5 Reasons You Need a Passive Income Stream
Mar 25, 2020
Passive income can benefit absolutely everyone, no matter what type of business you have or profession you’re in. The key is to make the digital product creation process as simple and inexpensive as possible. This doesn’t mean your digital product will be cheap; it means you should focus on your area of expertise and solve a common problem among your audience.
In 2015, I created my first digital product, which is still being purchased today. Most people regret not creating passive income sooner.
Also, the term “digital product” refers to information typically offered on the internet in a digital format.
Let’s review why you need to create a stream of passive income:
- Supplement your income at any time (especially in uncertain times). No one wants to think about losing income, but it happens. Instead of panicking at the idea of finding a new way to bring in money, you can approach the task calmly, knowing you have passive income to fill that gap.
- Expand your brand and attract new buyers. According to InternetWorldStats.com, there are 4.54 billion internet users worldwide. The world is a big place and you always have the opportunity to reach new people in your target audience. Sharing low-end, HIGH value digital products will entice newcomers to learn more about you and how you might be able help them.
- Attract speaking or media engagements. Event organizers and reporters are constantly searching online for speakers or interview subjects. If you have digital products as part of your business and have a consistent marketing plan, the media will likely find you faster in their online searches. Adding these events to your media profile will immediately elevate your authority level, too.
- Use digital products as part of your overall marketing plan. When you have products, you can run promotions which naturally attracts lots of attention on social media. Unique promotions will attract attention from newcomers’ to your brand
- You're making a difference in the world while creating consistent income you can count on. When you create great products that result in having happy customers, then, you've established a win/win scenario to repeat over and over again.
Imagine making a digital product once which reap the benefits (by serving your audience while still having passive income) over and over again, for years to come.
Honestly, if I had to start my business all over again, this is one strategy I would have learned early on.
Ready to create your passive income stream? Then, let’s connect.
Dena Patrice has become a highly sought-after professional mentor and coach to admired business owners, business leaders and executives seeking private consultations to implement proven strategies and solutions to grow their business and enjoy their life. Visit DenaPatrice.com to learn more.
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