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TOPIC: business, passive income

How to Add Passive Income to Your Service Based Business

Ah, passive income. If you’ve been a business owner (or blogger, for that matter) for any length of time, then it’s likely you’ve seen the blog posts, webinars, ecourses, and more about why you should create passive income in your business.

But how exactly can a service-based business owner create a passive product? Does it have to be a course or templates? And how do you get your audience onboard for your digital product launch?

In today’s post, I want to share with you the exact steps you can take to add passive income to your service-based business.

Before I dive into the post, I wanted to let you know that I’ve been working on a new product to add to the shop: the Flourish Marketing Bundle. It’s packed with WordPress page templates, social media graphic templates, product mockups, and more to help you create, launch, and promote your digital products. You can click right here (or the button below) to add yourself to the waitlist and get first access to the pre-sale + a one-time only discount when it goes live!

Step 1 | Audit your services

First and foremost, it’s important to take a look at what you’re currently offering your clients, like an in-depth look!

Chances are you’ve been wanting to make some changes to what you do or you recently have, so it’s ideal that you do a full audit of your services to see what you’re getting paid to do for every single client.

For your audit, list out the name / type of service, the cost, what it includes, how many people you worked with on it in the last year, and how much you enjoy it.

For example, maybe you’re a designer who offers branding and website design services. Your service audit for your brand design package, might look something like this:

Resource: You can get a free spreadsheet template to audit your services right here! No opt-in necessary!

Once you have a solid picture of what services you’re regularly performing, you’ll know what the people in your audience are most interested in. This is a great starting point to nail down what product you could create.

Step 2 | Note what you could sell separately

Now that you know what your audience is needing the most help with, you can take a deeper look into what goes into those services. What specifically are you including in your most popular service that you could teach or turn into a template to sell?

At first, a lot of service-based business owners think they have to give their whole process away in their digital product. This is part of the reason there are so many branding courses on the market that walk you through every step of working with a designer.

Don’t get me wrong, there’s nothing wrong with selling your whole process, but you don’t have to. You also don’t have to create digital templates, unless that really excites you.

So let’s go back to our designer example. What could the brand designer sell separately as a digital product?

Here are some ideas:

  • Brand Strategy Ebook + Questionnaire
  • Mini-course on creating a color palette for your brand
  • Workshop on picking and pairing fonts for your brand

That doesn’t include the fact that the designer could turn their moodboards, brand style guidelines, and launch graphics into templates that they sell if they wanted to go the template route!

The key is thinking about what your audience needs the most help with, how you want to provide that help, and what you’re most excited to create and sell.

It’s okay if you’re a copywriter and don’t want to teach people how to write copy. Instead you can sell an ebook + workbook combo on nailing their messaging so they can be ready to work with you once their done going through everything.

Step 3 | Prep your audience + build your waitlist

If you’ve never sold a product before, it’s important to start prepping your audience and get them ready to buy what you’re selling.

But how do you do this?

You’ll build your waitlist the same way you do anything else: sharing related content and linking to your waitlist form while marketing your product.

If you’ve been following the steps above, chances are the product you’re creating is directly related to the content you’re already sharing with your audience. So it should be easy for you to get a little more specific about your product’s topic to educate your audience and prep them to buy.

For example, the brand designer has already been selling their services by talking about the importance of design and what goes into their process of working with clients. If the designer wanted to do a mini-course on creating a color palette, then she could start creating content on:

  • What color theory is
  • Example color palettes based on the messaging and audience of a brand
  • How to apply your color palette to your brand

All of these pieces of content would ultimately lead her audience to a waitlist, where she started building interest in her new mini-course.

Plus, those points could also be added to the rest of her mini-course in more detail to help expand on her topic and educate her students further.

So when you’re getting ready for your pre-sale, make sure you’re sharing related content on your blog, podcast, or YouTube. You’ll want to mention it in your regular emails to your list.

When it comes to social media, a lot of people like to spend the weeks leading up to a launch just talking about their “secret project.” That doesn’t give your audience a real chance to learn more and show interest, though. So you can also market the product on Instagram by sharing sneak peeks at what you’re working on.

Step 4 | Launch a pre-sale

Selling services requires you to get money before you actually do the work, and that’s the ultimate goal with your first digital product, too.

If you’ve never sold a digital product before and depending on what you’re creating, it’s wise to do a pre-sale before you create the entire product. This saves you from spending valuable time creating the product if your audience ends up not interested in what you offer.

Here are a few things you’ll want to consider for your pre-sale:

How many sales do you need / want to validate your product idea?

This is one of the most important things that you decide going into your pre-sale. Ultimately, you have to think about how many sales you want and need to get to make it worth the time to create the product.

I wish I could give you a specific number, but it really depends on the type of product and how much money you’d like to make for your time spent creating the product.

It’s also really important to be realistic about the number of sales that you can make during your pre-sale.

You can market your product to everyone, but the people who are going to be most likely to buy are the people on your waitlist. If you have less people on your waitlist than you have on the rest of your email list, then you should expect to have fewer people convert to your paid product.

Do you want to discount the price during your pre-sale?

When you’re thinking about how many sales you want to make you can also consider if you want to discount the price of your digital product during your pre-sale.

This can be a great way to incentivize those sales and also reward those people who are buying first. Then, when your product is officially live, you can raise the price.

What date will you deliver the product to the people who bought during your pre-sale?

Once you’ve decided on a pre-sale date, you have to give yourself a date of when you’ll deliver the finished product to the buyers.

Again, it’s important to be realistic about how long it’ll take you to create / build the product. However, the date you choose depends on lot of different things. Your existing work schedule and the size of the product are two big factors you should keep in mind when deciding on your delivery date.

It’s important to make this date really clear to buyers. You can put it on your pre-sale page, your pre-sale launch emails, and in the follow-up email that goes out to buyers. You want them to know when they’re going to receive the product so they aren’t hesitant in buying because they have no idea when they’ll get what they paid for.

What else do you need for your pre-sale?

Okay, so you’ve decided on the important details for your pre-sale, you’re building your waitlist, what else do you need to actually launch your pre-sale?

  • Mockup to show off what you’re selling
  • Pre-sale page (think: sales page)
  • Launch emails for your waitlist
    • You can write an email for the rest of your email list, but you can save your big email plans for when you launch the product later
  • Follow-up email that gives buyers more information on what to expect now that they’ve purchased the product

These are probably pretty obvious, right?

A pre-sale is going to look pretty similar to a normal product launch, with the exceptions that you’re not delivering the product right away and that you’re mainly pitching the product to your waitlist.

You can also consider how you’ll keep buyers engaged with you while you build the product.

A great way to keep people engaged after they buy during the pre-sale is to give them some type of bonus related to the product.

Maybe this is a sneak peek video, an intro module, an exclusive template that only pre-sale buyers get, or something else. This is a great way to overdeliver to your buyers, which people always love.

Step 5 | Launch your digital product

If your pre-sale goes well and you feel confident about your product being validated, then it’s time to get to work!

Depending on the type of product you’re creating, you’ll want to create it and get ready to deliver it on (or before) your launch date!

As I mentioned, this obviously depends on the type of product you’re creating. For example, if your pre-sale was for a live digital workshop, then you may outline what you’re going to speak about and create any necessary workbooks or resources to go along with it. However, you would wait to create the workshop live on the date you already provided.

This could also work for an ecourse or any other digital product that you want to deliver to your audience in a live format.

If you’re creating something that doesn’t need to be delivered in that way, then you’ll want to start creating and building the product so it’ll be ready for your launch date.

Once your product is created, you can deliver it to the pre-sale buyers and start thinking about what you want your “official” launch to look like.

There are all sorts of formulas for launching passive income products, and this is another thing that really depends on what your product is and the way you like to launch.

But your launch can look similar to your pre-sale except instead of sending people to your waitlist, you can send them to an opt-in form that goes directly to your main email list.

Then you’ll likely create a series of launch emails to go out to your list and promote the product on social media and wherever you’re regularly producing content.

On committing to marketing

At the end of the day, the most important thing to think about is that your passive income is only going to be as much as you’re willing to spend the time marketing your new product – during the pre-sale, your official launch, and afterward.

If you’re not really invested in marketing your product, then you can rest assured that your sales aren’t going to be what they could be.

So once you’re ready to start building interest + growing your waitlist and then once your product is launched, make sure you’re spending enough time telling your audience about it.

Remember, you put a lot of time into creating the product. You don’t want it to go to waste sitting on your digital shelf.

Are you ready to create passive income for your service-based business?

If you haven’t introduced passive income into your business yet, there’s no better time than now! Take your time, validate your idea, and then go for it!

I know that creating a digital product can be overwhelming, which is why I’m making the Flourish marketing bundle. It’s packed with WordPress page templates, social media graphic templates, product mockups, and more to help you create, launch, and promote your digital products.

You can click right here (or the button above) to learn more about Flourish + purchase it now to get instant access!

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I'm Kory, the color and design loving gal behind Coded Creative. I'm ready and excited to help you create a beautiful and strategic design for your blog and business.

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Did you know that Black Friday is coming up next w Did you know that Black Friday is coming up next week? 😝 Okay, I know - we ALL know that it's coming up. Some businesses are already doing their Black Friday sales, and those who aren't are letting you know that their offers are coming soon.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Since we're in the middle of this digital product sale season, I thought it would be good to talk about investments you can make right now to help grow your brand in 2021. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Topic-specific courses / trainings⠀⠀⠀⠀⠀⠀⠀⠀⠀
If you're struggling with outsourcing, copywriting, or something else now is a great time to invest in a course on that topic since most course creators discount their products for Black Friday.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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What offers are you looking for this Black Friday?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Today, on my oldest daughter’s 3rd birthday the Today, on my oldest daughter’s 3rd birthday the first woman officially became the first Vice President Elect of our country. For the first time in 4 years I feel hope for my daughters’ future.

There is still so much work to be done. So. Much. I hope that we, as a nation, will continue to do that work.

To protect Black lives.
To listen to Black women.
To care for our neighbors (and keep wearing a damn mask).
To protect our planet.
To move our nation forward.

I pray, and fight, and speak up, and donate to make sure my girls get to grow up and live in a country that makes them proud to call home and a country they feel safe in. Because that’s what our kids and our neighbors deserve.

So let’s celebrate today. But keep the fight going tomorrow.

📷 by @zoeghertner
Now, more than ever, I’m grateful for my right t Now, more than ever, I’m grateful for my right to vote, and you can bet your 🍑 I voted for #bidenharris2020!

I’m going to be quiet on the feed for the rest of the week to make space for rest and self-care. Next week I’ll be back here to share my normal content.

Until then, go vote!

graphic by @madebyeli 

#rockthevote #votesaveamerica
Stop 🛑 waiting until the perfect moment to show Stop 🛑 waiting until the perfect moment to show up and start working toward your goals.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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As a perfectionist and a painfully indecisive person, I've spent so much time waiting. Waiting for the perfect idea, for the perfect time to post, for the perfect design, for the perfect collaboration, for the perfect offer, for the perfect audience.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Does that sound like you?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Are you stuck in a holding pattern, waiting for everything to be just ✨ right ✨ or perfect before you take action?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Be honest... how's that working out for you?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Let me give you some tough love, friend. If you want to grow your business, get those dreamy clients, make consistent sales, and hit your goals... you can't sit around waiting for perfect. 🙅🏻‍♀️⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Listen, I've been there. But if you want your business or your blog to look like hers then you have to do SOMETHING. You have to start right now... show up today for your audience. And then again tomorrow. And then the next day. Share your new piece of content, show off your latest offer.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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👉🏽 Stop hiding and waiting for perfect before believing in yourself enough to make things happen for you. 👈🏽⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You're worthy of everything you dream of and so much more, so let's start doing what it takes to get there!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#wearethecreativeeconomy #createyourpurpose #creativecultivate #fempreneur #womenwithaplan #businessownerlife #herestothecreatives #sayyestosuccess #hustleandheart #findyourflock #thegramgang #hersuccess #dreamersanddoers #createalifeyoulove #calledtocreate #creativeentrepeneur #creativebiz #creativepreneurs #createlounge #thecreativegrid #savvybusinesswomen #intentionalbusiness
THE SECRET TO GROWING YOUR BRAND IS…. 🤫 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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👉🏽 PAUSE! Save this post for later so you can come back to it!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you want to keep growing your brand, the secret is that you have to keep showing up for your people. How? Well…⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Show up as the expert you are⠀⠀⠀⠀⠀⠀⠀⠀⠀
Make sure you’re mixing in content related to your products and services with the personal content in stories + on your feed.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Create more Pinterest graphics⠀⠀⠀⠀⠀⠀⠀⠀⠀
The queen of Pinterest @meaganawilliamson has shared the fresh pins are proven to work the best on the platform, so create new graphics for your posts and get them on Pinterest!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Grab attention on Instagram⠀⠀⠀⠀⠀⠀⠀⠀⠀
The algorithm rewards you when your people engage with your content (saves are the best right now) and stay on the app. Grab attention, and get your audience engaged. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Highlight your freebies⠀⠀⠀⠀⠀⠀⠀⠀⠀
Want to know why your lead magnet isn’t working for you? Because you’re not promoting it. Make it a habit to share your freebie at least 4x per month on Instagram, and create pins for the landing page.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Improve your SEO⠀⠀⠀⠀⠀⠀⠀⠀⠀
Search Engine Optimization is a long game, but it can pay off for years if you take the time to work on improving it for your content now. Check out @mariahmagazinestudio for all the SEO tips.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨ Launch your offers⠀⠀⠀⠀⠀⠀⠀⠀⠀
I won’t lie - this year has felt totally weird when it comes to launches. I’ve launched 2 products this year, and they went better than I could have imagined. So it’s time to launch 👏🏼 the 👏🏼 dang 👏🏼 thing.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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What do you need to work on now to grow your brand? Share in the comments! ⬇️⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#wearethecreativeeconomy #createyourpurpose #creativecultivate #fempreneur #herestothecreatives #sayyestosuccess #hustleandheart #findyourflock #therisingtidesociety #bloomyellow #intentionalbusiness #creativeatheart
When I set out to create the June theme, I started When I set out to create the June theme, I started thinking about what bloggers, specifically want to accomplish with their site and what they'd need to accomplish that.
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I know most bloggers are trying to earn an income through sponsored posts and ads, and to do that you need a certain audience size and page views.
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Let's talk about page views specifically. One way to increase views is to work on keeping your audience on your site longer by making relevant content easy to find.
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You can make relevant content easy to find by:
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1️⃣ Showing related posts at the bottom of your individual blog posts. Most of my themes automatically have this feature built in, but I also like the Related Posts for WP plugin for this!
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2️⃣ Linking to related content within your blog posts. If you're working on seasonal content right now, think about how you can link back to some of your Fall or Winter posts from last year in your new blog posts.
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3️⃣ Add a link to your categories to your menu or your sidebar. This will make it super easy for your readers to click through to a category they want to see more about - like chicken dinners or cool weather outfits.
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4️⃣ Swap out your featured content. Another thing you can do is show off your seasonal content in featured areas on your site. If you're a craft blogger, maybe over the next month and a half you link to Halloween-themed crafts with kids.
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Which one of these things do you want to improve or implement on your site? Tell me in the comments ⬇️
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#bloggersgonnablog #bloggervibes #bloggersgetsocial  #bloggerstribe #bloggerdiaries #theblogissue #blogginggals #blogandbeyond #thecaptionclub #shinyhappybloggers  #theuncoolclub #creativegalgang #microblogger #bloggergram #personalbranding #gritandvirtue #createcultivate #colorjoystock
GIVEAWAY CLOSED: The winner is @ramblingrose.farmh GIVEAWAY CLOSED: The winner is @ramblingrose.farmhouse! It’s here, it’s here! No, I’m not just talking about October or Fall (two of my favorite things). Today I’m celebrating the launch of a brand new theme: June 🎉🎉⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Even better? Because this is the first new theme to hit the shop in over a year, I’m giving away a FREE copy of this design bundle (the theme, Pinterest, and Instagram templates).⠀⠀⠀⠀⠀⠀⠀⠀⠀
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To enter, first make sure you’re following me @codedcreative, then…⠀⠀⠀⠀⠀⠀⠀⠀⠀
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1. Like this post, comment, and tag a friend that you think would love the June theme. Each comment and tag is an additional entry.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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2. Share this post on your stories and tag me! This is worth TEN extra entries!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The giveaway closes on Sunday night at midnight EST.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you’re itching to get the theme right now, head to the link in my profile (or go to codedcreative.co/june) to learn more, check out the demo, and purchase June for your site today!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#theeverygirl #theeverydaygirl #bloomyellow #creativityfound #pursuepretty #smallbiz #mycreativebiz #fromwhereiwork #creativelifehappylife #handsandhustle #creativeentrepeneur #womeninbusiness #communityovercompetition #risingtidesociety #savvybusinessowner #thatsdarling #flashesofdelight #goaldigger #shediditherway #womenwithambition #empoweringwomen #entrepreneurwoman #creativeentrepreneurs #creativeentrepeneur #creativewomen #creativepreneur #mycreativebiz
So you want to take your blog from hobby to money So you want to take your blog from hobby to money maker.... raise your hand if that's you right now... 🙋🏽‍♀️⠀⠀⠀⠀⠀⠀⠀⠀⠀
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At some point every blogger faces the decision to keep blogging for fun or to turn your blog into a money making brand (not that doing that isn't fun though).⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Making that transition from hobby to brand can be a bit confusing. Here are a few quick ways you can start working on that transition:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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1️⃣ Decide how you want to monetize. There are so many ways you can do it - from ads to digital products and more. Think about what makes you excited and what you feel comfortable doing.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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2️⃣ Create a content strategy. What do you want to be known for? Don't forget to include your audience - what do they want to see more of? If you don't know, ask them!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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3️⃣ Consider your brand + blog design. If you've been using a free design, it's time to consider working with a designer or getting a premade look for your site!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Taking your blog more serious and turning it into a money making brand can be overwhelming, but start slow and with intention and you'll be more successful along the way.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#alifeofintention #authenticliving #wholeheartedliving #pursuewhatislovely #createyourhappy #theeverygirl #theeverydaygirl #bloomyellow #seizetheday #darlingwomen #bloggingforbusiness #9tothrive #seizetheday #darlingwomen #sayyesstosuccess #makeithappen #dowhatyoulove #gritandvirtue #womenwithambition #createcultivate #makersmovement #handsandhustle #calledtobecreative #creativepreneur
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