How To Create Passive Income Streams as a Service Based Business (On Air Coaching): Episode 380 - Rachel Ngom (2024)

Takeaways:

• Passive income is an important concept to consider when building a business or seeking financial stability and freedom.
• There are many different ways to generate passive income streams, including selling courses, physical products, offering coaching or consulting services, creating an online course or group coaching program, and providing done-for-you services through an agency model.
• It is important to diversify your income streams in order to achieve financial stability and freedom. Trading time for money can be limiting and it is important to find ways to earn passive income that do not rely on exchanging time for money.
• When considering passive income streams, it is important to find methods that align with your strengths and passions.
• It is possible to create passive income streams that allow you to work less and still earn a good income. Consider the potential risks and rewards of each passive income stream before diving in.
• It’s possible to build a business that allows you to work less and still earn a good income.
• It is important to think about how you can structure your business in a way that allows you to work less and still achieve your goals. Seek out opportunities to learn more about passive income and how to create passive income streams in order to achieve financial stability and freedom.
• Passive income is income that is earned with little or no ongoing effort required to maintain it. This can help provide financial stability and allow you to have more freedom and flexibility in your business and life.
• It’s important to diversify your income streams, as relying on just one source of income can be risky.
• To create passive income streams, it’s important to identify your strengths and interests, and find ways to leverage those to create passive income opportunities.
• This could involve creating a product or service that can be sold multiple times, such as an online course or an ebook, or finding ways to monetize a skill or hobby, such as creating and selling physical products or offering a service on a freelance basis.
• It’s also important to consider the time and effort required to maintain the passive income stream, and to ensure that it aligns with your goals and values.
• Having a team can help you grow your business and achieve better results for your clients or customers.
• An email nurture sequence is a series of automated emails that lead new subscribers to different calls to action and offers. This can help you promote your products and services on autopilot.
• An email nurture sequence can include emails that mention affiliate offers or lead people to evergreen webinars.
• It’s important to have an email list that is nurtured and leads people to your offers.
• Consider ways to make your business more passive, such as creating an offer that runs on autopilot or restructuring your offer to be more passive.
• The transformation your product or service provides is more important than the length of time it takes to deliver that transformation.
• It can be effective to use scarcity tactics, such as raising the price of your product in the future, to encourage people to take action now.
• Your own limiting beliefs can hold you back in your business, and it’s important to be aware of and challenge these beliefs.
• Marketing and selling regularly is crucial to the success of your business, and you shouldn’t let external circ*mstances discourage you from doing so.
• There are always ways to make things work in your business, even when faced with challenges, and it’s important to get creative in finding solutions.
• Urgency and scarcity can be effective marketing strategies, especially when incorporated into an Evergreen model.
• It can be beneficial to offer free 30-minute calls as a way to gather market research and potentially upsell clients into higher ticket offers.
• It is important to establish a core belief in your products and services and to present them with a sense of urgency to potential clients.
• It is a good idea to test different marketing strategies, such as sending direct links to specific products or inviting people to attend classes or challenges, to determine their effectiveness.
• It takes multiple “touches” for someone to become a paying client, so it is important to build a relationship with potential clients through content and email marketing before making an offer.
• It is important to spend time in your business in a focused and intentional way.
• Hosting a collaborative event or summit can help you find your niche in the teaching space.
• Keyword research and creating and testing content are important for success on Pinterest.
• Hiring a coach or mentor can help you fast track your success.
• The amount you can charge as a Pinterest assistant depends on your target clients and the services you are offering.

Highlights:

• (0:06) Importance of passive income
• (1:02) Mention of working with students and multiple income streams
• (2:20) Asking for input on how participants are currently monetizing their businesses
• (3:26) Discussion of ways to move away from trading time for money
• (4:37) Tips for creating passive income streams
• (6:50) Mention of the importance of diversifying income streams
• (16:20) Discussion of the importance of having a team to help grow your business and achieve better results for your clients or customers.
• (19:06) Mention of creating an offer that runs on autopilot or restructuring your offer to be more passive.
• (20:01) Explanation of how an email nurture sequence can lead people to different calls to action and offers.
• (29:48) discussion on launching a new product or service and the potential impact of the holiday season on sales
• (32:01) advice on incorporating urgency and scarcity in an Evergreen model
• (35:02) discussion on the value of offering a free 30-minute call to potential clients and using it as a market research opportunity
• (36:21) advice on testing the effectiveness of using Pinterest pins to promote specific products or sales
• (37:01) discussion on the importance of building a relationship with potential clients before making an offer.
• (44:19) The importance of spending time on your business and the relationship between time spent and success.
• (44:53) Tips for finding a niche in the teaching space, such as hosting a summit or collaborative event with ideal clients.
• (45:21) The best ways to spend time on Pinterest, including doing keyword research, creating content, and testing images.
• (45:47) A virtual assistant’s desire to transition into a back end or passive role and offer services as a Pinterest assistant.
• (46:04) The benefits of having a roadmap from a mentor to follow, and the importance of getting help in order to fast track success.
• (47:27) How much to charge as a Pinterest assistant, depending on the target clients and services offered.
• (48:04) The importance of having a clear target audience and understanding what they want and need in order to charge appropriately.
• (48:23) Tips for deciding on a price point for services, including considering the value provided, the competition, and the target market.
• (48:58) The benefits of offering a variety of pricing options and allowing potential clients to choose the best fit for them.
• (49:50) The importance of building a strong personal brand and creating content that resonates with your audience.
• (50:12) Strategies for standing out in a crowded market, such as offering a unique perspective or solution, and showcasing your expertise.

Quotes:

• “If you’re not creating passive income what happens you end up working basically until you’re dead”
• “I don’t know about you but I’m like I want to be able to have a great business and a great life you don’t have to choose”
• “I remember the first time I made passive income it was from a course that I created”
• “My time is limited in that and so I look at how I structure how I work with private clients so it’s not overwhelming and it’s still something that I get to enjoy without it feeling heavy”
• “We also teach them a bunch of different ways so like some of our students have come out of activate and they now have like an agency model where they’re doing bookkeeping for people”
• “passive income can help provide financial stability and allow you to have more freedom and flexibility in your business and life”
• “it’s important to identify your strengths and interests, and find ways to leverage those to create passive income opportunities”
• “It’s also important to consider the time and effort required to maintain the passive income stream, and to ensure that it aligns with your goals and values”
• “It’s important to diversify your income streams, as relying on just one source of income can be risky”
• “passive income can help provide financial stability and allow you to have more freedom and flexibility in your business and life”
• “how do you lead people to that offer so you’re not like constantly searching people out”
• “consider ways to make your business more passive, such as creating an offer that runs on autopilot or restructuring your offer to be more passive”
• “It’s just a matter of the transformation you have to be able to paint the picture of where your person is now where are they ultimately going to be by going through this thing”
• “You can always raise the price point and so you can let people know like hey it’s 4.97 right now but the next time I launch it it’s going to be 9.97.”
• “A lot of times that’s a limiting belief on your part and then what you project upon them”
• “If you tell yourself over and over again we’re in a recession nobody’s gonna buy this we’re in a recession nobody’s going to buy this what do you think is going to happen? You won’t try to sell it because you believe nobody’s going to buy it”