The average millionaire has seven streams of income.
If you’re reading this and you consider yourself to be an entrepreneur, small business owner or side hustler, chances are you’ve heard this before. But how do the millionaires do it? How do they have the time to create these multiple streams of income?
Answer: they’ve figured out how to build something once and sell it over and over again…and you can do the exact same thing!
You can generate passive income through infoproducts.
An infoproduct is anything that you create and sell using information that you know. I’m willing to bet that you know how to do something that somebody is searching Google to learn. When are you going to give those people something to buy?What makes info products SO wonderful is if you already know how to do something, you won’t have to invest any money upfront to learn in order to create and sell the product.
There are two categories (in my opinion) to guide your approach to information-based products: what you create and what you know.
Think ebooks, audiobooks, white papers, magazines, online courses, email course, video trainings, live workshop (not really passive unless somebody else is teaching your content), app downloads, etc. etc. etc.
How will you know what to create? Simple: ask! Ask your fans, followers and the people that listen to you what they’re struggling with, ask them what they want you to create. Understand that sometimes your audience may not know (or be able to verbalize) what they want, so you have to get the ball rolling with creating content and analyzing the responses and feedback.
The key to generating passive income through infoproducts is finding the right tools to sell and deliver your products so you can be totally hands-off; wouldn’t it be nice to wake up in the morning to see that you’ve been paid for something? #sleepcoins
If you’re ready to generate passive income through infoproducts and aren’t sure where to begin, I created the Passive Income Product Planner ebook to help you step your game up.
This 36-page workbook takes you through the steps for finding and validating ideas, choosing the best medium and delivery. Create more revenue in your business without adding to your daily workload, grab your copy here.
If you need to raise seed money to expand your existing business, want to start a new business or are looking for ways to bring in more money in your current business, passive income products are definitely worth the effort.
To your Greatness,
