Making money without actively working for it sounds like a dream, right? When we hear the term ‘passive income’ it conjures a glorious image of money dripping into our business, with very little input from us. But what does passive income actually mean?
It’s defined as the opposite of active income so, in essence, it means making an income without actively working for it. Think – rental property, stocks and shares, dividends – these are types of passive income.
In a wellness business, passive income generally refers to evergreen content on your website, or offerings that you create once and then sell over and over without having to re-do them each time. But a lot of work goes into setting up and selling those offerings, and it involves consistent work to create and maintain success – so they are not passive, as such.
So how about we call it recurring income. It’s an important topic because your business can make significant recurring income with some planning and insight into what your clients want. You’ll also need a marketing strategy to make sure you are reaching the right clients.
Since the big shift online of recent years, more and more wellness businesses are focusing on how to grow their businesses online and with this comes the opportunity to create recurring income. Having produced online classes and offerings, businesses might have some recorded content floating around that can be repurposed to create that income. Let’s take a look at some potential ways to do that:
Selling On-Demand Content
If you have some recorded content, or if you can begin to record your offerings, you can easily upload them to your online store on your OfferingTree website, so that clients can access them anytime. All you need to think about is pricing them, and advertising – fortunately, you can check out this free course with Amanda Kingsmith on how to do just that. It’s wise as well to ensure you can produce good quality online content. Check out our blog post How to Teach Yoga Online – The Ultimate Guide at this link.
Create an online course
Online courses are growing in popularity, so if you have a course that you can record, or if you have a recorded version already sitting on your hard drive – upload it to your website and sell it there! You can also be creative about reusing the content you have to create a course from it.
Just be sure that any recordings you use (and a tip for making new recordings) should only feature you, and not any clients or their personal information, in order to stay within privacy laws. Zoom includes some key features like “spotlight” and “mute all” to help with this scenario.
Become an affiliate
Just like our OfferingTree ambassadors, being an affiliate or ambassador is a popular and easy way to make an income supporting companies that you believe in. The more you authentically talk about the company you trust and work with, the more income you can make. Learn more about our ambassador program here.
Hosting a Membership
Setting up a membership does require a fair amount of work (so again, not passive!) however with the right planning and structure for your clients, a membership can create a solid recurring income. A membership gives clients the best value for your offerings and it builds community in your business. Learn more about memberships in this earlier blog post.
Looking for a new system to help distribute your content? Look no further than OfferingTree, an all-in-one software system for wellness and fitness professionals. Our mission is to take care of the tech so you can focus more time on what you do best. Find out more at OfferingTree.com or drop us a note: [email protected].