Watch any ‘find the new star’ reality show and it looks like a new sensation is created literally overnight.
Take a closer look and you will find that the ‘overnight sensation’ has been honing their craft and working toward this moment for YEARS.
I think about this when new clients say to me, “I want to make money while I sleep.”
Yes! I want that for you too! But let’s not call it “passive” – let’s call it leveraged.
Leveraging time and expertise to make more money is a fun and worthy goal. Let me give you a few examples of how you can get started right away.
1. Repurpose your Content
Do you find yourself saying the same things over and over each day? Did you give a talk recently full of great content? Why not turn that into a product? Take part of it and create a free version – perhaps an ebook or video that you could use to build visibility and credibility. Then flesh it out and create a Kindle book or a home study course. But start with a beta version that you create quickly- just to make sure you have a market for it. Some of my best info products started as free teleseminars that over time I found a market and purpose for. If nothing else, repurpose your content into videos or podcasts to engage more website traffic.
2. Clone Yourself
Well, that may be a bit of an overstatement but if your practice is full, consider adding clinicians to your practice (as independent contractors). Choose wisely and make sure your personalities are a good fit. From my experience, I’ve found that great clinicians who do not care for marketing are often quiet interested in working in someone else’s practice. You can work out a financial arrangement where the checks are written to the business and you pay the associate in your practice as an independent contractor. Make sure you have systems and procedures in place to make this easy for all of you. And “beta test” this idea too with just one new clinician – to get clearer on where you need procedures and systems.
3. Remove the Dollar-Per-Hour Concept
What if you did a weekend retreat for individuals who are stuck on a goal – say writing a book for example? What if you found a great bed and breakfast with a few rooms… perhaps you could find a couple of writing teachers from the local college willing to come for free to speak to your attendees? You could work with the participants on limiting beliefs, you could provide them a lovely place…just imagine. What would people pay for that?
My local church held a retreat recently with mothers and daughters who wanted to get along better. What about singles?
When you add value beyond ‘time with you’, you can charge for the experience – and that can mean a lot more “dollars per hour.”
And that my friends is the definition of leverage!
To get started…
1. Pick a business model that sounds like fun (that you feel called to)
2. Research it a bit. Are others doing it? Does it seem profitable to you? Is there a market for it? If others are doing it, what makes yours different/more attractive to the end consumer?
3. Design a beta offering that takes minimal time so you can test, test, test.
4. Create a project plan of all the tasks to complete the project – with scheduled completion dates for each task.
5. Run your beta test.
6. Review your results and decide if this is a model you want to try again!
This is how you create leveraged income! And while it isn’t passive, it can be a lot of fun and quite rewarding!
Would love to hear your thoughts, comments and success stories in the comment box below!