In a previous post, I ranted on about three ways in which to grow your online business.
Now I want to talk a little bit about how to automate your business – so that you can make money while you sleep, while you holiday, while you do whatever it is that floats your boat.
It’s called creating a passive income.
Don’t fancy the reading bit but do fancy the short video explainer bit? See here:
Which business types can automate?
If you have a service that you sell online, and you can turn this service into a product, then you can automate your business.
Businesses usually sell a course online – it’s one of the next big things when it comes to business automation that can create you a passive income.
Why? Because you create it once and you sell it over and over and over again.
There are a host of other things that you can do to create a passive income (monetise your blog or your YouTube account) and a host of other things you can create once and then sell over again (reports, templates, how to guides, swipe files). But keep these in the back of your mind, particularly if you decide to follow the steps on how to automate your business to sell a course.
How do you automate your business?
There’s a lot to cover under this headline, so I’ll do it at a high level and break down each section in coming articles.
Here are the steps that you’re going to go through on your journey to creating a passive income when you create an online course:
- Determine service and market fit – this will involve research.
- Choose a traffic source – which channel are you going to use so that traffic can find you?
- Offer a lead magnet – get those leads in the door with a free, high-value offer.
- Offer a feature – take a chip from your core course and offer it as a low cost, high-value feature.
- Offer a core offer – this is essentially our course.
- Create the return path – now that you’ve got buyers buying from you, create the return path so they keep coming back!
Yep, there’s a lot in each of these steps, but that’s okay, we’ll get through all the nitty-gritty in due course.
Let’s think technology
First things, first though – it goes without saying that to automate your business there will be some software and technology requirements, which will include, but aren’t limited to:
- Landing and sales page tools or plugins for your WordPress website.
- Paid email management systems – yep, you’re going to have to invest in these because the freebies just won’t cut it when it comes to incorporating automated messaging, multiple lists, or tags. There are a heap available. I’ve even done the Google for you.
- An account for payment – PayPal or Stripe are good options
So, that, in a nutshell is how you create a passive income
Well, in 6 steps, that’s how you create a passive income.
In the next article in this series, I’ll write more about how to determine if your market is prepped and ready to consume your service/product.
It involves knowing your target market’s pain points and researching your competitors, but it’s all worth it in the long run, because there’s no point in getting all hyped up about your amazing offering if no one is going to buy it.
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