Passive Income Challenge Day 29.
Small Tweaks Make a Difference

Once you get started with your passive income goals, as you learn more, you’ll start to improve. You can improve sales pages, titles, headlines, and more based on your experience. There are so many things that you can improve once you get started as you see a need for improvement or if you just learn something new that you want to try. These small tweaks and improvements will pay off in the long run.

Change Your Sales Page

Occasionally, you’ll want to tweak your sales pages to make them better. You can tell when the time is right when sales start dying off on an evergreen product even if you’re promoting it the same way. Change a headline, change the pictures, use a different theme, or do something different for the sales page that makes it look more up to date.

Improve Your Opt-in Forms

This is especially important if you started off using Aweber forms or otherwise unattractive forms. Those forms are great, and nothing is wrong with using them, but you can always do better. Flodesk Forms – and other paid forms are easy to edit to match your brand, look more modern attractive to the user and get more response.

Search for Better Affiliate Offers

Take some time each week to search for new and improved affiliate programs that look like they may convert better than the ones you’re currently using. When you find new programs, start marketing them right away, so you can test them out. Remember: if you’re not familiar with the creator, you may want to try out the product too.

Work on Your Email Autoresponder Sequence

You can always improve your autoresponder sequence emails. Add some to each funnel, change some of the subject lines, add in new affiliate offers, and just freshen up the copy so that nothing is old in the messages. For example, you don’t want to be promoting a product that is no longer being sold.

Fix Your Headlines, Subject Lines, and Titles

As you learn, you’ll start to get a better understanding of the types of subject lines, headlines, and titles that your audience responds to. It’s okay to go back and try out new ones. You can run split tests to find out which one works best too. A split test essentially involves duplicating the thing you want to improve, changing one thing, and then running them live against each other.

These types of improvements can be made in just a short time and shouldn’t take a lot of time. You don’t want to get yourself into a perfectionist mindset and never get anything done. Instead, you want to get it up so that it can start producing your income now and then make little tweaks and improvements as you go and as you learn more and can afford the better technology.

TVS has launched the Inspired Action Mastermind!

A premium mastermind for mission-driven, service-based women entrepreneurs who are ready and willing to put in the work it takes to reach the next level!

Inside the Inspired Action Mastermind, we are an intimate group of entrepreneurs, all of which are committed to the success of one another’s businesses. It is a mastermind that provides the support and guidance you need to help you move your business forward. Because, when you’re in the right mastermind group, you can start to see your business and yourself through someone else’s eyes as you support one another and leverage each other’s experiences.

If you are ready and willing to shift your mindset and tackle all the hard questions to accomplish your dreams, then join us.

Learn about the Inspired Action Mastermind

Passive Income Challenge Day 27.
Ask Your Community Questions

When you build a community of people who like to participate in your groups and comment on your posts, you can get new ideas automatically. In fact, your audience will think you’re reading their mind when you create new products or recommend someone else’s products, based on their questions and conversations.

You can encourage questions by starting discussions, conducting polls, and sending surveys to your audience. When you open two-way communication with your audience, they’ll start being more open to tell you and even request products that they need and want for their use. But even without doing that, you can find questions and discussions now online to get ideas.

Questions From Anywhere

Anytime someone sends you a question, that question is an opportunity to either create a new product that solves that question or to point them to a product that has already been created that answers that question.

Online Discussions

Start and participate in Facebook Groups with people who are your audience. Pay attention to their questions and discussions. These are great ideas for product creation ideas or another way to recommend someone’s product or service that fits with their question that you earn a commission.

Product Questions

Even product questions can help you create better products, add-on products, as well as recommend other people’s products. For example, if someone buys a product from you and then their question shows that they don’t understand the basics of something they should know, you can send them to a beginner’s course that you have or that someone else has.

Turn Questions into a FAQ Page

When you get questions, you can send the questioner the answer directly but use that question to add to your FAQ. In your FAQ, always put links to the products or services that can help them if it’s part of the answer. Use your affiliate links too.

Make a New Information Product

Many questions need very in-depth answers, if that’s the case, it’s an opportunity for you to create a brand-new information product that can be used to sell or even offer as a freebie.

Search for Products

You should stay plugged into your niche so that you can find important products that have already been created for your audience. Subscribe to people who serve your audience and join their affiliate programs so that you can be one of the first ones to recommend products to your audience.

When you pay attention to all the conversions going on about your niche, you’re going to get more ideas than you can implement yourself. For that reason, be part of the community that creates complementary products to yours so that you can share each other’s products as affiliates and your audience will be thrilled and think you can read their mind.

Did you know TVS has launched the Inspired Action Mastermind?

A premium mastermind for mission-driven, service-based women entrepreneurs who are ready and willing to put in the work it takes to reach the next level!

Inside the Inspired Action Mastermind, we are an intimate group of entrepreneurs, all of which are committed to the success of one another’s businesses. It is a mastermind that provides the support and guidance you need to help you move your business forward. Because, when you’re in the right mastermind group, you can start to see your business and yourself through someone else’s eyes as you support one another and leverage each other’s experiences.

If you are ready and willing to shift your mindset and tackle all the hard questions to accomplish your dreams, then join us.

Passive Income Challenge Day 26.
Passive Income is Scalable

When you work for an hourly wage, there is only so much time in a day that you can work billable hours and still have time to live any type of life. But, when you work for passive income, remember the work you do today pays off tomorrow. Therefore, you can keep doing the work and adding to the passive income streams and boost your income indefinitely.

Jobs are Limited

Think about it this way: if you get a job making $100,00 a year, that’s all you’re going to make. That’s your salary and some businesses can make you work 80 hours a week and you’ll still only make $100K. But when you work on your passive income that has systems and technology to run it for you, you’re not stuck at $100K. And you’re sure not stuck working 80 hours a week. In fact, once you get going, you can reduce your work time – not increase it and still maintain, if not grow that $100K.

Time is Your Greatest Asset

Remember that time is your greatest asset. Imagine if your time was freed up from the 9-5 job (trading hours for dollars) how your life would be different. Would you feel rushed every day when taking the kids to school or could it be a nice fun relaxing time to spend talking to the kids? Would dinner time turn into drive-through time or could you devote more time to creating healthy dinners at home so that everyone is healthier?

You Own Your Own Time

The other thing about time, when you are working for other people is that they sort of own you during the time they are paying you. But when you are earning passive income, no one owns any of your time but you. You can have flexibility about when you work on your passive income. It can be 3 am or 2 pm; it doesn’t matter when you do it, or even if you do it since you can outsource the tasks to someone else. It only matters that it gets done.

You Can Scale Up

Once you start earning passive income, you can reinvest that to more passive income earning ideas such as hiring an assistant to run this portion of your business. You can hire someone for about 10 hours a month and get a lot done, leaving yourself that much more time to either do more work toward passive income generation or going on a picnic with your kids.

Unlike working hours for a wage, you can continue to grow your passive income indefinitely. There is no limit to what you can earn. You can expand the niche, fill in the gaps, and even go off into complementary niches, building your opportunities even more.

assive Income is Scalable

Passive Income Challenge Day 24.
Make Time to Generate Passive Income

Whether you work for yourself or a full-time job out of the home, you should be able to make time to generate passive income. To do that, you must get your mindset right in terms of making it important enough to create good habits doing it every single day.

Do Your Work First

When you decide to create a passive income, the best way to schedule your time is to work on the passive income first. However long you’ve managed to put into your calendar, do it before you do anything else. Then it’s done, and you simply move on with your day.

Schedule Everything In

I’ve talked about this before, use a calendar that you’re comfortable with and write in everything that you need to do – from work to leisure. Include time with your family, outings, self-care, and more. Don’t forget to schedule in work and when you’ll do your passive income generation work. When you do this, you’re going to notice how much time you really have. Most people have more time than they think, but they spend hours a day getting distracted and not accomplishing tasks. Not to mention we can easily get sucked into the void that is binge-watching a new show, pinning on Pinterest, or aimlessly scrolling through social media.

Get Up a Little Earlier

If you tend to hit snooze on that alarm or get up at the last moment, start getting up earlier. Get ready for your day then take some time to work on your passive income until it’s time to officially start your day by starting work, waking up the kids, or whatever it may be. Don’t worry, you can eat breakfast, enjoy your coffee, and even listen to the news while you work on that passive income, if you want to.

Give Up TV Time

Like most of the world, you probably watch shows in the evenings and on weekends. You could give these up or limit screen time. We do it for the kids, why not as adults? Alternatively, if you have a laptop, maybe you can try having the TV as white noise while you are working. If it’s something simple, like pinning to Pinterest or creating graphics in Canva. But, if you’re trying to learn something new, it’s best to avoid multitasking.

Limit Social Media Play Time

Social media is wonderful for keeping up with friends and family as well as promoting your products and services. But, you know that sometimes you get on there and just waste time – probably hours. ( I am especially guilty of this.) Many people do. It’s hard not to. The drive to get input is very hard to ignore for most people. Set a time limit with an alarm so that you can do both.

Turn Off Your Phone

It can be hard when you’re dealing with need and having to choose from money now and money tomorrow. But that’s not really what I am suggesting. If you are able to do so, during your scheduled passive income time, turn off your phone. AND flip it upside down, so you don’t see the notifications when they pop up. It will help you focus on the task at hand, undistracted.

It’s all about delayed gratification, remember? At first, it will be hard to really focus and work on generating your passive income, since you won’t be making money and it will take time to see results. Therefore, instead of using money as your guide, set a time you’ll work each week on your passive income generation and then stick to it for a year to create a habit. Before the year is out, you won’t need to force yourself because you’ll start seeing results.

TVS has launched a new accountability group!

Accountability benefits you in several ways as you pursue your dreams. Being held accountable isn’t only for those who are struggling with a particular issue, but for anyone with a goal. Working with an accountability partner or team is a key to success for anyone who wants their business to grow. If this is something you need, please, join us inside the Study Hall!

Become a founding member of the Study Hall community and gain access to exclusive content from the Studio Library, Mentorship, and experts in all areas of small business.

Passive Income Challenge Day 23.

Create Assets that You Can Pass on or Sell Down the Road

You may not realize that your passive income portion of your business will eventually become highly sellable. Having a business that you can sell is very lucrative. It gives you an out at some point so that you can retire or change niches if you prefer. Sometimes it’s just good to sell if someone approaches you. Alternatively, you may want to give it to your kids if they’re interested in running a business. Whatever you choose, you want to be ready for that option by setting up the right processes, systems, and hiring the right type of contractors.

Selling Your Website

If you have a profitable website earning passive income right now, you can always sell it for cash today rather than waiting for it to keep producing if you have no interest in working on it further. Plenty of people make a good living flipping sites. They build up the traffic, build a strong list, start making passive profits through sales of information products, affiliate products, and ads and then they put the site up for sale only to start a new idea.

Selling Rights to Your Books

If you publish a series of books that become popular on Kindle, don’t be surprised if publishers and movie makers come knocking. Often, they’ll offer a one-time payment in conjunction with residuals to you to own the rights to your books. This can become a very lucrative deal if you’re okay with being hands-off on the results and just collecting your money. That’s passive income for sure. You did the work upfront and now it’s paying off big time in this scenario.

Giving Children Your Business

Another way that people often retire is they turn their business over to their children. This isn’t only for the neighbourhood mom and pop shop. This also works for online businesses. If you are interested in doing this, it’s important to take the time to train your children in the business so that they can truly take it over and still be profitable. It’s not the same as selling it and being hands-off. Giving it to kids means that you want to do it soon enough that you can still help them while they need it.

An online business that earns passive income is a lucrative business that you can sell and profit from. It’s just as good as a brick and mortar store. Sometimes kids do want their parent’s business but sometimes they don’t. So, if you start getting to the point you want to retire, talk to your kids first, and if they have no interest – put it up for sale, cash out, and go relax on the beach somewhere.

Passive Income Challenge Day 22.
5 Things to Remember About Passive Income

When you start creating passive income, what you are really doing is spending time and money now to earn more money later with less work and effort. You can do this easier online due to the automation that can take place. You can set up a system with automation, outsourcing, and systems that enable you to stop trading time for money. It still takes work upfront and will continue to take work off and on, but you won’t be stifled by how few hours are in the day. Here are 5 things to remember about passive income:

You’ll Put in Time Upfront

For sure, as you start building your passive income, you’re going to put in unpaid labour upfront. Labour organizing, planning, and implementing. You may even pay people to do the work for you, but it will still take time. This is okay because as you spend this time, you’re learning and as you keep doing, you’re going to get better at it which will mean eventually your time will truly be minimal. Some multiple six-figure earners (from passive income) are eventually able to spend just a couple of hours a day on their business.

Remember that You’re Helping People

One thing to remember as you create freebies and content to build your list is that you’re doing something good for your audience. You are a resource to them. You’re helping them. This feels good. As you build your list, some people may not buy, maybe they cannot afford to buy, but they are learning from you and building an income or a better life for themselves anyway. Eventually, they may buy something but, in the meantime, you’re providing a valuable service to your community that feels good.

You’ll Become the Manager of Your Business

When you start putting systems and processes in place that are required for passive income generation, you’ll slowly realize that you’re becoming a manager in your business instead of a worker in your business. This is an important way to boost your income. If you’re the one always doing all the work instead of allowing contractors and technology to do the work, you won’t ever get past the hours for dollar limitation.

5 Things to Remember About Passive Income5 Things to Remember About Passive Income

Be in it for the Long Term

Passive income is all about playing the long game. You invest time and money today, and it starts paying off later. Sometimes later seems like never. But, you must put those thoughts aside and think positively. It’s just like losing weight. If you cut your caloric intake, creating a 3500-calorie deficit, you’ll lose a pound. That’s not going to happen in one day. But, it will happen if you stick to it no matter what some fad diets say. It really is calories in and calories out. With passive income, it’s targeted time and money in and eventually, you’ll start cashing out.

Master the Habit of Delayed Gratification

This is one of the hardest lessons to learn. But, it’s just like saving for retirement. If you have a plan and you’re putting dollars each month into your retirement account, you’re not getting anything out of it today at all. That’s true. But, you know that you will in the future and that it will (with good planning) more than likely give you a good retirement when you’re ready to retire. Think of it that way. You’re going to do the work today, but you’re going to reap the benefits tomorrow. Otherwise tomorrow you’re going to be still trading hours for dollars when all you want to do is retire. Do you really think anyone over 60 wants to work as a department store greeter?

The pay off for you in terms of money and time freedom putting in the extra effort now for your passive income generation can be massive. Make no mistake, while money today should not be your main goal (being a resource should be), you will earn money from your efforts as long as you ensure to monetize everything you do and stay on top of the trends.

Did you know TVS Launched a new
accountability group?

Accountability benefits you in several ways as you pursue your dreams. Being held accountable isn’t only for those who are struggling with a particular issue, but for anyone with a goal. Working with an accountability partner or team is a key to success for anyone who wants their business to grow. If this is something you need, please, join us inside the Study Hall!

Become a founding member of the Study Hall community and gain access to exclusive content from the Studio Library, Mentorship, and experts in all areas of small business.