Editor’s note: This post was originally published on 4/6/18 and has been updated for accuracy and comprehension.
You’ve got a serious problem.
With a finite number of hours in the day, week and year, your revenue is capped as a keynote speaker.
The only way to grow your income is to pursue those elusive higher-paying speaking engagements.
But that goal doesn’t solve the problem entirely, does it?
Depending solely on income from speaking is tiring.
Sure, you LOVE what you do, but your career path is like a double-edged sword.
The more you’re away from home and on the road, the more you make.
But the less time you have for friends, family, hobbies – downtime.
We’ve solved this motivational speaking conundrum for our clients, and we want to share the solution with you.
It’s creating a passive income stream.
And it all starts with digital products.
We are NOT talking about selling your books online, although that can and should be part of your business strategy.
According to Investopedia, passive income is:
“Money being earned regularly with little or no effort on the part of the person who’s receiving it.”
Sounds good, doesn’t it?
And it is NOT elusive.
I bet you have a ton of material on the topics you regularly speak on.
Let’s say you are a leadership motivational speaker.
You can take the existing content you already have, package it into an eBook, digital course AND subscription membership site.
Yep, you can take that material and distribute it multiple ways. (This is ideal for getting customers to buy into what you have to offer by providing a small-ticket item (or an accelerator)).
And this product also builds your credibility.
Then, you package that ebook into a digital course that provides even more value, more content...more meat. Charge a higher price, say, $499.
You’re building more credibility, growing your customer base, and leading prospects into the next, higher-priced item – like a membership site.
See how that works?
Once you put in the work to create these products, that’s when the passive income starts rolling in.
There’s no need to create a product from scratch.
As in the example above, you likely have a TON of material you can utilize.
You can use these materials to create:
Now, you may already be overwhelmed at the idea of repackaging existing products.
The key to creating digital products and getting a return on investment (read: REVENUE!) is to start slowly.
Begin with one concept you believe is the most valuable to your audience. Something that you suspect will get a big response.
Build a small digital product (like a short ebook or checklist) to test the market and see if that’s what people want. This will also help you grow your email list and contact base.
Then, create the next asset, a product that builds on the first and offers more value.
Test it, and then adjust.
We’ve built an entire marketing system just for motivational speakers on this model.
It’s based on testing the market, building a product, and testing it again. All the while, we keep our eye on what the market responds to and then shift course, if necessary, from there.
And it’s been getting our clients phenomenal results.
One client that we work with, for example, utilized existing products on a popular topic he speaks about, and turned those materials into an ebook and then a Master Class that includes individual coaching.
What’s stopping you from taking the material you’ve already worked so hard at mastering and turning that into a passive income stream?
If you’ve built a digital product or online course, what’s working for you?