Have you ever heard, "Make money while you sleep"? It's a phrase in the internet marketing world that describes the power of passive income.
Passive income can benefit absolutely everyone, no matter what type of business you have. The key is to make the product creation as simple and as inexpensive as possible. This doesn’t mean your product will be cheap; it means you should focus on your area of expertise and solve a common problem among your audience.
Below are 5 reasons why online entrepreneurs should create a stream of passive income:
1. Supplement your income when a client cancels their contract
No one wants to think about losing a client (or two!) but it happens. Instead of panicking at the idea of finding a new client to fill that space, you can approach the task calmly, knowing you have passive income to fill that gap temporarily.
2. Expand your name recognition & attract new buyers from your target audience
The world is a big place and you always have the opportunity to reach new people in your target audience. Using your products as a giveaway or pricing it on the low end will entice these newcomers to learn more about you and your business.
3. Attract speaking or media engagements
Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have products as part of your business and have a consistent marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile will immediately elevate your authority level, too.
4. Lead your prospects through a sales funnel
A sales funnel is a must-have because people want to know about your products and services prior to paying hundreds or thousands of dollars on a high end package. Showcase your expertise with smaller, more inexpensive products first, then entice those buyers with your higher priced packages.
5. Use products as part of your overall marketing plan
When you have products, you can run promotions which garner lots of attention on social media. Offer a freebie, a bonus if they buy a product or offer a chapter of your ebook as a teaser to entice them to buy. Unique promotions will attract attention from new prospects in your target market.
Have you created any passive income products for your business? Have they been helpful for those times of the year when business is slower than usual? Please share your passive income experiences in the comments below.