by Tanya Ganian
Tuesday, July 30, 2019
(TRANSCRIBED FROM AUDIO)
Can you imagine having the sound of your stripe account going off on your phone all day while you're picking up the kids, doing groceries, having coffee with your girlfriends… Can you imagine not having to wait until Thursday to get a paycheck but get paid hourly as you’re living your dream life? That’s passive income.
Setting up passive income takes a lot of work but the outcome is what dreams are made of today. It is totally doable. Now I want you to stop what you’re doing for one second and remember the following sentence. YOU can set up passive income. You can do it. Now I’m sorry if that sounds like motivational jargon, but there really is no other way of putting it.
After you listen o this podcast, if you’re convinced that this is something you want to try, and I hope it is, then I want to invite you to listen o podcast episode 20… it's available at tanyaganian.com/20 where we go through the exercise of generating 9 to 15 ideas for an online business that you can then turn into a digital product and create passive income.
So that’s tanyaganian.com
Now I don’t want to talk about how to generate ideas for a business because we cover that in episode 20 of my podcast. Instead let’s talk about the next step, which is taking that idea and turning it into profit. But not just any kind of profit. Let’s concentrate solely on creating passive income because that my friends are the best kind of income.
So you’ve got your idea and you’re ready to turn it into passive income. The best way is to turn your idea into a digital product. Now there are many different types of digital products, I’m going to talk about the 3 best selling types of digital products>
EBooks, digital courses, online challenges.
Let’s address ebooks. EBooks are digital books that can be a step by step guide, a hot to guide, a cheat sheet, a reference guide, an instructional guide … any type of guide you can turn into a PDF. Once you’ve taken your knowledge and transform edit into an ebook, you can load it on free platforms like big cartel or Thinkific and make it available to your purchasing clients. This type of digital product is the least expensive, easiest, and most affordable way of setting up a passive income via digital products. EBooks then to cost between $7 and 197$
The second method is Digital courses. Digital courses are a bit more complicated to set up. They tell a little more know-how but totally doable with a little trial and error. Just like an eBook, you would take your knowledge and turn it into a document and then attach slides and a recording and load it on a few online platforms. These platforms charge a small fee to host your digital products. My favorite platform is Kajabi of course but you can always use Thinkinfic or teachable. Digital courses tend to sell from 49$ to 2999$ It is the most lucrative of the digital products.
The third digital product is online challenges. If our goal is to create passive income then the online challenges will be in evergreen mode. Evergreen means you would prerecord everything, set up all the emails and playtimes and absolutely everything and clients will access it on their own time for the rest of their lives without you showing up live or in real-time. So evergreen is the opposite of real-time.
Challenges are great, they usually last between 5 days up to 30 days. Everything is created beforehand and released either on a monthly basis or a quarterly basis. Most influencers will create challenges and release them bi-annually. The choice is yours. Especially if you’ve set up the challenge to be evergreen.
Some influencers charge a premium for the live version ad a lesser price for the evergreen version. Others don’t so the choice is definitely yours
The next thing you have to do is validate your idea. I know it’s a massive pain in the butt. I’m sorry to break your heart and tell you that you should absolutely take the time to do this. I know you’re in a hurry and you want to launch and you want to launch yesterday. But stopping and taking a step back to validate your idea will save you years of frustration. I, my dear friends, learned from experience. I didn’t validate my original idea. And after taking a year to build it and launch it, nothing happened. I had assumed what the market needed rather than asked what the market needed. And that cost me a lot of time and tears. The best way to validate your idea is to conduct a short survey. Choose a Facebook group in your potential niche and pitch a short survey, without giving too much away, and see if your idea resonates with the group.
Once you’ve validated your idea and you’ve built your product, you’ll have to decide where your target market plays. Are they on Snapchat? Facebook? Instagram? LinkedIn? Choose 2 platforms and show up. Add value; invite them to your offer. Give away free stuff; check out episode 19 where I discuss how to go from growing awareness to creating a buying customer online. There’s a cheat sheet available at tanyaganian.com/19 to help you set that up as well.
Lastly, remember to give it time and be consistent. I think that I repeat these two things in nearly all my podcasts because we are in a hurry to succeed. We all want to get the ball rolling but the truth is true success takes time to build and consistency to succeed. If you find value in this podcast, subscribe and leave a comment, it helps more people find the podcast and kick-start their online ventures.
Building passive income is totally doable today and it changes the course of your life. The way you live the way you think the way you conduct business, they say you make money is all different from what you know. You can set it up and let it run as a side hustle while you continue your 9 to 5 job. The option is there for you.