Mentor
Monthly™ Newsletter
Business Building for Professionals....
Coaches, Consultants, Speakers & Trainers
| ISSUE
17: Set Up Your Passive Income Streams
David Wood, PCC
Contents 1. Announcements/Offers |
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1. Announcements/Offers
Free Listing in Our New Coaching Directory
We're putting together a new Coaching Directory for coaches, trainers, counselors, therapists, fitness trainers and consultants. Get yourself listed - for free! All you need to do is l'ink back to our site. This increases both your l'ink pop'ularity and ours with Goo'gle - meaning we both come up higher when people do a web search.
Visit: http://www.coachstart.com/links/addlink.cgi?action=metaform
and enter your web site.
We'll then show you the code to add to your site - easy<smile>.
When did 'Ten Super Coaches' Become 'Seventeen Super Coaches!?'
With your copy of the '10 Super Coaches ebook' you currently get a free expansion pack including another seven interviews!
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To find out how |
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"I was working on a marketing strategy that was going
to cost quite a bit of money when I bought the ebook. It made me realise
there is a MUCH more direct, and less expensive method. Saved me several
hundred pounds and gave me a kick up the rear end to do something else.
Thanks!"
Neil Gilbranch, United Kingdom
"Why reinvent the wheel when you can see how successful
people are already producing results you want? Don't hesitate, buy it
today. The '10 Super Coaches' ebook has given me the confidence and inner
strength I needed to build my business, I have been able to fine-tune
my fees, and I have offered sample sessions with success."
Denise Simons, New Zealand
RELATE Coaching
Visit http://www.10SuperCoaches.com
2. FEATURE: Set Up Your Passive Income Streams
Wouldn't you love to make money while in the bathtub? Or how about when
you are at the beach? Passive income streams allow you to make money without
having to be there.
In this article I'll tell you the quickest way we've found to do it.
If you provide a service or get paid for hours or projects worked, there is a limit on how much you can make. But, if you bring passive income streams into the mix you aren't trapped by the hour.
I love logging in online and seeing the sales that came in overnight. And once every two weeks I get a nice healthy deposit into my bank account.
As an expert in your field, you could write and sell a report online. If you're not an expert - go interview one! Or create a paid regular ezine. How about an ebook? Would you like to give a speech and record it - selling it on CD and/or online? (See an example of how I did this at www.FirstFiftyClients.com).
The drawback of this approach is it takes quite a bit of time and energy to create the product. Plus you need to set up a merchant facility to take payment, handle delivery, refunds, marketing etc. I'm not saying don't ever do this - but it's not usually the best way to start in the online marketing game.
However - what if you found a great product you believed in? And what if - in this new internet age - you could get 20% - 80% commission for selling it? In some cases you could even be earning more than the creator!! And what if you didn't even handle sales or delivery?
Affiliate Programs
In his book, Multiple Streams of Internet Income, Robert Allen says that "Affiliate programs are probably the fastest, easiest and most profitable ways to make money on the internet." Affiliate programs are joint ventures where you promote a product for a company and receive a commission. So it is win-win for everyone, and often very easy for the affiliate.
It's a very smart way to begin your online marketing efforts, because you can set up your 'joint venture' in minutes. Usually you just need a special link to add to your website, ezine or email signature - and your joint venture partner does the rest!
For example, our own SolutionBox affiliate Clare Evans recently chalked up $200 commission in just one night - from sending out one email!
Books, tapes and CD's are eventually great to get into, but it's unlikely anything will get you started faster, and trained faster, than selling someone else's products.
12 Steps to Successful Affiliate (Passive) Income
So how do you get started in a good affiliate program? Here are some simple steps:
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Find a product or products you love and would like to share with others. If possible, find one that fits with your current business or interests. Ask yourself if you would feel good marketing this product. www.clickbank.com is a good place to start shopping for a program.
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Ensure the company has a reliable refund policy, so you know your customers will be taken care of.
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Consider purchasing the product yourself to make sure it gives good value.
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Commission should really be over 20% for products under $100, with some products offering 50% or more.
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Check that they provide commission on sales which occur AFTER your referral. I.e. if you refer the customer today, you should still get commission up to at least a year following your referral.
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Sign up for their affiliate program, which is almost always free to join.
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Tweak one of the Company's pre-made e-mail messages and send it out to your list of colleagues, friends or ezine subscribers. You're aiming for at least one sale for every 100 emails you send (1% conversion rate).
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Remember you're not selling to your list - you're informing and recommending. It helps to Make it personal. Tell people how a particular product helped you. Get specific.
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Remember it can take at least 6 messages over time before people buy, so be persistent.
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If you have a web site, add related affiliate products to your site. If you want to create a site, create a site around a special interest of yours. Put up some useful content, as most people don't want to visit a site that is nothing but links to sales pages. (For some quality free content to add to your site, visit www.solutionbox.com/archive.htm)
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Weave relevant links to your affiliate products into your content. For example, while writing an article about creativity you could link to creativity books, a course on creativity or any number of affiliate products. You are helping your reader discover new resources without really selling.
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Use affiliate text ads or HTML ads in your newsletter/ezine. Most programs include these ready made for you to use.
For a life coaching affiliate program (mainly helping new and future coaches), take a look at our own SolutionBox affiliate program - now paying 40% commission!
http://www.solutionbox.com/affiliates.htm
Enjoy!
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David Wood is a Professional Life Coach, and author of the powerful Free Download: '50 Life Coaching Questions to Take Control of Your Life and Help Your Clients'. He helps coaches, consultants, speakers and trainers to build their businesses via his popular ebook: "10 Super Coaches Share Their Secrets" and his audio ebook: "Getting Your First 50 Clients". "David Wood is a personal and business coach, and an original founder of the International Coach Academy - a global coach training school" Copyright 2001-2004 Life Coaching Resource.com |
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