks work especially well when you address a specific pain or problem your readers want to remove or solve. Choosing a topic that will resonate with your market can be one of the most difficult steps, yet it’s arguably the most important.
Most of my clients own service businesses; they are not primarily in the business of selling content. However, I have found a synergy between coaching/consulting and creating information products. Working with clients helps you realize what’s keeping your market awake, which in turn fuels ideas for information products.
At the same time, you can offer clients access to your information products when they need help; you save time and offer a more in-depth solution than would be possible in a call or two. Clients sometimes hire you for coaching after reading an ebook or watching a video, because they’ve gotten to know you better.
Ebooks perform especially well when you also attach a time frame. For instance, I’ve had very good luck with my career ebook, Your 21-Day Extreme Career Makeover. It’s longer than most ebooks today. I think it works because people who buy that ebook are *not* like most folks on this list: they do most of their book buying on Amazon.
Today you have many choices about creating and selling ebooks. You can set up a simple pdf to sell from your website with a shopping cart or payola. You can sell kindle books on Amazon.
Additionally, you have many ways to create an ebook. You can hold a webinar or teleseminar and transcribe the content. You can convert a series of blog posts to an ebook.
You’ll find many resources available to help and as usual, I recommend choosing wisely. The single best resource for ebooks remains Jim Edwards’s 7 Day Ebook guide. I recommended it to a friend who hadn’t spend much time on the Internet; she was surprised how easily she was able to write her first ebook just following this very low-priced guide:
Another excellent source covers passive income more broadly – Nicole and Melissa’s “Sticky Passive Income.” I bought a copy mainly to be sure I wanted to make a recommendation and was pleasantly surprised: they included not only the basics but also some ideas I hadn’t thought of, especially in their section on monetizing blogs.
“But Cathy, I’m too busy to create products! Can I still get passive income?”
Absolutely! I’ve designed products that are especially synergistic for coaching clients. You can sell them and earn commission. Visit http://www.CathyGoodwin.com/affiliates/
The bottom line: You don’t need to choose between passive income from information products and pay-for-time consulting. Each business program reinforces the other.
What’s your experience? Have you been told you have to make a choice? What synergies have you found? Write a comment below – I’d love to hear what you think!