In a time of uncertainty, it is more important than ever to create multiple streams of income based on our existing knowledge, skills and experience. This podcast will outline my top 3 ways to leverage what we already have in our business or capacity to create passive income from creating long term assets.
As I coach and help women to become goddesses in all aspects of their life, finding success and abundance through their work is definitely one of these aspects.
Especially during this unprecedented time with COVID 19, I want to offer ways to help you the best navigate this experience and perhaps plants new seeds in generating more income for the future.
Many of my clients and friends are in healthy & wellness industry or service-based businesses so, with the current COVID 19 lockdown and social distancing measures in most countries we know, it greatly affect their business income. Many of them rely on in-person events like markets, trade shows, speaking gigs or face to face appointments. Many of you also like to teach and share your ideas. So this is a great place to start!
Many governments have released financial stimulus packages and subsidies, and they may have savings and assets to pull through this time, but regardless, the current situation leads us to think about how important it is to pivot our business model so that when they are unforeseeable changes, we will have some ways to handle them now or in the future
So apart from moving your face-to-face appointments online, the following are other options worth considering:
Ways to Create Multiple Streams of Income Online
- Based on your existing content from a workshop or in-person talk you can turn it into a book in multiple formats, for example, digital ebook, print-on-demand, workbook and/or audiobook.
The benefits of self-publishing a book include:
- Compare to traditional publishing this has very fast turn around time
- You have a high level of creative control
- It creates long term passive income
- It increases your credibility and it is a respectable product
- You can sell it both online and offline
- you can use dictation if you are more comfortable to record your words than typing your words. It is also much faster that way.
- Turn your existing content (your book) into a digital course
- This has an even quicker turn around time than producing a book
- This requires more online technical support
- You will need to update the look and/or content from time to time
- It has a higher price point if it is a course with video, audio, transcripts or worksheets, etc
- You have a lot of flexibility and room for creativity in terms of what is included in the course. You can even have live components such as Q&A or 1-1 follow up sessions as a premium option
- It will work better if you already have a website and online platform already
- Collaboration with other colleagues and produce an online summit, conference, masterclass/series, support group, mastermind, circles, etc.
- These collaborations can be live or recorded
- You have a lot of flexibility of “What” and “How” and who you want to work with
- You don’t have to do all parts, it is about leveraging your community and people you like to work with and learn from each together
- These events can be evergreen depends on the topics or they can be recurring events
There are more options of course, but it is the mindset about leveraging your own knowledge, skills and experience and diversify the range of product that you can share with others online and offline, more importantly, they can be your long term passive income streams.
Need Some Coaching or Mentoring?
If you want to talk about your options or what to bounce ideas with me, or simply want to get some coaching, you can email me for a FREE 30 mins coaching call (for a limited time – especially during the pandemic, I am here to support you!), I am more than happy to work with you!!