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First thing first…What even is passive income?
Passive income is any income you earn while not actively working to earn that income. It sounds too good to be true, but it’s totally possible!
I started and grew an online business to help math teachers make resources for their classrooms. That online business now earns passive income for our family, and it even allowed my husband and me to quit our jobs! Let’s chat about the 5 steps to passive income…
So…How did we do it?
Ok, Lindsay…how exactly did this happen?! I need the details!
I feel you! Let’s get to it…
Step 1: Solve a Problem
The first step to starting any business (passive or not) is solving a problem.
People need a reason to buy from you.
Start by creating a list of what you love to do. It could include hobbies, your job, lifestyle choices, etc. Some examples include knitting, keto eating, nursing, and playing piano.
Next, make a list of what you’re good at. This could include organizing, making a budget, teaching, and sticking to an exercise routine.
Try to find a topic that could fit into both of these categories.
After you choose a topic, you will list out some common problems within this topic.
Here’s an example:
Topic: Keto Diet
Problems:
- Not sure what’s keto
- Sticking to the diet
- Grocery shopping
See if you can find a solution to at least one of these problems. That’s your business idea!
Step 2: Create the Content
Once you’ve found a problem to solve, you’re going to create content to get your solution out into the world.
The best way to do this is through an online course.
An online course is a collection of videos and printables that teach a solution to a problem.
First, you need to find a place to host the course. I use Kajabi and absolutely love it!
Once you choose an online course platform, you’ll record your course.
Next, you’ll upload your videos to your platform of choice.
Easy peasy!
Ok…it’s not quite that easy. Creating a profitable online course needs to be an intentional and thorough process. This is where I’d invest in a course or coach to help you along the way. And lucky for you…I’m ready to help you every step of the way.
I know what you may be thinking…I’m not an expert at anything. I definitely can’t teach other people about something.
I’m here to tell you…that is simply not true.
Everyone is an expert or can become an expert on SOMETHING.
Step 3: Time to Launch
Once your course is created, you’re ready to launch it to the world!
Launching just means the method in which you open your course to new students (customers).
A live launch means you are actively advertising your course on social media like Instagram and Facebook, advertising on your website, using paid ads, etc.
A live launch also usually has an open and close cart. That means people can only buy your course during a certain timeframe (usually 3-7 days). Once that period of time is over, the course is closed to new members.
Step 4: Analyze & Adjust
After your live launch, you’ll take ALL the notes about the launch.
You’ll see if there are any weak spots.
For example, did you have an email that nobody opened? Let’s adjust that subject line.
Did you have a lot of feedback that the price was too high? Let’s add a payment plan.
This is a LEARNING process, and it should be fun!
Once you see what worked and what didn’t work, you’ll adjust your strategy.
Then you can live launch again as many times as you want. Of course, live launching is not passive. So, your goal is to get to step 5!
Step 5: Go Evergreen
Now that you’ve analyzed the data and adjusted your launch strategies, it’s time to put this course on evergreen.
Evergreen means the course is open all the time, and you can make sales every. single. day. 🎉
This is where the passive income starts rolling in. We hope these 5 steps to passive income helped!
