I’ve been running an online business now for 4 years and have accumulated many lessons on making 6-figures with passive income products.
I have been slogging with my blogging, newsletters and social media. I’ve done the webinars, the podcasts, the sales funnels. You name it, I’ve done it.
I currently have two passive income products. A Launch Playbook and a course called FB Ads for Launching. I’ve had a few other courses and products over the years but this is what is rolling right now.
Here’s what I’ve learned from making 6-figures with passive income products.
#1. Passive income is not passive.
#2. Go lean at first.
Don’t invest in fancy designers and copy. Create the product and launch it as cheaply as possible. You’ll learn about what people want as you go and you’ll naturally want to improve it. Plus, with the sales you have it’s easier to reinvest.
The first versions of my course and playbook are not what they are today. They were a lot uglier and not quite as well put together, tweaks were made along the way.
#3. Choose a subject that doesn’t need constant updating.
Don’t do what I did and create a course about FB ads. They are always changing! The course needs updating on a 6 month basis and an overhaul every year.
When creating an online course, choose something that you can tweak as you need so you can sit back and enjoy the sales instead of constantly updating it. – TWEET THIS
#4. High tech help.
Something is always going on with tech. I’ve had to change hosting, find new plugins for this and that; move to new platforms; figure out technical mysteries that seem to have no solutions. It’s really a gong show. Thank goodness I have That Super Girl at my side and she handles it all. This keeps me from crying at night wondering why I ever wanted to start an online business to begin with.
#5. Test launching vs. evergreen.
Launching is where you open and close the cart for selling your passive income product. Evergreen means its for sale all the time.
Once, after my 2nd launch of FB Ads for Launching (which didn’t do very well) I accidentally left my cart open and I didn’t close it for weeks because I had a one month old (this is the days before my tech support). I clued into what was happening because I had been making sales – and when I tallied it up — my post sales were better then my launch sales! That’s when I decided to keep FB Ads for Launching open all the time and not bother with launching it.
#6. Invest in FB ads.
Sure, sure, of course I would say this. FB Ads are my life. But truly it helps generate more sales all the time especially if you’re invested in the idea of making 6-figures with passive income products. In fact, I usually advertising blogs and freebies that promote my launch playbook which is only $27 and I generate enough sales from that to offset the cost of my ads.
#7. Outsource your email.
Once you see a lot of sales you’ll get emails asking for support, passwords or refunds. You’re so busy being a customer service rep that you’re not enjoying the sweet cash you’re making. Hire someone to take over your emails – believe me it is a dream. Also, if you can, hire someone to help you answer questions in your FB group as well. I don’t have the same time I used to so I like to have someone else ready to answer questions way faster.
Those are my 7 lessons learned from making 6-figures with passive income products. Did I miss something? Have any questions? Shoot me a comment below.