Have you heard the statistic that millionaires have at least seven income streams? That’s seven different ways that they’re making money each month. Now take a look at your business; how many streams of income do you currently have? If it’s only one, then it’s time to open up that creative part of your brain and create more income streams.
Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income but the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete. So think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.
Benefits of Passive Income
Planning Your Passive Income
Now that I’ve sold you on the benefits of having passive income streams, it’s time to plan out what those streams should be for your business. Traditionally, passive income often means affiliate marketing, writing a book, or creating courses based on your coaching specialty. Of course, use your creativity to think of an idea that’s different from what other coaches produce that will also appeal to your ideal target market.
Create a brainstorming list of ideas and then join my next livestream training in CYC Training Room where I’ll discuss the “5 Things You Should Never Do When Creating a Course”. I’ve made a lot of mistakes while creating courses and I’d like to help you avoid those same mistakes. You’ll come away knowing what to avoid and with actionable next steps so you can develop a course your fans will love. Find me on Facebook so you get the livestream notifications. www.CreatingYourClassroom.com/CYCTrainingRoom