I've seen so many amazing online creators and small business owners become enticed and obsessed with the idea of passive income — the promise that once you set up a new income stream, the money will roll in effortlessly, all at once, and make you a millionaire overnight.
It's like the high and low buying seasons don't exist - or the state of financial affairs for target audiences aren't relevant anymore. Leaving those with passive income streams to become frustrated because they aren't millionaires overnight like that one influencer they saw on instagram and wonder what they did wrong.
Sometimes, I truly believe there is a little luck with "going viral", but that's not the goal. You want your "passive income" (we're going to change that word very soon!) to be sustainable and steady. Going viral doesn't mean overnight success - for a lot of reasons we will NOT be going into atm.
Passive income CAN make you hundreds (and millions, just not maybe overnight!) when your workflows and funnels are set up the right way AND marketed with intention!
I'm here to tell you, as someone who has tried the passive income dream - and helped my clients navigate the complexities of income streams, that it takes a whole lot more than setting and forgetting it.
Remember how I told you we were going to redefine passive income?
A more realistic name and definition is this (IMHO):
Simplifying your income stream;
setting yourself and small business up for financial success by utilizing precious time to curate funnels, products, and marketing strategies that are able to generate income with a streamlined process.
#1 The Myth of "Set It and Forget It"
The allure of creating something and watching it sell itself is tempting, I get it. But it's time to debunk this wild myth. The truth is this: there's a SIGNIFICANT amount of front-end and quality work that is required while creating any type of product or service that you are trying to sell on repeat. Whether it's crafting a course or setting up a funnel for a webinar, the initial effort is crucial to its success. My tip? Be sure the write down your steps so that when you need to adjust your offer you'll have an exact idea of what step needs to be upgraded.
#2 The Continuous Effort Behind the Scenes
If you think you can put your product or service online and then never talk about it again, but somehow will make millions on it... think again girl. Once your passive income stream is actually live, the work doesn't end and it NEVER will. Maintenance, marketing, and consistent upgrades are essential to any type of income stream. Staying relevant and fresh with the information and value you offer requires ongoing efforts. It's not about avoiding the grind; it's about strategic and continuous engagement with your audience AND having a streamlined process that sets you up for these adjustments and marketing without costing you time.
#3 Adapting and Pivoting: The Real Key to "Passive" Income
In the world of small business ownership, adaptability is necessary for continuous growth. The ability to pivot and evolve with market changes and your audience is the real key to sustainable "passive" income streams. You know that saying everyone loves? Work smarter, not harder? This is exactly that! Having a solid offer, packed full with value, AND has the ability to adapt without creating a butt-ton of work for you is what will really make it feel passive. The ease at which you can update and market your product is going to make a world of difference.
#4 The Importance of Marketing Efforts
One common misconception is that a product or service will sell itself. The reality of that? Effective marketing is the driving force behind ANY successful income stream. Without consistent promotion and engagement with your community, even the most valuable product or service may go unnoticed. Not to mention, CUSTOMER SERVICE still exists! That in itself can be a full time gig, that is not always a joy but is an absolute must-have experience to add to your passive income stream's resume.
#5 Lessons Learned: My Own Attempt at "Passive" Income
I, too, have ventured into creating passive income streams, and not all attempts have been successful. The missing link? Building a community and daily promotion. Your community is your foundation, and without nurturing it, your income stream may fall short of expectations.
You can't sell to a cold audience, and that is a fact.
Simplifying Your Income Stream: FACTS
Instead of thinking of it as passive income, let's shift our perspective. It's about simplifying your income stream by working smarter and strategically. The goal is not to avoid work but to leverage your time and efforts wisely, creating a product that can sell itself when paired with the right marketing efforts.
The road to "passive" income is anything but passive. It requires dedication, adaptability, and a commitment to continuous improvement.
By redefining your approach and acknowledging the ongoing effort required, you can create income streams that stand the test of time.
XO,
Lauren
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