Here’s a conversation I have over & over again,
especially this time of year.
Me: What are some of the goals you’ve set for your business this year?
Her: I’m going to develop three new online programs so that I can bring in more passive income.
Me: How long are you going to spend on this?
Her: Well, it’s going to take at least two to three weeks to develop each program.
Me: What’s it going to cost?
Her: Oh, just my time. Then some graphic design work & an online platform that can support the programs.
Me: Really? What else?
Her: Nothing really.
Me: We need to talk about this ….
If you’re in the same boat, or if you’re thinking “Hey, that sounds like a great idea!” … stop right there.
Let’s go back to the fundamentals of passive income.
- Passive income works when … you already have a huge base of customers or followers that you can market to. It’s your “step down” offer when you have so much business that you have to turn people down, but they still want to buy something.
- To be successful, an online education program takes at least 10X the marketing budget and time than before. Why? Because everyone and their brother has an education program to sell. (In fact, we did too, and then we killed it – remember that conversation?)
- This passive income / make money while you sleep thing is a MYTH. It takes a lot of work for the passive income to come in. And you know what else it takes? A lot of emailing. Emailing and bugging and some might call it harassing people to buy your program.
So before you spend time building a new online education program, it’s super important to check your ROI. How much time will you spend on it (and what’s that time worth)? How much money will you spend to get it online? How much will you spend to market it? And how many will you sell? From what I’ve witnessed, 80% of the time the conclusion is that the ROI just isn’t there.
But I’ll tell you what will definitely help you realize solid ROI: Build your business development pipeline. Define your business development process. And then get out there and sell. Sell like your livelihood depends on it.
Because you’re not running a R&D lab. You’re running a business.
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