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Episode 102: Best Ways To Implement Passive Income
Welcome back to another episode of The Legal Paige Podcast. I am talking about one of my favorite topics besides all things legal. We are diving into passive income, and my tips on the best ways to implement this into your business today! Let's build that wealth together by not trading our time for money.
Things we talk about:
- What actually is passive income?
- How to best implement passive income into your business (using things like digital products, memberships, affiliates, etc).
- What it takes to really start, and maintain a revenue stream of this nature.
- What I know works, and what I know doesn't work when it comes to passive income.
- My tips depending on your industry to really niche down into the best way to stop trading your time for money.
Here are a few quotes:
"So digital products, one of my favorites, I have a digital product ship. That's primarily how we receive all of our passive income with the legal page. And I have grown it from starting out with like five basic template contracts in a digital product shop to now we have over 200 products in our shop. So just know that you can start super, super small, my friends, and then you can grow it over time."
"I also think that having some type of small, tiny offer is a great way to kind of build that customer relationship with people since you're just honestly starting something new from scratch. Nobody's really used to you putting anything out there into the world. They have no idea if it's going to be worthwhile, and you want to really build that trust factor."
"Are you sending them updates for free? Are you asking for their feedback? Can you implement that feedback? Then your clients and followers actually see that you took what they said and you made your product, or your course, or your membership program better than they could've ever imagined!"