How to use a course to grow your passive cash flow and your client list
Servicing clients and seeing them succeed is a passion for many business owners. But after a few years of hard work delivering top notch services, a lot of business-owners realize that having a passive cash flow is the key to regularity in income so much needed to be able to provide best services and products and above of all having the peace of mind the fix cost of the month are already covered.
There has never been a better time in history to invest in generating passive income than now.
And the best way to do it is by creating a course.
Courses are very low entry for many specialised businesses who have immense expertise in-house. Creating passive cash flow is a breeze for such companies.
Here are 4 steps that explain how to use a course to create passive cash flow in your business:
1. Passive cash flow requires your expertise
What is your expertise? And which part of it can be distilled into a set of 6 to 10 classes? Think about it as another way of helping your clients, or even better, another way of attracting the right clients through yet another product.
Choose a topic you’re already known related to the service or product you are offering. This way it will not only be easy for you to create a course or tips as this is your area of expertise, it will also position yourself as an expert. This step is key if you want to get going fast. Break it down into logical steps or hire a copywriter to script your classes, then find an employee that can design the slides.
2. Distill your expertise into video format to generate passive income
Take your mobile and start recording your course. Non professionally recorded videos nowadays get great success they look more legit and like inside tips from the founder.
Depending on your industry, branding, image you gave online if necessary you can hire a professional to film and edit the videos.
Pick a platform like Thinkific or Teachable and get your videos uploaded, ready to be purchased.
Once you’ve completed this you want to get some colleagues and clients to test it out for usability and quality. Give the first lot for free well selected clients . Tell them the price is lower because they're expected to give you detailed feedback. Use their feedback to improve your course and to design your sales page and get the sales copy right.
3. Advertising Strategy to kick-start your new cash flow stream
The next thing to do is to create a strategy to bring leads to your course sales page. You will need both a long term strategy and a short term strategy. Your course will need to be promoted through your existing channels like your website, blog, social media. Increase the results with SEO and speedup the growth with paid ads
4. Passive cash flow requires to invest in long term SEO
The next step is to make sure that your website is reviewed and tweaked to be SEO optimised. You want to make sure that your website starts generating leads on tap as soon as possible.
This will only happen for you if you take a professional approach to optimising your site. It will take some efforts, however it will give you the leads and the set-up you need to generate sales for your course automatically. A consistent stream of leads will set you up to turning your course into a passive income stream.
If you’re excited about creating your first course and want to understand how to launch and promote it, we highly recommend you take a peek at our free how to create a passive income product blueprint