4 Steps to Create Passive Income in Your Service Business


I bet you’ve recently written down a list of goals you’d like to accomplish this year in your business. (“How’d you know, Christina?!”) But do you know how to go from listing your intentions to actually fulfilling them?

My advice is to break your goals down into manageable steps. If you don’t, you’ll be at risk for getting paralyzed, pushing your projects back, and maybe even tabling them till 2018. *Yikes!* I don’t mean to get all doom-and-gloomy in January, but a major reason why business owners fail to accomplish their new year’s resolutions is because they make them TOO darn big.

If “earn some passive income” is on your radar, you’re in luck! Today I’m going to break it down for you so you can check mark it off your list of 2017 goals before spring rolls around.

1. Outline Your Products

First things, first… you need to make sure the product you have in mind will solve a need. (What frustrations do your clients have? What questions are you asked over and over on consultation calls?)

Grab a pen and paper and jot down everything you can create or share that would answer one of your potential clients’ questions. After you’ve brain-dumped everything, circle the things you’ve already created in some fashion… old blog posts, the questionnaires you send to new clients, your email templates, etc. Cross out any rabbit holes that are big enough to be their own product. Last, create a plan to fill in the content gaps.

Pro Tip: Stuck on an idea? Check out these 76 course topic ideas for creative entrepreneurs.)

2. Get It to a Graphic Designer

You probably create your own blog graphics and social media images on a daily basis, but that doesn’t make you a graphic designer (sorry, amiga!). Even if you think your self-taught skills are top notch, I’m telling you to hire a graphic designer anyway. They’ll do it faster and better — there’s more to it than putting pretty colors together especially if it’s on a full-sized canvas like a webinar — and you can save that time to work on outlining your NEXT product or conquering the next thing on your 2017 goals.

Pro Tip: Don’t forget to include matching social graphics and blog opt-in images in your project scope.

3. Create a Store Listing

Time to create a shop! If you’re on Squarespace this takes just a few clicks. If you aren’t on Squarespace, you can use a program like Big Cartel, Teachable, Shopify, Selz, WooCommerce… there’s literally hundreds of options. Putting yourself out there and testing your product is more important than over thinking the medium.

Pro Tip: You’ll want to keep your product description short and sweet. It’s best to speak to your customer’s needs and frustrations and how you can help solve them. Your shop should also outline terms and your return policy.

4. Set Up Your Sales Funnel

The whole point of a “passive” income product (passive in quotes because it’s a LOT of upfront work to create a product, which you know if you’ve read through Steps 1-3) is that it should generate revenue for your business with limited one-on-one involvement from you.

Don’t let your excitement for finishing your product let you forget about the most important part of a successful passive income generator… your marketing! You need to continuously attract the “right” people, drive them to your products, and convince them to that you’re someone to trust with their business.

Pro Tip: Create a system to automate your marketing as much as possible with autoresponders, email sequences, and a social media plan.

What’s holding you back from creating your first product? Share in the comments and let’s work it out.

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