People promote some ridiculous ideas in order to sell you an idea of the “making passive income online” lifestyle.
Myth #1. Make Money on the Beach.
Passive income is not passive.
Yes. I’ve made money while I was on the beach….however….
It’s hustle, selling and product creation day in and day out.
If that was the case I wouldn’t be writing a blog to you. Look at the work those who are making passive income do. They are making videos, podcasts, newsletters, sales funnels, speaking and running masterminds. They put in just as many hours as you – they just do it on a larger scale.
People think making passive income online is as easy as pie. Please let go of the idea that you can sit back and relax – it doesn’t work that way.
Myth #2. Just set up your sales funnel.
HAHAHAHAHAHA. If you’ve ever set up a sales funnel you’ll know it’s not like that. You set it up and then you tweak and test. Continually checking open rates, conversion rates and sales is the name of the game. You tweak and test and tweak and test and you constantly update because your sales funnel changes as you introduce new products and phase out other ones.
Once again, when you choose to enter the world of making passive income online, remember…it is not passive.
Myth #3. Anything with the word “6-figures”.
6-figures doesn’t mean 6-figures. I currently run two 6-figure businesses but last year one of those business had a profit of -$6,000.
Not quite as glamorous right? If you had a launch and you made a profit of $6000 that’s amazing. The “making passive income online” gurus who promise those big launches may not be making as much profit as you in fact, they might have lost money.
Myth #4. Launches just get bigger and better.
Clients will come to me and share there that their first launch was amazing and their 2nd one wasn’t. They are surprised. I am not.
Often when you first launch you’ve been nurturing an audience for a long period of time – you’ve built up trust and people to buy. On your first launch you sell and sometimes they just buy because they’ve been waiting for an opportunity to buy from you.
You can’t expect that all launches will continue to sell better and better. It doesn’t work that way. On your first launch 10% of your list might have purchased but as your list gets bigger and bigger you will start seeing smaller and smaller conversion. .05% is pretty standard for some larger lists.
Myth #5. This course sold well, so my other course will too.
Okay, no one says this myth out loud but I know people think this.
There are some courses that just sell really well and no one (including the creator) understands why.
I know of one online entrepreneur who was famous for her 7 figure launches for one particular course, then she created a 2nd course expecting the same results and WHOMP WHOMP a 5 figure launch. Which you might think is still good, but I’m pretty sure she invested over 6 figures in the launch.
I had one course and the sales were okay but not great, I thought it was me or the sales page or something. Then I released FB Ads for Launching and I realised that some courses just sell better than others – just like some purses sell better than others – its just the nature of anything we create.
Myth #6. You have to do this perfectly.
The course has to be perfect the first time. The Launch has to be perfect the first time. The pricing has to be perfect…yadda yadda yadda.
The cool thing about passive income products is you can launch them all the time and go back and improve. This is different than any of the albums I launch for Rosie & the Riveters, we get one chance and it has to be done right and if it’s not – we wait two years and try it again.
Myth #7. You don’t need a list.
This is just crazy making bs right here.
You need to sell your course or products, so you need a list. If you have list of 50 people and you’re sad you didn’t make a sale – please know that is NORMAL.
Myth #8. You have to do Webinars/FB ads/Blogging/Instagram
There is no secret formula to making passive income online that will work for everyone. What worked for one person will not necessarily work for you.
What works for you is something you enjoy that allows you to connect with customers in the way that they want.
I’ve seen big 6-figure launches without a similar FB ad, blog or webinar.
You’ve got to try what works for you and see what happens. There are things that generally work but you won’t know until you try it.
There is one exception – you need to send out a newsletter. That’s the only marketing piece I’ve NEVER seen anyone not do in the passive income world.
Myth #9. Only B2B products make passive income.
This is the idea that if you sell to business you’ll be able to make more passive income online. This is not true. I think it helps sometimes because the price points are usually high for b2b products and therefore you need less sales to claim the “6-figures” trophy.
I’ve seen online products for weightloss, cooking, sewing, dog training, horse training – you name it, it’s out there. B2B isn’t the only option for making passive income.
Myth #10. It’s easier to sell a lower priced product than a higher end product.
Selling is hard online and turning that into making passive income online can be tricky. Lower priced and higher priced products both have challenges – however don’t think that just because you priced it lower it will be easier to sell. Thats just not the case.
I’ve seen it easier to sell a higher priced product for many clients. 1. You need less sales but also 2. Price infers value. A higher end client will pay more because they believe it is the superior product.
The lower end attracts a lower end client who is more likely to complain, moan and ask for a refund. Also a lower end price point commands less commitment from participants and with less commitment they see less results because they aren’t putting in the work.
When you’re thinking of pricing consider the commitment and kind of customer you are looking for and from there decide what is the right price point for that.
Myth #11. You just need FB ads.
You can’t throw money at FB advertising and think thats all you need.
There are so many things you need to get right in order for FB advertising to work for you, here’s just a few of those things:
- The offer. Is it something people want to buy? The landing page. Is it optimized for conversions?
- The sales page. Does it command people to buy
- Your audience. Do they buy easily or does it take them awhile? Have they been nurtured?
- You. Does your audience like you?
- The sales funnel. Are the follow up emails, social media and webinars well executed?
- Your website. Is it optimized for conversions, easy to navigate and full of content?
- If all of these elements are in place, then you’ll see results. Want to learn how to do FB ads for yourself? Check out FB Ads for Launching. Or, my team and I can handle them on your behalf.
Myth #12. You don’t need to promote/sell it
Also known as “if you build it they will come” or “just put it up for sale and people will buy”.
Nope. Making passive income online takes much more planning than that. You need to sell and promote and connect to make sales when it comes to passive income. You need to constantly let people know that they can buy from you and you have to feel confident that you can really serve that person otherwise you’ll feel like a narcissist who is constantly talking about themselves.
There are so many options out there, just making the product isn’t enough.
Need a launch plan? Check out my launch playbook.