Are you familiar with the term Passive Income? I know for some this is an awkward question. But I had to ask it to approach the idea of what it has to do with the book you’re planning to write or the one you’ve finished and published. For those of you who don’t know, it doesn’t mean you receive income without doing any work.
Passive Income does mean that you typically do the work once, with minor updates now and then, and get paid for that work over and over again. A really good example of passive income is becoming a best-selling author or a good-selling author, for that matter. The author writes the book once, then markets and sells the book, over and over again until it’s either out of date, or they’ve created the next book to market and sell.
Often, those who earn passive income use affiliates. Affiliates are people who promote your product for you in exchange for a percentage of sales. You provide them the tools such as graphics and advertising copy, and they place it on their online real-estate (website), promoting your product through their blogs, websites and email newsletters.
In my opinion, every author, service provider, coach, consultant, entrepreneur or expert should be seeking ways to build their passive income. Passive income not only adds more money to your bank account each day, week or month it also brings in more potential clients for your most lucrative and non-passive income: Your Services, Your Business, Your Practice. The only way to stop trading hours for dollars is to develop several passive income streams or I like to call it: multiple money streams. Thankfully, they’re not that hard to do.
Create First Information Product – A Book
If not already, your first step is to look through all the content you currently have and figure out if you can compile it into a book as your first information product. If you already have a book, know this is your first information product.
In this case, you would be considering the next format to develop your book’s content into, same content different format. You may need to fill in some missing gaps with more content, add some graphic design, perhaps some video, charts, and professional formatting before you can call it a valid next step information product.
But, it shouldn’t take you very long if you seek to re-imagine what you already have now, into new forms. There are five easy formats that you can start with immediately, even as you finish up your print book. Visit my latest Master Class at http://iproductology.com to find out more.
Put The Information Product Into Multiple Formats
You don’t have to sell the product in only one format. See how many forms you can put the product in. As you move it to other forms, it will become either more or less comprehensive depending on the format. Price the product according to how much information, with the most comprehensive being the most expensive. Add in personal coaching or consulting from you, and the product in all of its form, for the most lucrative income of all.
For example, perhaps you written and published a book that teaches your audience how to overcome some problem or fear. You can re-create that book into an eBook then into an eCourse that is delivered via your autoresponder for a small monthly fee.
Doing so, you now have three income streams: a print book, an eBook and an eCourse. That eCourse can also be put on Udemy.com once it’s transformed into a video series via PowerPoint presentation with voice added along with some worksheets. The eBook can be sold as an upsell to the eCourse or Udemy.com course.
By the way, I go into more detail and show you how to turn your book or low priced information product into a $100+ Information Product over at iProductology http://iproductology.com
Keep Going to Fully Develop Your Product Funnel
Now you have a book, an email course, an Udemy.com course, and an eBook. All of which can be compiled together and sold as a bundle, or it could be added to a membership website where members have access to the things you create for paying a small monthly fee.
Furthermore, you can pull it all together in a signature program with your membership site you can offer different levels. Information, Group Coaching with a Forum, and all that plus personal help from you as a final more expensive level.
As you can see, as you continue to repurpose your information into new forms, you add to the value of your offerings to your audience and increase your passive income as well as your non passive income by attracting new clients via your less expensive passive income products to your more expensive signature programs.