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Podcast Show Notes
If you’ve ever considered adding a passive income stream to your business this episode is for you. Even if you currently work a full-time 9-5 job, are part of a direct sales company, go to school full time, or own an online shop – there is certainly a way for you to create and sell a digital product offer using your current skills and knowledge. You can build and automate it alongside what you are currently already doing.
Boost to Your Financial Freedom
I mean you’ve heard the saying that millionaires have at least seven streams of income… so adding a digital product offer could give you another boost to financial freedom.
As you know I’m a huge advocate for helping women leverage their influence to monetize their brand. So much so that I created a 4-step roadmap called the Stay in Your Lane Brand Method to help them do just that.
I do believe it’s smart to diversify your streams of income. I’m all for NEVER putting all your eggs in one basket.
Types of Income Streams
Some of the ways to reach seven streams of income include:
- Earned Income – Which would be a W-2 day job where you trade time for money
- Business Income – when you own a business and you either make or sell something or offer a service – A digital product offer would fall in this category.
- Interest Income – The income you make from lending money out… the simplest way for many is having money in a savings account
- Dividend Income – This is the money that’s distributed as a result of owning a share of a company
- Rental Income – When you own something and you rent it out. Most common is a rental property or airbnb condo or house.
- Capital Gains Income – This is the money earned when you sell an investment, such as stocks.
- Royalties or Licensing Income – When you create a product, idea, or process and you let someone use it. They pay you a small fee every time they do.
My Business Incomes
For myself… I have several business income streams as well as the previously mentioned incomes with my husband.
Some of my business income streams include:
- affiliate income,
- digital product sales,
- tangible product sales in my shop,
- membership site,
- 1:1 brand consulting clients,
- brand and website design services,
- and commissions from two direct sales companies.
For the average millionaire, seven sources of income may be the sweet spot but I’m not limiting myself to seven. Just in business income alone, I have more than SEVEN income streams.
So if you’re interested in more business income streams – I’m your girl!
Why a digital Product?
It sounds easy to make money by referring products to people as an affiliate marketer, joining a direct sales company that will retire you from your career, or drop shipping products you don’t own.
But the truth is, the actual numbers and income with those decisions aren’t supporting the claims made.
You see, when you sell a product you don’t own, you have ZERO control.
When the product goes out of stock, the company makes a BIG PR mistake, or the customer service goes down the tank… you get hammered. You end up building their brand, their audience, and their list instead of your own.
My number one secret to building a profitable, sustainable business is to sell a product you created and that you own. And the best way in my opinion of doing this is with a digital product offer.
A digital product can be in written, video, or audio, or what I prefer is a mix of them all. This can be an ebook, digital/printable planner, template, swipe files, PDF workbook, email course, video course or workshop, audio files, or a complex online course.
[interact id=”5e84c1c1906aef0014d02264″ type=”quiz”]Is it worth it?
But I know what you are already thinking?
“Yeah, Kristin having another stream of income would be great but is the time to create it worth it?”
My answer is YES 100X over YES!!!
You see, I believe you are made for more.
You may be the best nurse, teacher, therapist or mom … but your gifts can go further. Your knowledge can empower SO MANY more people when shared inside a digital product offer.
Sharing your knowledge can immediately impact and benefit the lives of others. And NO knowledge or skill is too small!!
There are people out there right searching for HOW TO DO what you already know how to do.
Keeping your talents, passions, and interests to yourself will not spark a change or empower others unless they are shared!
“PEOPLE WHO SELL PRODUCTS OR SERVICES ON A TEMPORARY OR PROJECT BASIS, INCLUDING THOSE WHO SELL DIGITAL DOWNLOADS – MADE UP 34% OF THE US WORKFORCE IN 2017, AND THAT NUMBER IS EXPECTED TO GROW TO 43% BY 2020. AND IF YOU WANT TO GET IN ON THIS BURGEONING ECONOMY, A MARKET WHICH WAS VALUED AT $3.7 TRILLION AND IS STILL GROWING – THERE’S NO EASIER WAY THAN TO CREATE A DIGITAL PRODUCT.”
– Lauren Cochran, Podia.com
Is a digital product for you?
If you want to create an income stream where you can build it once then sell it over and over again without any extra time…. Creating a digital product offer is where you need to look.
Whether you’ve thrived as a mom and wife after coming out of a 20-year marriage filled with infidelity, or you’ve learned how to use Pinterest to bring new leads to your business, or you’ve controlled your sanity by running daily, or used a method to move past depression and find your true purpose…
You have the knowledge inside of you RIGHT NOW to create a digital product offer.
Also let me note: All those mentioned situations are actual students of mine with real digital product offers.
So yes… “All you need is within you already”… it is… BUT the question becomes… what are you doing about it?
You are made for more
Here’s the thing.
You can sit on all your layers of experience and not impact a soul with your story… or you can have faith that there’s a way to take action on your knowledge and IMPACT people with it!
Even creating a passive income because of it. I know my knowledge is just as powerful is yours… but it’s time to stop playing small.
It’s time for me to shine a light on other women, including you!
Every time I come back to the question of “WHAT I want to be known for?” – it always leads me back to this…
I LOVE guiding purpose-driven CEOs on how to turn a passion or interest into a profitable brand-focused business they are proud to build and monetize using social media and personal brand marketing.
So here’s what I’m doing about it.
I’m putting my stake in the ground on helping as many women as I can turn a passion or interest into a passive paycheck.
I’ve done it. I’m doing it. I want to show you how to do it yourself.
My Method
For more information on my Stay in Your Lane Brand Method visit stayinyourlanebrand.com – The four steps to discover, monetize, promote and expand your influence are a MUST for every business owner wanting to add another income stream or make their current one more profitable.
Why should you sell a product you create and own?
The answer is simple… to build a profitable and sustainable income stream.
