While it sounds sexy to "make dolla billz in your sleep," there are three huge misconceptions around creating passive revenue in your business. In this episode you'll go behind the scenes and see how I've set up passive revenue streams in my business, and just how "passive" they really are.
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Podcast Show Notes
1:00 - What "passive income" really is (and what it's not)
2:06 - Where the easiest forms of leveraged income come from
2:44 - The Artisan Trap that keeps most creatives stuck
5:05 - Why "passive income" isn't really passive… at least, not at first. Plus, other types of active recurring revenue that might be better for you (especially if you're just getting started).
7:00 - Why I never market my largest "passive" income offer - and the bottom line truth of how much passive it really is and how much income it generates
9:01 - The missing ingredient for making passive income more profitable (which isn't passive!)
11:59 - How much time it really takes to create a passive revenue stream
14:20 - The "Field of dreams" problem with passive income creation
15:20 - Elizabeth Gilbert's passive income problems and how she bridged the income gap before "Eat, Pray, Love"
16:00 - How Jay-Z built a billion dollar brand through multiple streams of revenue
17:41 - Why focusing on one thing is important at first, but dangerous as your business grows.
19:09 - The staggeringly small percentage of traffic that sees your work on aggregate sites like Amazon, iTunes, and the like.
21:40 - Considering your "term of depreciation" with passive investment assets.
23:30 - The closest thing to truly passive income.
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This week, we're taking a closer look at how each creative entrepreneur type can take advantage of these different business models. Sure, you can have any business model you want, but each creative type needs to focus on doing business in a way that's in alignment with their strengths.
This is bonus episode 3 in a series of lessons learned from 25 years as a creative entrepreneur. Your business is NOT the Field of Dreams. If you built it, ya gotta market it or people ain't coming - or BUYING! At the core, marketing is sharing your message with an interested audience. But what's that message? And where do you find an interested audience? That's what we're looking at in this episode! You'll also hear about some real-world marketing examples and my "SIMPLE" framework for marketing and launching your offers.