Feeling like you might be headed towards burnout?
Is doing so much one-on-one coaching or ‘done for you services’ getting to be too much, and it’s leaving you exhausted and taking over your life?
Sadly, that’s the way most entrepreneurs start and stay in their business.
Always on call for clients. Always working. Eventually frustrated, burned out and they’ve lost the passion for what they once loved doing.
It doesn’t have to be that way.
You’ve got to break the cycle.
And if you’re not there yet with your 1:1 business, it’s almost inevitable that you will be.
Because here’s the BIG problem with doing all 1:1 business (like one-on-one coaching or done for you services like copywriting or web design).
It’s a business model called LINEAR income, where you trade your hours for dollars. (Just like when you were an employee). So you always have to be actively working to make money. Exhausting!
Since you only have so many hours you can work, here’s the rub.
If you want more money, you have to work more hours – and have less FREEDOM.
If you want more freedom, you have to say “buh-bye” to clients – and have less MONEY.
See why this model doesn’t work?
Maybe you’re thinking, ok, so what DOES work?
Creating new income streams that don’t require you to be actively working is the answer!
It’s called passive income. This business model is where you do the work once and you can continue to make money from it.
Here are 3 ways you can do this as a coach, consultant, content creator, service provider.
#1: Become an Affiliate
You can become an affiliate for brands and products you already love and use. For every sale made with your affiliate link, you make a small commission. Think about something you use and are always talking about with your audience (or what they always ask “where did you get that” or “what do you use for…”). These would make great brands to be an affiliate for.
The thing about this income stream is you really have no control over how much or when you make sales.
Enter… 2 BETTER ways.
#2: Create and sell digital downloads
These can information that quickly and easily solves a small problem that your clients always have and need help with. These can be written guides, pdfs, or even a stand alone training video with a workbook. Typically you’ll see these sold anywhere from $7 to $97, depending on the depth of help them provide.
#3: Create and sell online courses
Courses are an amazing way to create a new income stream that you can make a passive income stream. These often sell for more because the transformation they provide is greater, usually anywhere from $297 – $997. Check out my free training to learn more on how to create your first online course.
Either way you decide to go, it’s vital that you start creating other income streams that don’t require you to be present in order to make money. That way you can have the freedom and fulfillment from doing what you love, without burning out or sacrificing your health, family time… or sanity!
Let me know what you think! Is this something you want to do?