Today I want to talk to you about passive income and why it is the best digital business model.
In order for your income to be “passive”, it has to fulfill certain requirements:
- You need a product to sell
- Your product needs to be digital
- Automated process, this means that it doesn’t require any additional work
- It brings repetitive sells, or infinite sells in an ideal case
You can watch the tutorial where I explain in detail what is passive income and how you can integrate it in your business if you are a creative.
Here are some examples. Imagine that you are creating handmade products and you’re selling them on Etsy. This is something many people do and it can be often considered as passive income, but that’s not really the case. So, the first requirement is fulfilled, you are selling a product. But the second requirement is usually not fulfilled because you are selling a physical product. This leads to the next two requirements not being fulfilled as well. You need to pack it, you need to ship it and you need to repeat that every time you make a sale.
Our next example is that you are an artist who doesn’t want to sell their original work, but sells prints or you sell logos in a form of templates.
First requirement is fulfilled, you are selling a product. The second requirement is fulfilled as well, it is a digital product.
When it comes to the third requirement, if each sale requires extra work (for example, your logos need customization), you will not fulfill it. But if you are selling simply your prints or your templates, that doesn’t require any extra work and the third requirement is fulfilled. It is an automated process, they download your products directly to their computers and it can be done repeatedly or even infinitely, which fulfills our forth requirement and creates passive income.
Why is that the best thing I’ve done for my business?
- It keeps bringing sales, and it literally has saved me months when I did not have enough one-on-one bookings from clients.
- It helps me stay creative, but only when I want to. I don’t need to commit to a client to create something.
- I can earn money while I’m traveling, while I’m sleeping, etc.
- I don’t ever get burnt out or get bored by repeating the same products over and over again.
- I don’t need to worry about getting paid because everything is automated.
I really love this system and I encourage every creative to, at least, try it because it’s life changing.
Starting your sales is not difficult at all. Once you have created your product, you upload it for sale and there is literally nothing else you need to do.
I know this all sounds tempting but it can also sound scary or you may have lots of questions on how to actually implement this system. Because of that, I’ve created a training with a step-by-step guide to start setting your art and designs as digital products. I share everything with you and I’m totally transparent with you on what works for me and what doesn’t. Keep in mind that I’m not a guru. I’m not telling you how to create a typical six-figure business model that will make you rich overnight, and it ends up being a bluff. I’m not rich at all, but I’m making money with this system and it’s so easy for me that I know you can do it too, and probably earn even more than I’m earning. So, if you are interested in starting your passive income business and want a guide, don’t hesitate to join the training.
You can also download my free list of ideas for passive income products. I bet there will be many that you haven’t thought of because I’ve been brainstorming in many different industries.