TOP 3 PASSIVE INCOME STREAMS FOR THE BOSS BABE WANTING TO 10X HER INCOME!
These 3 passive income streams that I am going to share with you have generated my clients over a million dollars in revenue in 2017 alone!
I am all about that passive income, get paid while you sleep, life. Like why the hell not! So many people think that passive income has to be difficult. Or that it's not possible and I am here to tell you, girl, put those excuses down and get ready to hear those PayPal pings in your dreams!
First things first. You have to be extremely clear on your client avatar, her pain points, and the problems she has that you are going to solve. The foundation of every successful business is knowing how to provide value and help solve problems.
You also want to make sure you are taking the time to build and nurture your community. You can have the BEST product and services in the world if you don't have anyone to sell them to, kinda useless. You want to take the time to get to know your community, ask them what they struggle with, what they excel in, how they like to process information, and even what they like to do in their free time.
This will help you gain extreme clarity on how to leverage your authentic gifts in a way that serves your community, plus, people don’t want to do business with computers. In 2018, consumers have a strong BS meter and they are naturally drawn to people standing in their power and being unapologetically themselves, speaking their truth. They don’t’ just want to buy products from people who they don’t connect to. If you need additional help getting clear on your client avatar, take my free client avatar masterclass here!
If you want strong sales, take the time to build relationships with the people in your community. This will not only help you sell your products and services naturally, but you won’t feel like a sleazy salesperson and your community will appreciate your integrity and want to support you anyways.
Ok, let’s get into the good shit.
1. Membership Site
Membership sites are the bee's knees, literally. They are so popular right now and the income revenue they produce puts them at the top of my list for the best passive income revenue stream. Membership sites normally make up 45% of my client's income when they implement it full time into their business.
It is a great way to connect with your audience at a deeper level because the group of people in your membership community are going to contain your loyal audience and those fully invested in your content.
Now let me tell you about where I have seen membership sites start really well, then go extremely wrong.
I remind my clients that when creating a membership site, you are committing to your members, fresh content updated regularly. In order to keep your members satisfied and happy to pay your monthly fee, keeping your word is going to be crucial. I have had clients and colleagues begin membership sites, take monthly fees and not deliver on their end.
Remember, the people in your membership community are going to be your LOYAL clients. You don’t want to upset them by not delivering. They will never trust in you again to purchase your high ticket offers or other products which are a large reason why you started your membership site in the first place, to nurture and connect with your loyal audience.
If you are using Wordpress, I recommend using wishlist for your membership site. It password protects your pages so that only your members can gain access.
You can find out more information on Wishlist here.
*The Voyage Society is not affiliated with Wishlist Products in any way, we are just sharing our favorite resources with you
If you are using Squarespace, like us, you are going to want to use Memberspace. Unlike Wordpress, Squarespace doesn’t have the option for plugins so anything not currently available on Squarespace, you are going to have to find in a third party software. The ease and functionality of Squarespace, outbeats that though and Memberspace is super easy to set up.
You can find out more information on Memberspace here.
*The Voyage Society is not affiliated with Memberspace in any way, we are just sharing our favorite resources with you
If you are ready to set up your membership site using Squarespace as your host, Elle & Company wrote an amazing blog post breaking down how she hosted her digital course on her own website and used Memberspace to protect the pages! You can check out her blog post on it here!
2. Digital Courses
Digital courses are hawt, hawt, hawt! You probably already know that though. Digital courses are a great way to get information that you share regularly with your audience and elevate it to the next level.
There are literally an endless amount of topics you can create courses on and depending on how you ideal client likes to process information. I tell my clients to make sure they are creating courses that solve their communities problem. Make sure your course can take them step by step through the process to achieve the promised outcome. Use a combination of video, audio, and written content.
If you are getting asked the same questions over and over again by your audience, that would be a great indicator of a topic you can create a course on. Honestly, the sky's the limit when it comes to this, just make sure you create a course that is aligned with your other offers and services to that you can use your courses to warm your audience up into your high ticket offers.
There are many ways to sell and package your courses. I personally prefer to keep all of my content on my own website. If you decide not to go that route, you can use a third party site like Teachable to host your courses.
Teachable is used by a ton of industry leaders and I think, just go with the best option that meets your own personal needs.
You can find out more information on Teachable here.
*The Voyage Society is not affiliated with Teachable in any way, we are just sharing our favorite resources with you
3. Novelty/ Drop Shipping Shop
I am obsessed with Novelty shops and drop shipping programs that allow you the opportunity to customize and create your own products.
What is drop shopping you may ask?
According to Shopify.com, Dropshipping is a retail fulfillment method where a store doesn't keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.
Which is 100% AHHmazing! This girl does NOT have time to travel the world and worry about inventory making it to her clients.
But in all seriousness, adding a drop shipping shop to your digital empire is a great way to build passive income and give your audience swag to rock on their social media. It helps promote your business and satisfies the need for a low-end offer on your website.
PLUS, your audience wants to support you! They want to represent brands that they have a connection to. Consumers naturally promote products they love to friends and family already, and they will not miss out on the opportunity to tell someone where their shirt, tote bag, or mug came from if they bought it from your shop.
The promotional aspect isn't even the best part!
With drop shipping, you literally don’t worry about ANYTHING other than making and uploading the design. It is so simple and literally a no-brainer.
Here at TVS, we personally use Printful to create and ship all of our products. You can customize the interior tag, add custom items to be put into the box such as flyers or business cards, have free mockup generators AND they handle all returns as well!
If you have Squarespace, Printful just announced their Squarespace Integration. When I got that email, I was definitely dancing at my desk. Prior to the integration, it was a super complicated system, now its totally seamless.
If you have Wordpress, your good to go! Printful and Wordpress already had integration capabilities.
You can find out more information on Printful here.
*The Voyage Society is not affiliated with Printful in any way, we are just sharing our favorite resources with you
Other Passive Income Sources:
Self Publish Using Createspace
I hope you find these resources super valuable. Passive income is a MUST in avoiding burn out and creative ruts in an online business. Growing your business to multiple six figures, even 7 figures will definitely be a lot easier with passive income. I am not saying it isn’t possible without it, BUT you will definitely be working a lot harder without it and that’s just not fun. And again, why turn down the opportunity to make money while you sleep!?
What are some passive income streams you are incorporating into your business this year?
PS. To watch the live training I did on this, click here!