If you have an existing business where you have been coaching, consulting, or providing a service, it’s very likely that you have a signature framework you already teach to help your customers get from Point A (where they are now) to Point Z (where they want to be).
So, start by looking over your existing content. From your free content to your paid coaching packages, the content you’ve created for your business is overflowing with passive income product ideas.
First, look at your freebies and lead magnets. Regardless of what you are selling, if you are creating freebies, they should be attracting potential customers and leads for your business, right?
Your freebies might be one of the following:
- .PDF download
- Planner
- Swipe files or scripts
- Graphics
- Email templates
- Audio or podcast content
- Blog templates
- A how-to guide
- Roadmaps or tutorials
- Checklists
- Challenges
- Courses
- Video Series
If people are downloading your freebie, there’s a good chance they would be interested in a product on the same topic. And they’ll likely pay money for these products if they find it satisfies a need or solves a problem for them.
Do an audit of your freebies. See which ones are the most popular (aka have the highest conversion rates) and think about what you’d charge if you were to put a price tag on them.
Can they be updated? Can the content be expanded so your customers get their money’s worth? Can you bundle a few freebies together to create a complete product offering? Think about the content that is attracting your ideal customers and how you can repurpose, remix, refresh, or bundle it up to create a passive product that will sell.
The second step is to look at your current workflows, onboarding processes, and SOPs (standard operating procedures) for passive income product inspiration.
One of the first passive income products I created was an ebook about how to create ebooks. I simply took my unique process for creating an ebook and turned it into teachable content!
So many 1:1 coaches worry that they have to come up with something “completely new” in order to create a passive income product, but you don’t. Just think about the other aspiring entrepreneurs who are building businesses similar to yours and the tools, templates, or tech knowledge you wish you had when you were first getting started.
I’m sure that the processes you use every day in your work are really familiar to you. So familiar that you may not have even thought to turn them into a passive income product! If the checklists, tools, processes, steps, and workflows you’ve created make your job easier — there’s a good chance it will make your clients’, customers’, and colleagues’ lives easier, too.
For example, when I created my Viral Content Startup Kit, a big part of the inspiration for that product was the process I used to turn 1 piece of long-form content into 25 individual pieces of content. I eventually started calling it my 25X Viral Content Formula, but it was a process I had already been using for years in my business to repurpose content.
As a 1:1 coach there is likely a process you use to close and onboard new clients that looks something like this:
- You have an application process
- You book a discovery call
- You conduct your discovery call or sales call perhaps following a specific script
- If you book the client you send a welcome email that includes the next steps including the finalization of paperwork and initial payment (proposal and contract, etc.)
- You collect client info and add them to the client portal
- You have a kickoff meeting to get your project or coaching sessions going
- You have scheduled follow up sessions and check-ins
- You have an exit meeting and close the client file
You can use your “unique” process that may look something like the steps above and turn it into a Client Success Onboarding Kit filled with call scripts, client forms, and tech tutorials.
You can also take just ONE component of your process, such as your welcome packet, and transform those into templates and sell them.
Other ideas can include your company brand book, hiring guidelines, or VA onboarding process. The options are limitless and you could turn it into a product to be sold!
The third step is to review your client or customer feedback.
Think about the tools, tutorials, strategies, or “help” your clients have asked you for in the past. If you keep a log of your customer and client feedback (which you should) it can be useful in helping you come up with product offer ideas!
For example, maybe a potential client reached out to see if you sold part of your services or a specific “segment” of your coaching package. Maybe a current client needs supporting graphics or tech guidance that is not already baked into your 1:1 coaching program…
If you see multiple people asking for a specific tutorial or “how-to,” pay attention because it could be an opportunity for you to fill that need. When you review what people have asked you for, you can truly see what solutions people want and what’s in demand.
