I’m a big believer in creating passive income for your business but many online business owners don’t know what to offer or think that their services are enough to sustain their lifestyle.
Sure, your clients hire you for your specific skill set and specialty but wouldn’t you like to earn more in your business? Wouldn’t you like to cash in on the phrase, “Make money in your sleep”? Wouldn’t you like to reach more of your target audience who aren’t quite ready to purchase your big-ticket packages?
This is why you need products to sell in addition to your regular services. For instance, if you are a coach, you will want to offer products that enhance your regular services.
What Will They Buy?
A simple way to determine what your audience needs is to simply ask them. Create a survey with Survey Monkey and ask your followers on social media and on your email list to complete it. Maybe what they are looking for is a simple ebook or a workbook. Others may be looking for a class to resolve their particular problem.
Also, ask your current clients what they need. This is especially important to retain them as clients after the end of their sessions. What’s the logical next step for them to continue learning with you?
Identify Your Target Market
You have likely done this exercise already however it’s important to reanalyze your market and identify any changes that may have occurred. Have you stayed true to your initial business plan of attracting your target market or are your clients at a lower income level? How do you attract new prospects?
By creating lower-priced products, you’ll attract people who aren’t quite ready to purchase a high-priced item. However, these are still good prospects to have in your sales funnel because they can start slowly with your lower-priced items and as their income increases, you can offer higher-priced items, eventually leading to your highest-priced product. While they progress through your products, they will see you as a credible expert and will trust this expertise, especially when you offer your higher-priced sessions.
How to Create Low Priced Products
I hope this idea of passive income intrigues you because it could really be a game-changer in terms of your coaching income.
In a future post, we’ll talk about what to create, how to create it, and how to price it.