Pre PS: Exciting news! I was featured on Forbes, along with 3 other entrepreneurs who are earning six+ figures per year with online courses. Check it out here!
As a brand new freelancer, coming from a traditional 9-5 business model, I was conditioned to trade time for money -- clock in, clock out, get paid only for the time in between -- that’s the way it’s always been done.
In 2015 I decided I was ready to do things my way and made a decision to become a freelance social media manager, providing done-for-you services to other business owners.
But it didn’t take me long to realize -- as my client roster grew & my free time (& social life) became non-existent -- that I was still operating under a traditional business model… I was still trading all of my time for money.
Thankfully, around 3-4 months into my freelance journey, I discovered the concept of passive income.
Passive income is defined as income that takes “little to no effort to earn & maintain”...
Uh, excuse me, did you say ‘little to no effort’? YES PLEASE, SIGN ME UP!
I became obsessed with how I could create something once and sell it over and over and over again - on autopilot.
I brainstormed ways that I could use my knowledge and experience to serve more than just one “done-for-you” client at a time. I didn’t want to stop providing these services completely -- I just wanted to spend less time doing it.
I wanted to stop trading all of my time for money.
By creating a few digital products that I could sell “passively”, I’d be able to supplement my service income, meaning I could work with fewer clients & have the time and additional income I needed to hire team members to help me manage client work.
So, that’s exactly what I did.
My first successful digital product, a hashtag guide for small business owners, earned me an extra $12k. And while it might not seem like a lot -- I’d passively sold enough $39 PDFs to replace one monthly retainer client for an entire year. Same amount of income, WAY LESS amount of work. It was all the proof I needed…
I couldn’t get over how effortless it was. I sold it 24/7 via my website.
I made sales while I was home with my family for the holidays, while I was sleeping, while I was sick or on vacation. I was HOOKED.
As I’ve scale my business, I’ve also continued to look for ways to create more passive income.
I’ve mentored many other social media managers over the past few years, and 9 times out of 10 they want to learn how to supplement their done-for-you work with something more passive too.
They want to work smart, not hard.
They want to serve more people than there are workable hours in the day. And I’m here for it.
As someone who provides social media services, I know the experience and knowledge you have is SUPER VALUABLE -- you just need to package it up for your ideal client to consume digitally!
Wondering how to get started?
Here are 3 ways to make passive income as a service provider…
1 | eBooks
Knowledge is power, and selling an eBook that teaches the latest social media strategies, or your methodology, is a simple way to create passive income as a Social Media CEO.
Keep in mind that. while the things you do everyday might seem “simple” to you, not all business owners are as savvy on social media. Can you create a DIY solution to help other business owners get the same results you get for your clients? If so, JACKPOT!
You can write your eBook in Google Docs, add a cover image, then save as a PDF. Or you can use a free program like Canva which provides plenty of well-designed eBook templates.
2 | Templates & Stock Photography
Creating customizable social media templates is a great way to create passive income that perfectly aligns with the services you offer. Think: packs of Instagram quote graphics or Instagram Stories templates, Highlights covers, cover images for Facebook groups, Pinterest graphics, etc -- you can even sell styled stock images for social media!
Creative Market is a digital marketplace where creators can sell their products. It’s a great way to get started selling these types of products online & testing what works.
3 | Online Courses
Imagine teaching 200+ people how to succeed on social media, without physically needing to be there!
The truth is, no matter how big or efficient your business is, you won’t be able to work with everyone 1:1. Not to mention, there will be businesses who’d like to work with you but cannot afford your monthly retainer.
Having a signature course or program that folks can enroll in and DIY versus working with you individually will allow you to serve more people with various budgets, while saving you time & making you more money.
It’s an all-in-one platform that replaces the need for additional email marketing services, landing page builders, sales pages, payment processors, etc -- and it’s super simple to get started.