What is passive income?
Passive income is typically products that you spend a good amount of time on upfront but then they can be sold over and over again. They are information products. So basically selling your knowledge.
The amount of knowledge you have learned over the years is valuable information to those who are starting out. Don’t think it needs to be tied to your creative business. What do you do in your 9-5 job that might benefit others? Have you perfected a way of doing something? Others will want to know.
Don’t assume because you think it’s easy to figure out what you do that others don’t struggle with it. That’s not the case. People are always searching for the answer and they will pay for the convenience of it.
Examples of passive income include:
- diy tutorials
- file creation
- svg files
People say membership sites are passive income but I disagree because there is way too much work to do on a monthly or weekly basis.
These are the benefits of passive income:
- Make money in your sleep or while on vacation, sick or taking time off from your business.
- Helps to pay for supplies needed to make your tangible items.
- Helps to pay for advertising you want to do for your biz.
- Helps to fund big projects like website design.
The trick to making passive income work is to find out what your audience needs or to be ahead of a trend.
Find a topic that your audience always asks you about, how to design a specific wreath, how to create a tax form, directions for filing for business license, a good list of supplies for cake decorating, etc.
Consider designing a product that will give them something every month for a year. For example, 12 months of wreath or a wreath for every season, 12 months of svg files, etc.
To promote your digital product, create lots of graphics taking pictures of the finished item. Post your pictures with a link to your sales page on social media, send it to your email list, create an optin freebie on the topic and then offer a coupon to purchase your digital product.
Go into forums or groups and answer questions on your products to show your knowledge. Don’t promote your product but answer questions on it. Then when people ask for more info, send them your website link if it’s okay with the admin of the forum.
Pin the heck out of it on Pinterest.
Send 5-10 for free to people who will give you a good review so that it looks like your sales page already has sales and people are trying it out.
Don’t overthink it.
It usually is something very basic and you can always go back and tweak it to make it better.
Try to make it generic so that it can sell any season and will be relevant 3 or 5 years from now.