I speak with a lot of coaches, entrepreneurs and small business owners who are marketing themselves online. Without exception, they all tell me that they don’t want to just offer one-on-one services, but also they want to earn passive income on a consistent basis.
It is, without a doubt, absolutely possible to create a passive income business; the reality is that for most people, it doesn’t just happen overnight.
There is a natural path that is generally the easiest to follow which includes — starting with one-on-one services, next creating leveraged income and finally passive income.
Starting with one-on-one services is the easier and simply put, it’s the fastest path to the cash. For most coaches, entrepreneurs and small business owners, it’s easier to start by selling your time than by creating packaged programs.
Once you’ve delivered your services one-on-one, you can now take the system you’ve used with your one-on-one clients/customers tweak it and package it in a group format. That creates leveraged income. Delivering the program still relies on your personal involvement, but because you’re delivering it to more than one person at a time, you’ve now created what is called ‘leveraged income’. When you generate ‘leveraged income’, it allows you to help more people and earn more money for the same investment of your time. Who doesn’t like that?
Now here’s where things really start to spiral. In working with your one-on-one and group clients/customers, your system will get clearer and more defined. You’ll find that you keep saying the same things over and over, you keep hearing the same questions, and the same problems and challenges keep coming up. You can now package your system and sell it because it is now a passive income program. I’m sure you like this.
There is no end to how you can create leveraged and passive income, e.g. home study programs, group coaching programs, e-books, teleseminar series, boot camps, or membership programs. Because everyone learns differently it’s important to have a variety of medias for delivering your solutions/outcomes.
The key to making it all happen is having a signature system that you follow. Once you know your system, it’s just a matter of packaging it and delivering it in a variety of different ways.
And of course the final key… you can only perfect your system when you have a clear niche. It’s only when you work with a specific group of people and focus on specific solutions that you have enough momentum to create your own signature system.
No matter how you spin it, building a successful (and leveraged) business requires a clearly defined niche. You’ll be amazed at how much easier it is to market yourself and earn more income when the niche is clearly defined.
In Summary, having a defined niche will allow you to move From One-on-One Services to Earning Passive Income in a short amount of time.
© 2011 Dr. Laureen Wishom
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