Welcome to episode 2 of The Passive Project Podcast.
Today, we are talking about passive income. We are breaking it all down, talking about what it really means, what this can look like in your business, and you can incorporate more of it.
Summertime. There’s never a better time to really test that passive income you have built in your business so you can take time off!
Passive Income definition from Wikipedia → Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it
Why I love passive income!
- Not having to trade time for money
- Can take time off and still have revenue coming in
- Easily scalable
My own story with passive income
- Started as a lifestyle blogger as a hobby — didn’t realize that actually what I was creating was going to be a business
- Didn’t like sponsored posts — so much work for each paycheque
- Really did like ad revenue, affiliate income
- Ventured out next into selling physical products, but using the most passive strategy out there
- Then when I pivoted to my business strategist biz at GBC.com, I knew I wanted to incorporate digital products into the mix for that passive revenue
- Started with a blog monetization course, which has since been retired
- Then created Launch Your Shop
- And now have a membership program called The Passive Project
- Have diversified that business with affiliate income
- Chose not to do display ads for that site
So now I run two businesses that run almost entirely in a passive income way, but with different strategies:
- blog → ads, affiliate, shop
- GBC.com → digital products, affiliate income
Let’s talk about profitability
Each stream can be hugely profitable. Each one requires focus, but the opportunity is there.
For me, the most profitable stream has been digital products… but it also requires the most work. I have created funnels for my digital products so that they sell consistently, but I still have to show up, connect with my audience, offer value, grow my audience, that kind of thing. It isn’t a complete set-it-and-forget-it type of thing. It’s not all sipping margaritas on the beach.
On the flip side, my lifestyle blog continues to make several thousand dollars a month in ad revenue alone, with very little effort on my part, because I created so much content in the beginning, had focused on SEO and Pinterest to drive traffic, and I just add more articles here and there over time, but it just keeps chugging along like a well oiled machine.
But on the other hand, it’s the slowest to grow.
I have been able to grow and scale my digital products much, much faster.
And then my ecommerce side of things with the lifestyle blog that I still have running also just runs completely on autopilot right now. I’m in a season of focusing on my GBC.com business, but at some point I’ll come back to the shop and add more products and scale it further. But for now it brings in a nice amount each month, and I just let it do its thing.
Let’s think about passive income and how it relates to you
How can you incorporate more passive income into your business?
Is there a monetization stream that would make sense for you?
Don’t bite off everything to start – choose one and focus. Automate it. Scale it. Then later you can diversify.
Next week on The Passive Project Podcast
Are you ready to launch your first online course? On next week’s show, I’ll be sharing the 3 reasons why my first online course was a complete failure, but how it radically transformed my business. That’s next time, on The Passive Project podcast.
New episodes are published right here on my website, GemmaBonhamCarter.com. You can also listen on iTunes, stitcher, wherever you listen to podcasts usually.
I love sending out emails to my peeps with helpful tips, inspiration, and free stuff I create and use in my own business. If you’re already on my list, you’ll see that I’ll also be sure to alert you to the new episodes as they come out. If you aren’t already on my email list, well babe… what are you waiting for? I can’t wait to be BFFs with you and learn more about your business and goals and life.
So make sure to get your cute butt over there. You can head to GemmaBonhamCarter.com/besties.
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- Ep65: Announcing The Digital Entrepreneur’s Cash Kit
- Ep64: How Mallory + Laura grew their businesses with online courses in 2020