Why passive income is possible for you(and essential for a sustainable business!)
Updated: Jul 13
Passive income is absolutely possible for any business - and I firmly believe it’s an essential ingredient to building a business that really is strong, sustainable and able to cope with almost any eventuality. And I’ve got something exciting to share about how you can start your passive income journey NOW!
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If you’d like to get in touch email abi@abigail-rogers.com
Listen & subscribe on Apple, Google podcasts, Spotify, YouTube - or search ‘Unblock Your Business’ on your favourite podcast platform!
Oooooh, I’m excited today to talk to you about one of my favourite things! Two little words…
Passive income.
Two exceptionally powerful little words.
Why? Because they have not only the power to transform your business and your life… but to help your business actually keep going even if for some reason, you can’t.
Now for some reason, this isn’t something I see many entrepreneurs and business owners factoring in. There’s this huge focus - especially in the coaching and services industry - on “get more clients”. It’s always about signing that next client, or the next 5.
It’s like collective tunnel-vision!
There’s a lot of talk about increasing your income - but the ‘go to’ route for doing that seems to be charging higher ticket prices for your 1:1 or group coaching services.
Now here are my thoughts on that…
YES I think we all need to be charging appropriately - and most of us need to be charging a hell of a lot more than we do!
And yes, if you manage to stay consistently booked up with 1:1 and/or group coaching clients, you can make a wonderful income that way.
BUT - for most people, business doesn’t work that way. What’s far more common, especially in the earlier stages of business (but not exclusively in the earlier stages) - is to go through ‘feast and famine’ cycles - where there’s a rush of bookings and then nothing, sometimes for months on end.
Now that happens for a whole host of reasons - both strategic and mindset-related - but it can be incredibly stressful and obviously if you feel stressed by it and slip into a negative mindset, that can prolong the gap between clients as you lose your motivation, drive and enthusiasm for showing up with 100% of that wonderful energy and confidence you need to keep attracting clients! So for me, passive income is a no-brainer way to put an end to the stress, by providing a reliable steady stream of income to soften the all-or-nothing effect of those cycles.
It also means that even if you are someone who’s got their business to the point where you’re consistently booked, you’re not permanently tied to it - and much as I LOVE my business and my clients with a passion, I don’t want to be tied to having to show up week in, week out, without the option to take some time out or switch things up once in a while. And then there’s always the big ‘what if…’ - what if something happens that means I CAN’T keep serving my clients and marketing my business as I do now?
Now I’m not a big fan of focusing on fear and ‘what if’s - it’s NOT a good thing for us anxiety-wise. But I do think it’s really important to be realistic and think about taking practical steps to protect yourself and your business.
Having a contingency plan and diversifying your streams of income is one of the most basic things they teach you in business school (full disclosure - I haven’t been to business school but I had a long-term ex who did!). It’s fundamental to making your business sustainable and future-proof. You need to be prepared for change. You need to be able to adapt. And passive income allows you to tick those boxes and sleep a little easier at night.
That I think is one of the reasons I’ve been a bit of a rebel and refused to conform to the ‘just do one thing at a time’ narrative - because for me, having one single focus leaves your business very vulnerable. That and the fact I love doing lots of different things, I’m a bit of a butterfly and it’s FUN to be creative and do new things. And it allows me to see fewer clients and serve them even better.
Now another great thing about passive income - if that weren’t enough - is that it can act as a springboard for the other parts of your business. Those passive or semi-passive income products can be the thing that first introduces someone into your world - and they might then later go on to invest in your higher priced services. I’ve found that in my own membership - it’s been a wonderful, low-cost way for people to work with me and find out what my coaching is like, through the group coaching sessions and the ongoing support we provide in the membership - and it’s then given them that confidence that I AM the right person to work with more closely. Now that doesn’t have to be a membership, it could be products - I also have passive income products like guided meditations on my website, an ebook of journaling prompts, and there are other courses and resources on there too. But once somebody has made that first step and invested in something you’ve created, it’s a pretty good sign that they’re a fan of your work and might be open to working with you further down the line.
I think one really interesting thing I’ve noticed is that we tend to pigeonhole ourselves: ‘I’m a product business’ or ‘I’m a service-based business’. So it becomes impossible to see outside of that box that you’ve put yourself in. But why do you have to be one or the other? Fundamentally there isn’t that much difference - we just decide there is!
Ok there’s some difference in terms of delivery and researching your products etc. but it’s not THAT different - and stepping out of that box and thinking a bit more broadly opens up a huge amount of possibilities for your business. For example, one of my wonderful clients in the mastermind, Kelly, is a website designer and tech support specialist and she’s awesome at that - but she also has a range of gift boxes and products like the ‘Little Box of Self-Care’ - and they’re amazing! Check her out at www.happystorydesigns.com.
So all in all it feels for me like passive income is a complete no-brainer and everyone who’s serious about building a sustainable business that brings peace of mind should think about factoring it in. And if you’re thinking ‘Yes that all sounds great but I wouldn’t know where to begin!’ - then I have got a treat for you!
Now you may have come across a lady called Lisa Johnson in the past couple of years - if you haven’t then you’ve done a good job of missing her!
Lisa is the passive income queen of the online world and she runs an amazing challenge called Race to Recurring Revenue. It’s absolutely free but I know that even just off the back of doing her free challenge, people have made tens of thousands of pounds in passive income. It’s a 4 day challenge and it starts on 21st March. Lisa will walk you through everything from coming up with ideas for how YOU could make passive income to her system for marketing those ideas.
Now I am very VERY excited to say I’m partnering with Lisa to share the challenge and I cannot wait to do it again myself - I’m not a massive fan of challenges in general but this Lisa’s is SO good, it’s a lot of fun and she always gives away plenty of fabulous prizes so it’s well worth giving it a go. And who knows, you might just find the big idea that’s going to get your passive income dreams off the ground!
Here are the current ways to Work With Me
Join my FREE 21 day e-course Worthy, Wealthy & Wise - and learn MORE secrets of self-mastery, ease and abundance!
And of course, if I can help with anything else then just reach out - here are the current ways to Work With Me
If you’d like to get in touch email abi@abigail-rogers.com
Listen & subscribe on Apple, Google podcasts, Spotify, YouTube - or search ‘Unblock Your Business’ on your favourite podcast platform!
