If you run any type of service-based business then I think you’ll love this blog post.
Or indeed if you’re a blogger you’ll equally find this blog post of interest because it also refers to leveraging your blogs monetization strategy.
And I’m not actually suggesting that you stop trading all of your time for money, just some of it – I’ll explain more on this below.
I’m talking about leveraging your business and this is the third part of this whole blogs’ topic.
The first two parts are:
- Start a home based business, and
- Market your business.
Those are pretty self-explanatory but what do I mean when I say leverage business?
What Does It Mean?
Leverage means that you use something that you already have in order to get more from that same information.
So in your case, say you’re a coach and you teach the same information (more or less) to new clients day in, day out; then you can leverage that information.
Or if you’re a blogger, this ‘information’ is the same topic / subject area which you blog about weekly. So you would leverage that information.
So to leverage that same information, you would put what you teach on a daily basis into a digital product and sell it over and over again.
Leverage can mean different things to different situations, but here I’m specifically talking about leveraging your business with passive income via digital products and automation.
How Does ‘Leverage’ Benefit You?
As I said at the beginning of this post, if you’re trading all of your time for money then it’s a very wise strategy to pack up some of your knowledge and put it into a digital product so you can sell this same knowledge time and time again.
Because you’re taking what you already do, the information you already create, the services you already provide, the way you already help people, and you make it into digital information that you sell online.
This in-turn creates a passive income cash-flow for your business.
This gives you leverage; you can sell it to people all around the world, even while you are sleeping because it’s all 100% automated.
You just do the work once and your digital knowledge is available forever – that’s called leverage.
That’s how you create real wealth,
and that is what passive income is all about
Of course you can still do your coaching or other service-based services simply because you enjoy it and love having one-on-one with clients, but you can free up some (or a lot) of your time by leveraging your knowledge with digital products.
Can I Leverage My Business?
Even though I don’t know what you do, you can create passive income with digital products.
How can I be so sure?
Because we all have knowledge in certain areas that other people would be willing to pay to learn.
You definitely don’t need to become an ‘expert’, you just need to be one or two steps ahead of someone else and you can help them push forward in their journey.
Use me as an example.
I’m passionate about creating passive income with digital products & automation but I’m definitely not an expert in all things digital products.
I have a really good grasp of the concept, process and implementation of digital products and specifically I’ve written and created twelve ‘how to’ ebooks, but I still wouldn’t class myself as an expert – I just know a bit more than most people when it comes to this subject area.
And I’m comfortable that I can help beginners learn about creating passive income cash-flows with a simple digital product and automation.
So no matter what your business is, I’m sure you could come up with a simple digital product and make at least $1,ooo per month passively.
Examples of Digital Products
So you’ve decided to leverage your business with digital products.
This is what I would do:
Find a Hot Topic Idea
- Decide which information you’re repeating over and over again to clients.
- And/or choose a very specific problem your clients have.
- Make this information as your product topic idea.
Decide Which Type of Digital Product to Create
- Monthly Subscription
- Online Course
- Monthly Membership Site
These are the five main different types of digital products.
It’s best to choose a modality (type of digital product) that you know you can do with not too much of a steep learning curve at first (an ebook?) and also which modality would be best for your new customers to learn from?
Once you are as sure as you can be that this is what you’re potential customers want and will buy, then it’s time to start actually mapping out and planning the outline of your ebook/course or whatever digital product you chose to create.
That’s the very first steps of how to create a digital product to start leveraging your business to new dizzy passive income heights!