How I Started Making a Full-Time Income from Passive Income in 10 Steps
Do you ever talk to yourself out loud in public and not realize that you’re doing it until you catch a stranger staring at you strangely?
(Yep, that totally just happened to me for the millionth time today!)
OR do you ever pretend like you’re talking on your phone in public so that you can talk out loud to yourself as much as you want without looking like Super MrCrazy Pants?
Totally me. (I swear I’m not crazy!) 😛
Ehem! That all has nothing to do with today’s blog post, by the way.
Today I’m sharing with you how I transitioned from my wedding photography business into my online business full-time (which runs on passive income from my digital products) in just 10 steps.
Yep, it's gonna be exciting! 🎉
BUT FIRST, INCASE YOU'RE WONDERING WHAT PASSIVE INCOME IS ...
Passive income is money that you make with little to no time or effort involved. You spend the time initially up front creating something, and then that thing sells itself on autopilot!
For example, if I create an e-book and have it on my website to sell, that’s passive income. I spent the time creating the book initially, but once I created it no more work would be involved!
Because I can literally set it all up so that someone can purchase it without me needing to do a single thing.
So 50 people could purchase that e-book while I’m off binge watching Pretty Little Liars on Netflix and stuffing down salt and vinegar chips and I didn’t have to do any work while that was all happening and I was making money!
(Yes, I just admitted to binge watching Pretty Little Liars. Sorry not sorry!) 😂
You can literally make limitless amounts of money from passive income because there’s no limit to your time! (Plus, passive income creates an extra layer of security.)
Whereas if you do a freelance service (for example) where you take on clients, then you have a limit to the amount of people that you can take on (and therefore a limit on the amount of money that you can make), because there’s only so much time in your day.
And if something were to happen where you couldn't work for a period of time, then your business income would be on hold which ... would be quite stressful.
For these reasons I HIGHLY recommend building passive income streams into your online business (even if you do freelancing work!) so that you never have to rely on trading dollars for hours.
(Ya know, I have no clue what I was contemplating in this photo. Passive income maybe? Espresso swirls? Chasing tornadoes? 😛)
Now that we’re clear on exactly what passive income is, ready for those 10 steps?
Here's how I started making a full-time income from passive income in 10 steps!
1. I NARROWED MY FOCUS AND GOT REALLY CLEAR ON THE PURPOSE OF MY BUSINESS (AND WHO MY "DREAM CUSTOMER" WAS!)
Oh man, this one is SO important for a bazillion reasons.
Well for one, if your focus is too broad (OR you're trying to appeal to too many people), then it'll be super hard for you to gain traction and you'll end up appealing to ... well ... no one.
After all … it’s nearly IMPOSSIBLE to be an expert in the “broad” category!
When someone wants help with a specific problem, they want help from someone whose the expert in whatever thing their problem is related to, not someone whose just a “general” expert in “everything.”
Having too broad a focus and trying to appeal to too many people was one of the big 'ol mistakes that I made in the beginning, which kept my online business growth stagnant for LITERAL YEARS!
Plus, your specific purpose and dream customer should be the guiding beacon for literally EVERYTHING else that you do in your business, and it's going to be MUCH harder to create amazing content and effective marketing for a business that's ... well ...
all over the place.
Makes sense, right?!
So you need to be able to CLEARLY articulate what you do and who you help in ONE sentence. Try filling this out: “I help —specific person— do —-get a specific result or transformation — so that they can —the biggest benefit of that result or transformation—.
Basically if there’s ANY confusion around what you do or who you help, you’re not being specific and clear enough. 😊
2. I SET THE RIGHT GOALS FOR MY BUSINESS (AND PLANNED OUT MY YEAR ACCORDINGLY!)
Oh man … this made SUCH A BIG DIFFERENCE.
No joke, before I did this step I spent nearly FIVE YEARS working on my online business and I never made a single penny.
(How many ways can I communicate to you that I made ZERO dollars? Haha!)
This step was one of the biggest things that allowed me to go from five years of ZERO income to taking my online business full-time in less than 12 months.
Because you can work your creative booty off all day, but that doesn’t mean you actually did anything to move the needle in your business. (Which is exactly what I did for 5 years!) 😂
Get my drift?
Being “busy” doesn’t equal more growth if you’re focused on the wrong things!
This might sound obvious but … you’ve gotta have 100% CRYSTAL CLARITY on what you want for yourself and your business if you ever want to get there- INCLUDING a plan for how you’ll bring in revenue.
(But yet 90% of online business owners lack clarity around their business vision and goals and DON’T have a clear plan for generating revenue, and then they wonder why they have such a hard time prioritizing their work tasks and making money!)
If you reeeeeally want to take your online business full-time, then you’ve gotta get clarity around the specific vision and goals that you have for your business (including how specifically you’ll generate revenue!), and then you must plan out your year accordingly.
This will ensure that the tasks you’re doing on a daily basis are actually moving you towards where you want to go! 😊
(Just be sure to have your favorite beverage in hand when you watch!)
It’s only about an hour long, and I promise it’ll be worth your time. 😊
3. I CREATED A QUALITY FREEBIE TO GROW MY EMAIL LIST.
I know I know ... you’re probably sick of hearing about email lists.
(Let’s be honest, do the words “e-mail list” make your ears burn a little?)
But ...it’s like … really, super duper important if you want to sell things online.
After all, you NEED people around to actually BUY your sweet stuff right?!
And your e-mail list is the ONE direct connection that you have with your people that you actually have control over. (‘Cause we all know that social media platforms are always changing their algorithms and policies!)
Plus, you need an email list for automating things like your sales funnel, which is essential for creating passive income in your business.
So DON'T be like me and ignore starting / growing your email list, mmmkay?
(I literally put it off for YEARS.)
So over the year, once I got clear on my goals and plan for the year (by doing the step above!), I was also very focused on building my e-mail list.
4. I FOCUSED ON GETTING MORE QUALITY TRAFFIC.
Once I had ideas for things to create that I KNEW people either wanted and / or needed (by getting to know the audience that I was growing!), I continued to focus on getting more traffic to my site.
Now ... I believe in QUALITY over quantity when it comes to getting traffic.
I'd rather have 500 people visit my site who are engaged, love my content and sign up for my e-mail list then 5,000 pageviews from people who didn't give a crap!
Know what I'm say'in?
HOWEVER, I made sure to put my quality freebie into place all over my website and THEN focused on getting traffic, that way the people who were landing on my website were also getting on my email list. 😊
5. I ASKED PEOPLE WHAT THEY WANTED.
It’s not enough to just make an awesome thing- you need your awesome thing to...
be something that actually makes sense for your online business (aka it’s inline with your goals and purpose!)
and it's something that your audience actually WANTS or NEEDS (not what you “think” they want or need! There’s a HUGE difference.)
So after getting really clear on the specific purpose of my business and who my dream customer was, I simply asked my audience what they wanted.
Yep … sounds so obvious, and yet a lot of people forget to JUST ASK!
I got to know them.
I figured out the specific pain points that they wanted solved along with the ideal results that they wanted!
(Psssst, the more SPECIFIC you can get about these the better!)
6. I FIGURED OUT WHICH PASSIVE INCOME IDEAS I WANTED TO FOCUS ON CREATING.
Yes, I chose a few different ideas so that I could also create multiple income streams (but more on that in a minute!)
I chose those things based off what I was the most excited to create, knew I had the ability to create well, what was aligned with my business purpose AND what I knew for a fact that my audience really wanted!
(And the last bit that I just mentioned is ultra important.)
Because if you create a paid offer that your audience doesn't actually want, then your entire business is gonna be an uphill battle!
EVEN if you create amazing free content, write amazing copy, etc.
7. I FOCUSED ON CREATING MULTIPLE INCOME STREAMS (BUT I DID IT GRADUALLY!)
Remember how I just said that I chose a couple different passive income things to focus on?
That’s because I wanted multiple income streams.
Having multiple income streams means that you never have to rely on just one thing- AND your chances for making more money are greater!
(That sounded super greedy … I swear I’m not super greedy!)
Just remember that you don't need to (and shouldn't) create a bunch of things at once.
Start with one, focus on honing it into a well-oiled machine that works like magic, and THEN create another!
For example, I started with creating my planner. Once it was selling consistently and I had systems in place for selling it, THEN I added a course. Then I focused on refining that course. And RE-promoting that course.
Remember, creating tons of products is only going to create MORE WORK for yourself.
(So don’t do that unless you want to work yourself into a frazzled frenzy, mmmmkay?)
(That's where I live, Kansas City! Isn't it purdy?)
8. I MADE QUALITY FREE CONTENT THAT LEAD INTO MY QUALITY PAID CONTENT.
You know what makes people a lot more likely to buy from you?
Providing them with lots of quality, free content.
(Yo, this has been a HUGE helping factor for me!)
Doing this builds trust. It helps people to actually see that "hey, this person actually puts out AMAZING free stuff, I can only imagine how awesome their PAID content is!"
It also gets some people hooked on your content like candy.
(Or in my case, COFFEE!!!!)
Free content is also important for helping your audience to experience “wins” with you (which makes them want even MORE wins!) and for creating demand for your paid stuff.
You don't want to just create ANY free stuff. You want to create things that are directly related to the topic of whatever your paid thing is!
And then you want to use that free stuff to gently lead people to your paid stuff.
So your awesome free content should market your paid content. 😊
Speaking of marketing ...
9. I MADE MARKETING A TOP PRIORITY.
So many people get all weird around marketing ...
They don't want to be "salesy" or annoying, they don't want to bother people, they don't want to draw attention to themselves, etc etc.
(And yo I totally get it because that used to be me!)
But you NEED to learn how to effectively market your business if you want to create a business that's actually sustainable.
After all, marketing is responsible for getting people to your website, growing your audience and then turning your audience into paying customers!
And it doesn't have to be sleazy or gross.
In fact I did an entire podcast episode about how to fall IN LOVE with marketing so that you can help more people and make more sales!
And speaking of mindset related stuff ...
10. I DEVELOPED MY ENTREPRENEURIAL MINDSET WHICH HAS ALLOWED ME TO BE CONSISTENT AND KEEP GOING.
Yep ... even when I feel like quitting.
Because yo … I have had many, MANY days over the past year where I have felt like quitting!!!
Hell, I remember one day in particular that I felt particularly frustrated with my business's slow growth where I literally spent SEVEN HOURS on tech support with GoDaddy and I pretty much just wanted to throw in the towel right then and there!
I mean, I was literally reduced to tears of frustration. Need proof?
Here's my mascara smeared, Joker-esque looking crazy face after my slight meltdown due to spending seven hours chatting with tech support:
(I know, super attractive photo right? That's REAL LIFE, baby!)
You WILL have days where you have fear and doubt, you WILL have days where you're not inspired, you WILL run into stupid technical glitches, you WILL come across roadblocks that are annoying, you WILL have problems that seem impossible to solve (until you do!) and you just have to KEEP GOING.
You MUST learn to get comfortable with the UNcomfortable!
Because all of the REAL growth happens OUTSIDE of your comfort zone, and you will basically be doing things everyday in your entrepreneurial journey that make you want to shit your pants.
Sorry for the blunt poop reference, but it's true.
And that's it, my mascara-smeared story of how I started making a full-time income with passive income in my online business!
And now dear friend ...
And now, did you find this blog post helpful? If so, make my day by sharing it on Pinterest! :D
Like ... I will give you a virtual box full of fluffy kittens if you do.
I'd also sincerely appreciate it too. 😊
To share on Pinterest, just hover over the photo below and click on the little "P!"
What about you? Are you anywhere along this journey? How's it going? Do you need help with anything I went over? Just let me know below you little bushy-tailed broccoli!
(Hehehe that's my new favorite term of endearment that I came up with. Isn't it great?) 😛
And now, it's time to go hunt down my kitty Mr. Purrie so that I can give him some serious pett'ins!