3 Ways coaches can create passive income with their website
Passive income is all the rage these days. Who wouldn’t want to sit back and watch money pour into their bank accounts without having to lift a finger?
It’s passive income, so that means you don’t have to do anything, right?
The hard truth is that passive income does not come easy. It takes hard work, exceptional organization, detailed follow through, and a lot of effort to get going.
But don’t let that deter you. You’re a high achieving supermom who can do anything she decides to do (I know this because you’re reading this post right now).
Generating passive income streams means that you do the work up front and then get to sell it over and over again without having to recreate it. The best way to ensure your passive income projects are a success is to take the time to make them amazing. Offer something people can’t resist buying from you. Make sure it will stand the test of time and only need minor maintenance in the future.
You may be thinking, but I’m a coach. How can I make passive income?
Coaching is a fantastic business model and many coaches are incredibly successful at what they do.
But if you start setting up your passive income streams now, you will bring in money from multiple areas of your business instead of only your coaching packages and trading your hours for dollars.
Then you can afford to take some time off when you want to and not worry if you have a slow month here or there.
Having a website is an asset in and of itself. It helps potential clients get to know you better, helps you sell your coaching services and it is the perfect spot to host your passive income projects, because your website never stops working for you.
There are 3 different types of passive income projects that I’ve found work best for coaches and people who offer service based businesses. And you can incorporate all of these on to your website and make them available for people to buy from you 24/7. Front load the work and reap the rewards over and over again.
Set up a resources page
This is a page you create for your website that discusses all the different resources you utilize within your business. Your clients trust you and therefore trust what you recommend to them to help better their businesses. But be sure to only recommend products and services that you use and love, or that trust you’ve worked so hard to gain will disappear very quickly.
Link to the resource page in your website’s menu bar for easy access. To monetize the page, sign up for all the available affiliate programs of the resources you use. Once approved, you can insert these links into your page so that whenever someone clicks on your link and buys the product or service, you receive a commission for referring them.
Don’t forget to put an affiliate disclaimer on the page to make sure you comply with the law. My disclaimer here is that I am not a lawyer and this is not legal advice. 🙂
Some example resources you can include on your page are:
- Domain and hosting provider
- Email provider
- Landing page and subscription box services
- Books you recommend
- Products that make your life easier
Write a book or ebook
This seems like an obvious way to diversify your income portfolio but so few coaches actually make the time to do it.
You could also take one of your freebie or ultimate reports and turn it into an ebook to publish on Amazon Kindle Select. This is a platform where you can offer it for free, or at a very reduced price to get it in front of the millions of people who buy books on Amazon.
You may not want to offer your primary opt in freebie as a paid ebook on Amazon simply because anyone who buys the book and then visits your website from it may be upset they paid for it, but that is totally up to you. Another idea is to turn some of your coaching material into a workbook where people would gain immediate gratification after completion.
Or write a book or ebook detailing who you are, why you became a coach, and how others can benefit from your knowledge, skills, and expertise. You already have a message to share with the world so why not write it all down and put it in front of millions of Amazon customers.
Create an online course
This is the most time consuming of the three options but also has the most potential to bring in the largest amount of consistent revenue for you over time. It will take time to organize it, create the content, package it up, make it accessible online, and promote it, but the online course industry is a billion dollar industry and it continues to grow every year.
Do a thorough and detailed job on the course and you may not ever have to change much at all. You can keep selling it over and over and over again and even do relaunches of the course after getting initial feedback from your first group of customers.
But what should you make your first course about?
Take one of your smaller coaching packages and use it to create a 6-8 week course online that you can offer on your site. This is a great option for those who can’t afford 1-on-1 services right now but still want to work with you.
Plus, they may be so impressed with your course after they go through it that they decide it’s a worthy investment to sign up for private coaching with you.
So take your favorite passive income idea, formulate your action plan, and run with it. The sooner you start implementing, the quicker you can sit back and see that money start coming in. It is completely worth it once you get some passive income streams integrated into your business and all your hard work will pay off in the end.
About the Author
Kathleen Kobel is a monetization coach for mom entrepreneurs. She teaches moms how to make money online while avoiding the scams and help them find ways to monetize their business so they can bring in multiple streams of income, stop trading hours for dollars, and have consistent cash coming in every month.
If you’d like to have multiple streams of income flowing into your business, the first step is to download her Free 7 Page Ebook on 31 Ways to Make Money Online with Your Business