A passive income business is one of the most lucrative online business opportunities. Most coaches or consultants trade hours for dollars to make money. That means they spend a majority of their time providing one-on-one or group coaching sessions. But, what if I told you that is not the only way to make money. What if I told you, you could make money while you sleep? A passive income business is what you need to get started on today.
Define Passive Income
Passive income is the money you make without having to work. However, it doesn’t mean you haven’t worked for it. There are two things you have to put into your passive income business before it becomes passive.
1 - Time to create the passive income business
2 - Money to invest in the passive income business
Why Turn Your Coaching Business into a Passive Income Business?
Passive income is away for you to make money and live more freely. Many coaches I train, coach, or know, including myself, get tired of doing one-on-ones and just want to kick back and watch the money roll in.
Passive income gives you time and the money to live a freedom lifestyle.
Free to do what you want to do.
It will also allow you to spend time with your family, children, friends, or even yourself.
You will be free to go on vacation and still make money.
You will have the freedom to do other things in your business, such as speaking engagements, retreats, coaching, etc.
Freedom to get sick and still make money. Think about it, if you get sick and have to cancel a coaching session, you lose money. However, with passive income, you are safe.
More importantly, my favorite thing about passive income is that you can scale it. This means, once you create one passive income product or business, it gives you time and more money to create another. You can create as many passive income businesses or products as you want and that’s more money for you.
One Thing You Should Know About Passive Income
Passive income is not a get rich quick scheme. It is a real business that you will need to put time and work into. The initial aim is not for you to quit coaching. It is for you to start generating extra money while you are coaching. In the beginning, it will just be supplemental income. You will not make money overnight. But with solid and consistent marketing you will see your passive income rise. Scale it, and you will be free.
Passive Income Opportunities For Coaches
Passive income online can be generated in different ways. For coaches the most popular are:
- Kindle books
- Online courses
- Membership programs
- Affiliate marketing
- Creating an app
- Ecommerce store with drop ship
Take a dive into my free content in the Massive Passive Income Series to learn about how to build your passive income business.
Have some things you want to learn about passive income? Leave a question below, and I will create content based on your questions.