Hey hard-working service provider!
This post is for you if you’re running a service-based business and you’re tired of trading all of your time for money:
Coaches | Virtual Assistants | Web Designers
Branding Experts | Freelance Writers
Technical Experts | Graphic Designers
Organzation Experts | Systems Consultants
Photographers | And Anything In-between
Are you a service provider and are tired of trading time for money? Are you fed up of trying to find new clients on a constant basis?
These are the two main concerns and downsides of running a service-based business. I know, I’ve been there too!
I used to run my own Typing Service business and I can remember finding it:
- Stressful to meet deadlines
- My business stopped when I was on holiday or sick (i.e. no income!)
- Having inconsistent income & not being able to reach my income goals
- Disliked some of the clients I had to take on (because I needed the work/money)
Can you resonate with any of these too?
If so, don’t despair! There are ways in which you can get rid of the stress, being on a constant hunt for new clients and finally start reaching your income goals.
How To Alleviate These Problems
You can overcome all of the above simply by introducing passive income cash-flows into your current business.
This is how I leveraged my own Online business; by creating little passive income streams. I do the hard work up-front once (for each passive income stream) and then I get paid automatically 24/7 after that.
I cannot tell you how much of a stress-relief this is to me and what positive impact it has on me and my business (and consequently family life).
So here are my top five ways in which you, as a female service provider, can leverage your business with little passive income cash-flows.
1) Affiliate Resource Page
The easiest passive income method of making money is by recommending affiliate products to your visitors and clients. Affiliate marketing is where you earn a commission when you recommend someone else’s product and that person buys the product through your affiliate link.
Think of Avon as an example as it works in a similar way. The Avon rep recommends various products to her customers, and if they purchase any of them, then the Avon rep gets a commission from the sale.
So in your case, you could set up a Resource Page on your website where you list all the resources which you use to run your business.
This could include your:
- Email service provider; Aweber, Mailchimp, ConvertKit etc.
- Hosting provider; SiteGround, GoDaddy …
- Website template; Thrive Themes, Divi …
- Graphics creation; PicMonkey, Canva …
- Sign-up to the affiliate programs of those services
- Grab your affiliate links for each program
- Create your Resources Page making sure you include your affiliate links, and
- Display your Resources Page link on your website in your Menu bars.
So if anyone purchases the product or service through your affiliate link, you get paid a commission!
2) Create and Sell an eBook
Affiliate commissions are great, but nothing beats selling your own digital product. You get to keep 100% of the profits instead of earning a small percentage of any affiliate sales!
‘How To’ eBook
The easiest digital product to create and sell is a simple PDF ebook. As a service provider, you’re already providing solutions to your clients’ problems, then why not showcase your solutions inside an ebook digital PDF download. It’s soo easy!
I’ve create about eight ebooks over the years, all working together to bring me in multiple streams of passive income.
Here are some of my ebooks (they have now been discontinued):
Quick Steps To Create Your eBook
#1 Decide on your topic
#2 Type out your chapters
#3 Fill in each chapter and finish off your book
#4 THEN decide on your book Title
#5 Turn your document into a PDF document
#6 Upload it to your hosting server or Dropbox/Amazon S3
#7 Decide on a suitable price
#8 Put a shopping cart on your sales page
#9 Put a link to your sales page on your site
#10 Tell everyone about it!
Printables are really popular just now, so if you can create and sell printables in your niche then that could be a good passive income stream right there!
I’ve created and sold many printables over the years on various blogs:
These are done-for-you worksheets which I originally used just for myself to help keep me organised with my own online business. I then tidied them up a bit and put them all together to form the Freelance Business Binder.
Voila! Another passive income stream.
3) Create Your Own e-Course
I’ve bought two courses over the last 18 months which cost $297 each, which seems to be the norm for Online courses. Both of these courses are hosted on Teachable.
Can you see the potential of how much you can earn with your own course priced at $297? Teachable are also giving away a ton of free resources to help first-time course creators get their course Online.
As you can imagine, a LOT of organizing, planning and prep work has to go into a course with a price tag of $297. But believe me, a lot of people are willing to pay this if you have something valuable to offer and share.
From the e-courses I’ve purchased, they normally consist of 7 Modules and each Module showing 10-20 minute short video tutorials. So you could have 6 Modules consisting of 5 mini video tutorials (10-20 minutes) within each Module. So say an average course has 30 video tutorials at 15 minutes each, this would average around just under five hours worth of video tutorials.
You would probably want to include some handouts, worksheets, checklists etc. to go along with your modules.
So yes, it’s a lot of hard work up-front but once it’s done you’ll have an amazing passive income ‘asset’ which will bring you an income for months and even years to come.
4) Monthly Membership Subscription
How would you like to earn a passive ‘recurring’ income? You cannot get past memberships for recurring payments.
Imagine, every month you know that you’re going to have a few hundred little payments going into your bank account like clock work. This is a great way to earn a monthly passive income to an existing service-based business.
What could you offer on a monthly subscription basis?
- Business tips & motivation
- Meal plans and shopping lists
- Photography stock images
- Monthly fitness videos
The list can go on.
So if you don’t fancy the idea of writing an ebook or creating a video course, then you could package that same knowledge up and offer it as little mini lessons which go out on a monthly drip basis to your subscribers.
It would be the case of writing up your lessons and saving them as PDF documents. Uploading the PDFs onto your hosting server (or Dropbox, Amazon S3) and then sending out an email (which is automated) to let your subscribers know about their latest monthly lesson to download.
For the case of stock images, you would save them into a zip file and again, upload them onto your hosting server, or something similar, and send them to your subscribers on a monthly basis.
You can do this in three ways:
- Hook up your email service provider (e.g. ConvertKit) and Paypal account to talk to each other about accepting payments and adding subscribers.
- Purchase a membership site software/plugin and house all of your stock images and/or photography lessons PDFs within the membership. Then let the membership software send out monthly emails to your subscribers to let them know of that month’s download (must integrate with your email service provider).
- The easiest way is to use a service such as SendOwl who delivers your subscription product automatically each month.
You wouldn’t charge a lot for this subscription, something along the lines of $7-$15 per month. This is loose change in most people’s pockets and they wouldn’t miss this amount per month.
So for example, say you got 200 subscribers each paying $10 per month for your meal plans, that’s $2,000 per month!
Also, most people LOVE the thought of getting a new meal plan/video/private tutorial/printable each month.
5) Starting Your Own Membership Site
This passive income method is probably the most in-depth and initially time-consuming, but it’s the most stable and robust passive income business model there is.
It’s sooo much easier to acquire a customer as a membership subscriber and receive a monthly payment from them for months and years to come, as opposed to a one-off sale for a single product.
With a membership site you don’t have to continuously keep marketing your membership because you would work on the retainment of your current members. As with a one-off product, such as an ebook for example, you would have to continuously keep promoting or recommending this product just to get a one-off sale.
It’s a myth that people only stay in memberships for about 3 months and then leave. If you have your membership site set up in a specific way to help and nurture your members AND guide them through a success path, then why would they want to leave after only 3 months?
By giving your members a clear path which shows clarity and a clear vision of what they are going to learn, how they are going to get there, and with added support and encouragement from you (and your team), then you have a very strong and sustainable membership business model.
The monthly payments for these types of membership sites typically range anywhere from $27 to $97 per month, obviously depending on the content and level of support inside the membership.
So if you took the middle range of $47 per month and times that by 1,000 members (which is not hard to achieve), then you’ll be laughing $47,000 PER MONTH all the way to the bank whilst simultaneously doing a little happy dance!
So in summary, here are the five passive income ideas for female service providers:
- Resource Page
- Monthly Subscription
- Monthly Membership Site
Have I given you some food for thought about creating your own passive income?
Just remember, you can incorporate some of these into your own current business as additional revenue streams. There’s no need to start new websites, blogs or open up a completely different business niche (like I did!)
Keep things simple for yourself by gently introducing one passive income cash flow at a time. Soon you could have a whole (digital) Product Suite displayed on your website earning you passive, recurring income 24/7!
If you want help to set up your first digital product cash-flow, then watch my free workshop to help you create passive income in your business…