Do you ever fantasize about building an empire of passive revenue products and then spending your days at the beach while the income from those products pays your bills? It's okay to admit it, I think we've all been there.
While passive revenue is certainly an appealing idea, most of us got into coaching or other service businesses because we enjoy helping people and interacting with them directly.
I recently read that entrepreneurs should focus on creating new services in 2010 instead of new products (my apologies to the source, but I can't remember where I read it). It's hard work, they continued, but it will do more to deepen your relationships with your clients.
Consider these three ways that new written information products such as e-books, e-courses, workbooks and home study programs could enhance and promote your new service offerings in 2010:
1. Your products can serve as a curriculum for structured coaching programs. Coaching programs are appealing to clients because they know what to expect, and they're helpful to coaches because you have a basic blueprint you can lead each client through – with plenty of room for customization along the way.
2. Your products can be a stepping stone for prospective clients who cannot or will not invest in private or group coaching right now, but believe in your work enough to use your materials for self-study. If your products are useful to them, they are more likely to come back to you when they are ready for coaching, and they will also be more likely to refer you to others.
3. Income from your product sales can provide a comfortable buffer to fund some of your basic needs and get you out of survival mode. From there, you can step into your work from a true place of service and connection.
My 2010 business plan is shaping up to include a mix of new products and service – how about yours?