Let me start by saying, this is one of those ‘do as I say, not as I do’ posts. Or consider it a ‘learn from my mistakes’ post.
However you want to view it, let me plead with you, from one service provider to another, DON’T WAIT to create multiple streams of income!
I’ve been a VA for 5 years now, making an OK income but happy to serve my small list of regular clients. Continuously over the last 5 years I have heard about passive income, making money in your sleep, and don’t trade dollars for hours.
This advice certainly made sense but I didn’t pay much attention to it. Or I’d add a few affiliate links to a blog post and watch as NO ONE clicked on those links.
My most-used excuse was, “Well, I’m focusing so much on my client work, I don’t possibly have time to create a product.”
Yeah, you’d think I was billing 60+ hours a week with that one but that certainly was NOT the case.
The Most Important Step: Taking Action
There are a million and one other reasons why I didn’t create any products sooner but the simple fact remains that I just never took the action necessary to get it done. I have lists and lists of ideas but what good do the lists do me if they sit in my desk drawer? Absolutely none. There is no fairy godmother waving her magic wand to give you a product or affiliate sales. YOU have to set the plan in motion and hire the right people if you want to see any results.
The killer…I could have quite a nice product line by now if I had only spent 15-30 minutes a DAY following through on my ideas. Instead, I sat trapped by my excuses and my belief that I didn’t know enough to make a product. I don’t want you falling into the same trap.
My Personal Case Study
I’m a member of Solo Masterminds and every year the Platinum members join together to run a 10 Day May Madness Sale. Basically, it’s offering a product or service for the crazy low price of $7 for 10 straight days. For 4 years now I’ve sat by, watching my friends making some extra money from the sale but never participated (or I have a vague recollection of participating one year but I must have offered VA time instead of a product).
This year was different. I was DETERMINED to follow through on a product that’s been at the back of my head for quite awhile and lo and behold, I had my product created in 7 days.
I wouldn’t recommend completing a product normally in 7 days because I was working a lot of hours and pushing off some client work in favor of working on my product but it IS doable.
And I was able to present Super Simple Audio as part of the May Madness sale.
Phew! Step 1 was completed…I made the deadline! Now, would anyone buy it?
The short answer…yes! I made 21 sales which helped me break even (I hired someone to make the cover graphic) and I even spent a little on my own May Madness purchases. So I made a little profit this time around. But the great thing is all of my future sales will be 100% PROFIT!
Was it completely passive income? Not really because all the Solo Mastermind members were busy promoting the sale to their lists and on social media BUT now that the majority of the work is done, I can theoretically promote Super Simple Audio for years without putting in the same number of hours I did at the beginning, getting it created.
No More Excuses for You!
So what’s holding you back from creating passive income streams? Some advice that I keep hearing is don’t wait until your product is ‘perfect’ before releasing it. You’re your own worst critic, so do you ever really think it will reach the level of perfection you envision? Probably not.
It’s totally OK to make changes to a product after it’s been released! Think of all the website themes or computer software that is released and then just a few months later they have a new release (think iPhone and the iPads). Certainly, you don’t want to produce garbage…there is definitely a level of quality you should reach for but don’t wait so long that you talk yourself out of doing it.
In fact, I listened to this advice myself. I needed a beginning and ending slide to my video tutorial but I was so close to deadline and was just so tired I just put up a very generic (and ugly!) slide with the basic information. No branding, no nothing except the title of the video and my URL.
Certainly not ideal but I let the buyers know right away that I’m making that change and will send them the new download link when it’s done. Will an ugly slide affect sales? Probably not. The information in the report and in the video tutorial certainly outweigh the slides in quality. But I easily could have let that be my reason for not submitting my deal for the sale.
And don’t wait 5 years like I did! Put in the work, see if it sells, then make revisions or start from scratch based on your experience. You’ll never know if you don’t try.