4 reasons why consultants and coaches should create products and courses

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online-business-consultants-coaches-products-courses-1Are you a consultant or coach providing services to individuals or companies? Or maybe you’re a…

  • Healthcare practitioner, such as a physician, chiropractor, massage therapist, yoga teacher, or dentist
  • Computer training or repair provider
  • Virtual assistant or other gig worker providing a service
  • Financial services provider (bookkeeper, accountant, financial advisor, etc.)
  • Plumber, electrician, or other repair or maintenance provider

 

Did you know that there are 3 reasons why you should complement your services with an online product or course?

We usually think of some businesses as service-based businesses and others as product-based businesses. Service-based businesses have clients. Product-based businesses have customers.

In this article, I’ll explain the 4 reasons why service-based businesses should create online products, including courses. Read More

by Ellen Finkelstein

How can I make passive income?

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online-business-passive-income-1

Someone asked me,  “What is the next big thing for passive income?”

The word “passive” is very relative. If you want to make income without doing any work, you won’t find a solution here. You can outsource a lot of the work, but of course, you’ll have to pay for that.

Usually, you get passive income by doing a lot of work up front. Passive income is not doing 1-on-1 coaching in which you get paid by the session or package. That’s not to say you can’t make a lot of money doing 1-on-1 coaching, but it isn’t passive income.

Partially passive income would be creating an electronic product and selling it. You still have to promote for each sale but the delivery is automatic.

Let’s talk about some ways to make income that’s even more passive, because everyone wants passive income! Read More

by Ellen Finkelstein

The joy of recurring income from commission payments

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online-business-recurring-income-1It’s one thing to promote someone’s product as an affiliate, make some sales, and get a one-time commission.

It’s another thing entirely to promote a recurring product, such as a membership.

When I first joined the NAMS (Novice to Advanced Marketing System), I was paying $37 for the Insiders Club. Then I sold 2 memberships, which paid me 50% each month. In other words, I got the Insiders Club for free!

Just 2 months ago, I promoted Kelly McCausey’s Image Monthly Club. This is a great $7 monthly subscription that provides online business owners with a continual stream of images and quotes. I was pleased that 15 people bought the product in response to my email. Each month, I get 15 emails telling me that I made a sale!

So I get 50%, which is $52.50 each month ($7 x 50% = $3.50 x 15 = $52.50).

Now that’s passive income! I promoted the program with 1 email (not always enough) and now I get $52.50 each month automatically. Imagine doing that with several membership programs! You could get recurring income from commissions payments month after month.

Action Step: Read More

by Ellen Finkelstein

Grow Your Online Business: Day 15 (Ultimate Blog Challenge) Why products are such a game changer for your life and your business

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online-business-products-1This is the first post of week 3 of Grow Your Online Business and it’s on products.

Not everyone with a website has products — you may offer coaching or another service. But if you really want an online business, you need products.

What is a product? A product can be or include an e-book, a series of videos, audio recordings, a workbook, PDF files, and more.

What makes it a product is that you don’t have to actively participate when the buyer uses the product. The buyer clicks on a button on a sales page, enters credit card information, and downloads the product.

OK, it’s a little more complicated than that, but those are the basics.

I still remember when I sold my first product — an e-book — in 2004. Yes, I worked hard to write, edit, and format the e-book. Yes, I sent out an email about it and put ads for it on my website. But once that was done, I was done. Getting that first email from PayPal saying “Notification of payment received” seemed like magic! I didn’t know the person but he or she had gone to my website and bought my e-book! It felt great! Read More

by Ellen Finkelstein