How to Create Your Foul-Proof Passive Income Plan
This is a serious topic for me right now! I currently don’t have any streams coming my way that I don’t work actively for but you best believe they’re all in the works! When I launched TBH, one main objective I wanted to put in place within the first year of blogging was passive income. But here’s the thing: you can’t just jump into passive income. Marketing gurus make it sound super easy and that "you'll make money in your sleep" but it take A LOT of work to start making money every time you lay down.
I don’t come from money and to be completely honest, I’ve never been the best at handling it either. It’s my own fault that I’m not a great saver and I love to spend. These are all things I know need to change in order to create real wealth and not straining at 65 to keep my lights on. It’s the same thing with blogging, we all have to develop a plan and get serious if we don’t want to have to struggle years down the road or discouraged because we’ve been blogging for 10 years and haven’t even made 3 figures. Unfortunately, I can’t cash my Google Analytics numbers into the bank for dollars but I can create a plan to make money in the future from doing something I love.
In order to create passive income, you need a solid foundation and brand.
And in order to have a solid foundation and brand, you need a plan. Like I said above: there is no jumping immediately into passive income. You have to set the stage for engaging content, popping social media and consistency, to even begin to hold your hand out. All of those things happen and develop over time for those who really work at it. And eventually, you can offer a full listing of products or services that are completely self-serve for your audience that creates money.
Passive income isn’t exactly working for another stream of income but it’s creating something your audience needs and wants (a product or service) one time that can be sold over and over while you work on other things. A passive income product (physical or digital download) could be a workbook, worksheet, an e-book or any other item. A passive service could be a recorded webinar or course that you recorded one time and only give the download or access to the page for a price.
The first step to creating passive income is supplying your audience with valuable free content.
This content includes tips you give out on social media, blog posts, newsletters and any other type of content you create. For TBH, I try to give valuable content everywhere. Within in Instagram posts, I give tips or resources and within my newsletter, I give a deeper insight into what goes on behind the scenes of TBH and life lessons. In video content, I do the same thing: give out tips and “what” and “why” to things regarding blogging, branding and social media. The bare minimum (but still time worthy) “what” and "why" may be used in a blog post or free content. The deeper step by step “how” and how to measure results will be premium content.
For example, I make sure each blog post teaches someone something they may not know how to approach. Just like this blog post on passive income, I’m opening someone’s eyes who wasn’t sure how to create it for themselves. For a freebie, I could give a worksheet based on this post and for a premium upgrade I could give out a detailed “how to plan passive income” workbook with more information.
Notice though, there's no content upgrade on this post because I'm still learning and don't want to "over-teach." Be very careful about sticking to what you're comfortable with teaching.
Let’s say your audience loves Instagram tips on engagement. Now, you can’t sell anything about Instagram if yours sucks. This goes for anything. I don’t want to buy makeup from people who know nothing about it. Here’s your daily reminder to stay in your lane. Check the sentence bolded above.
You can follow the graphic above but I switched it up a tad to give another example. Basically the same thing but for an audience that loves Instagram tips:
1. Learn what your audience is interested in and become amazing at it. If it’s Instagram tips that my audience wants then I’ll become one of the best Instagrammers and create content based on that.
2. Create blog posts, newsletters and any other content based on different things related to Instagram. This helps them know that you know what you’re talking about.
4. Create a freebie that relates to your content to also start cross promoting everywhere. This could be anything from a workbook, e-book, checklist etc
5. Use that freebie as a lead in for your paid product. If your audience is interested in your Instagram worksheet freebie then they will definitely be interested in a workbook with twice as much information
I've been following these steps to make sure I get the word out about CollaboRight and gain people who are super interested in collabortions. If you are, join my free 6 day email course!
These funnels don’t take two days to generate sales but these strategies can take time.
It could take months of creating free content on a topic before you start asking for the sale. Use the emails you receive for the freebie downloads to give out more great info on the topic and later mention the premium upgrade. Notice when you get those emails asking for a sale from other bloggers, they’re usually giving you tidbits of the information for free and then telling you how you can get the rest.
That’s exactly how income with blogging works. We’re not all lifestyle bloggers but we all have to become real people to our audiences and give them solid, consistent information for free. Then when it comes to premium products, more people are willing to pay because they have a connection. There’s millions of bloggers, but only one Shay Duriel (I would dare to say in the world with my exact name) that gives you the information that I give you. I try to be very intentional with the content I send out into the world so that when I do have a line up of passive products, no one’s looking at me sideways.
People don’t want to buy from bloggers they don’t really know. Some will but the real income comes from audiences who have built a relationship with their favorite bloggers. Some of my favorite bloggers charge a lot for their products and services but they can because they know there’s a demand for it with their audience. They know their audiences are loyal and that they always receive amazing content so the premium content will be no different.
With TBH, I share tidbits of my story throughout my content to create a stronger relationship. One huge piece of that is my newsletter. You can take this route too but be intentional on how it can turn into more.
With my weekly newsletter, I only give out life lessons and put a closer microscope on some of the things I’ve been through over the past few years and some of the things I go through every single day with TBH. Some newsletters are cute and inspirational and others I was hurt or disappointed recounting events and sending them out raw for those who want to read. Usually, I always tie in content related to blogging and influence-ing. You'll love it, I promise!