If you’re reading this it’s because you value Passive income over Active income. You are an entrepreneur who’s not interested in getting paid by the hour. You believe in creating value and a system that works for you, not the other way around. You may very well know that you want this. But, have you DECIDED you want this yet? There is a significant difference between WANTING and DECIDING. Let me identify some key differences between the two types of income (passive/active) and I want you to decide which one resonates with you. What could Passive Income look like?
- Writing a book (real or ebook)
- Developing a training course)
- Developing a membership site
- Creating a graphics package or themes
- Building a premium pugin
- Developing a SAAS solution
Creating passive income is about diversifying and creating money while you sleep. It’s about not trading in your time for money. It is about SELF- FULFILLMENT through creating something of value and expressing innovation. It pays to focus on your:
- BRAND: to improve your marketing; boost credibility and thus opening up more opportunities
- TRAFFIC: to create exposure; something shareable; and lead development
Now, what does Active Income look like?
- By the hour
- By the project
- Based on value
If you’ve DECIDED that Passive income is what you want, here are some critical and foundational steps:
- Give value first (you have to make it about them)
- Position the sale (you are the trusted advisor)
Now that we’ve identified all that, let’s identify where you are in your business:
- Where are you now?
- How many days a week do you work?
- Are you undercharging?
- Do you spend time marketing for other people and not for yourself?
Where are you going? Ideally, where do you ultimately want to be? What is your VISION? It might look a little bit like this:
- You imagine your prospects begging to work with you
- You envision a day when your clients need you more than you need them
- You know you are the trusted advisor (this is the POWER position)
Getting clear on your VISION is so critical. However, to get there, you still need that one thing: a DECISION to make a shift. Here are 6 sequential and practical steps on the Passive income path (your fundamentals):
(1) You must know who you serve (know your audience)
- It should be clear (black & white)
- The goal is self selection
(2) What problem do you solve?
- What keeps them up at night?
- What is the #1 issue?
(3) Can you prove it? testimonials- will they tell others?
(4) Packaging- what type of tool is best?
(6) Branding It can go WRONG if…
- You don’t follow the sequence
- Try to be all things to all people
- Let your day job get in the way
- Let life get in the way
- Let your inner voice get to you (negative self-talk contradicting your DECISION)
What are some principles successful people understand?:
- Laser focus better than shotgun
- Speed of implementation is rewarded
- Invest in yourself continuously (keep learning)
- Use EE marketing (empathy and educational based marketing)
Who will you zero in on? I want you to realize something very critical about your business and about every other business out there. This notion will help you to filter out who your potential clients are vs. those who will never be your clients. 3% of your target market are active to your services/products 7% of your target market are open to your services/products 30% of your target market are not ready yet 30% of your target market are unconscious about whether they need what you offer 30% of your target market will never buy (so, forget ‘em!) (source: Chet Holmes, author of- Ultimate Sales Machine)
This analysis reflects that you are always working with 67% of your target market- not 100%. So, forget that last 30%. You are barking up the wrong tree. Focus on your 67% and watch your business grow. The information, knowledge and guidance is out there when you’re ready. What will you decide today and what are you holding yourself accountable to?
When all is said and done more is said than done – Lou Holtz
Check out my talk on this topic right here: http://wordpress.tv/2013/05/31/gene-hammett-designers-developers-creating-new-revenue-streams-with-wordpress/