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Hi Fashionpreneur!
If you are interested in learning how to earn Passive Income in your fashion business, this is the blog post for you.
Today, I’m sharing my simple recipe for earning $1,000 in passive income.
Let’s get started! 😊
[According to Wikipedia, passive income is income that requires minimal labor to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income. Examples of passive income include rental income and any business activities in which the earner does not materially participate].
Step 1 – Create a Digital Product
Digital products are informational products that you deliver to your customers digitally.
There are many types of digital products out there, but I like to divide them into 3 big categories: PDFs, online courses, and virtual programs.
PDFs are documents such as worksheets, ebooks, planners, and more.
Online courses are classes taught online.
Virtual programs can be workshops, events, coaching sessions, and others.
To dive deeper into these 3 subjects (PDFs, online courses, and virtual programs), head to this blog post Digital Products for Your Fashion Business and download our free guide 36 Digital Product Ideas for Your Fashion or Beauty Business, which will help you figure out the best idea for your business!
So, what kind of information will you deliver through your digital product?
Think about your areas of expertise.
What does your audience want to learn from you?
Can you turn that information into a product that you can deliver digitally?
Step 2 – Put Together A Marketing Plan
Once you know what you will sell (information) and in what format (PDF, online course, or virtual program), you need to put together a marketing plan, so you can get visibility and promote your product.
It’s not only about creating the product, but selling the product.
If you don’t tell your audience about it, no one will.
Set a plan with dates and activities that will tell the world about your product.
Step 3 – Take Action No Matter What
Commit that you will make this happen no matter what.
Many entrepreneurs love the “idea” of having a digital product, but they won’t put the time to actually make it happen.
You have to commit time and energy. You have to create the content, package it, and promote it in order to generate sales.
The product won’t exist unless you set some time aside to put it together, and once it’s done, it won’t sell unless you promote it.
I tell you this because many people get stuck in the creation process. They have an amazing idea, but they don’t take the next step to materialize it.
Or, they create an incredible product, but then don’t do anything about it to create awareness and drive traffic to the sales page. They simply expect the product to be sold on its own.
There is so much opportunity if you truly commit to the process 😊
Step 4 – Be Open to Updates & New Ideas
As you go through this process, you’ll learn more and get feedback from customers. Be open to use that to update and improve your product.
Our goal as business owners is to always provide the best product possible. To do so, we have to launch the best product possible and commit to improving it as we grow.
If you do this, you’ll always provide the best experience for your customers.
Step 5 – Once You Know Something Works, Double Down
If you have realized that a particular version of your product is doing well or perhaps a particular marketing strategy is really giving you amazing results, then double down.
As entrepreneurs, we always like to try new things, and sometimes we forget to repeat the things that have worked in the past.
If you find something that works, stick to it. That doesn’t mean you are not going to use your creativity or innovation anymore. It means that you’ve nailed a strategy or idea, so take advantage of it and use your creativity in other areas that may need it more.
Also, if you lack leadership skills, or want to increase your chances of being successful then Caitlin Brodie has some great thoughts on that.
So, there you have it. My 5 steps for earning 1K in passive income with your fashion business!
Step 1 – Create a digital product.
Step 2 – Put together a marketing plan.
Step 3 – Take action no matter what.
Step 4 – Be open to updates and new ideas.
Step 5 – Once you know something works, double down.
If you want any help to put this into practice, I invite you to check out our online course Monetize Online, where we teach how to create digital products for your fashion or beauty business. We cover everything from idea to sale and beyond in very simple steps. Check out all the details here and use coupon code ENTREPRENEUR25 to enjoy $25 off. You can totally make this happen. It’s so doable! Let me know if you have any questions 😊
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