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One of my favorite topics is front and center on the Goal Digger Podcast today, and that topic is passive income. Becoming a mom really reminded me why I decided to build my own business as an entrepreneur. I simply do not want to be on someone else’s clock, in someone else’s office, trading what could be precious family time for a predetermined amount of income. Creating passive income streams was the first real eye opener that showed me I don’t have to trade time for money.
Abby Harriman is a long-time student of mine, and she’s poised for some major growth in her business. She wants that growth to look like passive income streams that allow her to scale without losing time with her family. In this coaching session, I’m tackling her questions on value ladders, low priced offers, strategies for automation and outsourcing, and low budget ways to get the help you need in your business when you’re just getting started.
Passive income is one of those things I could talk about for days on end, but Abby and I will try to keep it down to one podcast episode’s worth of advice.
Meet Abby Harriman
At 7-years old, Abby told her parents she was going to move to New York City someday and pursue her dream of working in the high-paced city that never sleeps. And she did just that.
It had its moments of glitter and glamour, but when she moved to the agency side of things, she realized that the Devil Wears Prada way of life was not part of the dream she envisioned for herself. Abby felt that she was meant for more, and with her three busy daughters, she wanted a career that allowed her to be with her family more often than she was without them.
So, with the Goal Digger Podcast as her guide, she committed herself to starting a marketing and branding company of her own to help women craft a brand that aligned with their vision and dreams. Abby joined Digital Course Academy and the Knowledge Business Blueprint, soaking up all the self-education knowledge she could.
Now with both an in-person offering and online offers in the works, she realized that being a one woman show leads to overwhelm. Abby is ready for some more passive income options in her business so that she’s not back in the same burnout cycle she had when she worked for someone else.
That’s where this coaching session comes in.
Break Down Your Offers
The last time we spoke, Abby told me all about this monster course she was building to help women with branding. This signature offer will be at a high price point, so Abby wanted to work through some ideas to break this larger offer down into smaller offers at a lower price point so if a student only needs a piece of what she teaches, they have that option.
These lower priced offers might look like templates or guides that someone can learn from, and then take action and implement immediately.
This could be a customizable Canva template, an email template with swipe copy, presets for editing photos — Anything that leads your student or customer to a result, fast.
Systems and Strategies for Passive Income
As Abby prepares to offer those lower priced offers, and even her larger signature course, she asked about what kind of systems and strategies are important to put into place so the offers are truly passive.
Automation is key, but when we’ve been in business for a while we might become blind to the things we’re doing over and over again. When was the last time you paused to review the processes you repeat time and time again to see if that process could be automated?
Ask yourself: What is something I did today that I’ve done before that could become a template, or be automated, or even just set a reminder for?
When it comes to looking at passive income and protecting your time and energy, you want to find one offer that’s driving your results and then take the time to assess, critique, refine, and improve it. Then, pour fuel on that fire, as my friend Russell Brunson says.
Identify the offer or few offers that are driving the most results for you, and figure out the steps to optimize and then automate the entire process. That’s where you’ll find the most opportunity to create a better work-life balance.
When to Buy Ads
Part of automating a passive income sequence (once you’ve nailed down the system) is to fuel that fire in the form of paid ads. So many people, though, wait to pay for advertising until they have something to sell, but I like to use ads for free opt-ins.
In reality, 90% of our ad strategy is based on giving away free value by leading people to our opt-ins. It’s way cheaper for us to advertise and give someone a free guide that gets them into an email sequence that warms them up for a purchase.
Polish your opt-in freebie delivery email that really begins the relationship building process with that new email list subscriber. The delivery email should inspire your new subscriber to take action with your freebie and see results ASAP.
Running ads to free offers allows you to narrow down which audiences are going to respond the best. Refining those audiences at the beginning and getting those cost per click numbers down will set you up for better success (and cheaper ad spends) when it comes to running ads to your paid offers down the road.
More from this Episode
Want a deeper look at value ladders and how they work wonders for the passive income side of your business? Curious about opt-in strategies? Do you need to (or should you) hire someone right now? Press play for the full coaching session with Abby Harriman, and don’t forget to connect with her on Instagram @abbyharriman and online at abbyharriman.com.