So in this video, I'm going to be sharing how
you can actually create regular income as a self
employed person, so that you could go away on
vacation, and still make money while you're on
holiday. In fact, while you're sleeping, while
you play with your kids, while doing anything you
want!
It's amazing, so stay tuned.
Hey, you are watching Ask Carrie, where I answer
your business questions. And I want to talk about
how you can actually generate passive income.
So how you can be self employed, and still earn
money when you go away, when you sleep, when you
party, whenever you want! Which is great, because
one of the biggest fears people have around
becoming self employed is, "Well, if I'm self
employed, and I get ill, or I go on holiday, my
income is going to dry up", and it doesn't have
to.
So you can set up your business so that you can
be generating passive income. Passive Income
means that you are generating money kind of
on autopilot. So money is coming in, it's not an
exchange of your time for the money. And so that's
what you really want to think about.
So when you're starting your business, if you are
exchanging time for money, like say, I'm a
fitness instructor, and I make money because people
come and see me and I train them up, and they
pay me for doing a personal training session
for an hour. So obviously, in that
example, I've only got so many hours in the day,
there's only so many hours I can actually do a
personal training session with somebody. So there's
a limit on, one, how much I can make. But also, if
I go on holiday, then I am not making money
because I'm not doing the one on one sessions with
people.
So a couple of ideas. One, let's say this is
you, and that's how your business model works, you
could look at creating client retainers. So this
means that somebody pays you a retainer. So let's
say somebody wants to have four sessions with
you a week, well, you get them to pay for a month's
worth of sessions. And they can have four
sessions a week. But if they don't have four
sessions that week, or let's say you're like,
"Okay, I'm going on holiday this week, I'm
not available", those sessions just roll over.
And so you are still getting that money in,
but the sessions have rolled over. And when you
get back, you can make up for it.
So that is one idea of getting around it. But
that still doesn't get around the fact that
there's only so many hours in the day, you've
only got so many one hour slots to fill. So it is
good to think about how you can actually take
your knowledge, your ideas, your expertise,
your passion, and turn it into a passive income.
So what is passive income? And what does
that look like? What do I actually mean?
So I mean, that's where you take your knowledge
and your ideas and your skills, and you turn it
into a digital product, or a course or even a
membership site. So like the fitness idea, taking
the knowledge you have around fitness, about
training, about working people out, and turning
it into an online programme, where you are
not limited by the number of hours you have in the
day. You can serve hundreds and 1000s of
people through your online programmes, where
you teach them how to work out. You could
either do it as like a live training, so when
you do it live together, and you all get together
live and work out, which a lot of people have been
doing since lockdown over Zoom.
Or you could create a course, you could set up
an app, you could have a programme where people
pay you on a month by month basis to get your
fitness workouts and your top fitness tips, to help
them to actually get a result.
So that is an example of switching from somebody
coming to physically see you, and you exchanging
an hour of your time to get paid, and being able
to help lots more people. You can create
exponential growth when you have a course or a
membership or a an app, where people are paying
you on a on a monthly basis to tap into your
knowledge and your expertise.
Again, you can do it through a course. So
let's say for example, you're a graphic
designer. And that's your skill set. And so people
come to you and you create graphics for them.
So again, you have to exchange your time for
money. And there's nothing wrong with doing
that, by the way, lots of people have successful
businesses doing that. But it's just thinking of
ways you can actually create passive income, so
that you don't have to be relying on your time in
order to make money, therefore making your
business less risky.
So for example, if your skillset is graphic
design, you could create a course teaching other
people how to create beautiful graphics. So if
you think about the clients that come to you,
well, let's say you're a graphic designer, and you
help small businesses to create beautiful graphics
for social media, Well, how about you teach small
business owners how to create their own
beautiful graphics, so they can do it
themselves? So they could come and take your online
course and learn those skills, and create it for
themselves. But then obviously, a lot of
people want to learn that, but then there's
still going to be people who were like, "No,
you're the expert, can you just do it for me."
So it's not that you're going to shoot yourself
in the foot and get rid of all your one on one
clients. But there's just a different marketplace
for people who want to just do it themselves and
for it to be a lower cost, and people who want
to work with you one on one.
But the course idea is going to generate passive
income, because once you've set up that course
and people start buying it from you, then people
can be buying when you're asleep. You can be
hearing that "Chaching!" coming through on your
phone when you're sleeping, when you're out
with your friends, when you are playing with your
kids. You can still be getting sales coming
through on your course.
So when you're starting your business, or when
you're building a business, you want to be
looking at how can you create revenue streams of
passive income. So passive income: so you
set it up, and then it keeps generating revenue
for you.
And again, you can do it with a digital product. I
know lots of people who have created really
successful digital products and they put
them on Etsy. And people just find them on the
Etsy marketplace. And whether it's a digital
product for goal setting, the amazing Michelle
Rohr, a friend of mine, she created her Ultimate
Life Binder, she put it for sale on Etsy, it's
still for sale. It helps you to organise your
life, so you can actually work your way through it
to help you organise yourself.
She originally started selling it for $21, the
price has since increased. But last time
I'd spoken to her about this, she made well over
$100,000 selling this digital printable. So
every time someone bought that digital printable
from her, Etsy delivered it. So she didn't have to
physically do anything.
So it's incredible what you can create online.
And so it's just looking at smart ways to make
money that work for you. Because yes, being an
entrepreneur is about serving people, but it's
also about being able to get intentional about the
life you want to live, the business you want to
build: what kind of business do you actually
want to build? So getting really clear on that is
really powerful, because then from that place, you
can look at the different business models that
could suit you. And whatever your skill set
your knowledge, your ideas, your expertise,
there is always a way to generate passive income.
So don't forget that.
Just get researching, get looking into it. I have
tonnes of resources for you on this topic. So if
you want more help to think of ways to generate
passive income for yourself, whether it's a
course a membership, a digital product, whatever
it is, then head on over to
fea.link/passiveincome, and I will share all the
resources that we have available for you, and
actually getting going with some of these ideas.
Just know that you can do it, you can generate
passive income. It's incredible. So just go
for it.
But I hope you've enjoyed this video. If you've got
any questions you would like to ask me then come
over to Instagram @femaleentrepreneurassociation
and ask away, or leave me a comment.
And I will see you next week for another episode
of Ask Carrie.