Why Passive Income is a MYTH

Many are drawn to the idea of passive income, and while it holds promise, it often carries an air of mystique.

I've had numerous conversations with individuals eager to create online courses to generate passive income, but let's be clear about one thing right from the start...

In the coaching and consulting world, the idea of pure "set-it-and-forget-it" passive income is about as rare as a unicorn sighting ??

While some may promise the moon, the stars, and financial freedom on autopilot, and despite the allure of effortless wealth and financial freedom, the reality is different.

But that doesn't mean that you can't use courses and programs to DIVERSIFY your income.

But before we get there, let me share what's important when running a successful coaching business:

Continuous Learning

Some think that once you've created that online course, you can just kick back and watch the money roll in while binge-watching Netflix, or scrolling on LinkedIn.

But it's not quite like that.

Coaching is a dynamic field, and you'll need to stay sharp with ongoing learning and skill-building.

Netflix will have to wait.

Client-Centric Approach

We're not selling gadgets; we're shaping lives.

Meaning.

Every client is unique, so customization is key.

You need to tailor your approach.

However, that doesn't mean that you can't serve many at the same time with your Group Coaching Programs, or Online Courses, it means that you need to keep an ear to the ground and stay on top of questions, and trends - otherwise your program, or course might become outdated even before you've published and announced it.

Which leads me to:

Market Dynamics

Market conditions shift faster than a squirrel on espresso.

What worked a year ago, or last season might be as outdated as disco music today.

Flexibility needs to be your middle name.

Let me introduce the Rinse, Adjust and Repeat Cycle

So, to build a successful course or program, here's what I would advice you to embrace;

Once you've run your course or program at least once, it's time to implement the "rinse, adjust, and repeat" cycle:

Rinse

Dive into your coaching, remove what's not working, improve what's working, keep your clients happy, and build strong connections.

Because let's face it, in today's world, where information is attainable EVERYWHERE (hello ChatGPT and all the other AI tools out there) - you will only be able to stand out if you add human touch to your offers.

Adjust

Be as adaptable as a true chameleon—constantly tweak your methods and strategies based on feedback and market shifts.

But don't adjust to adjust - ASK, ASK, ASK what your clients wants, and at the same time, you need to make sure that you stay true to the "mission", and the transformation that they're seeking.

Results create clarity, both for you and your clients.

If you overflow them with information, you will most likely overwhelm them, and instead of a successful transformation - they will feel lost (both been there myself, AND wanted to share everything with my clients, which caused more confusion than clarity).

Repeat

Consistency is the name of the game.

Apply your newfound wisdom to fine-tune your coaching offers.

Think of it as perfecting your secret sauce recipe—you're always making it better.

And this is also your key to success.

When others have given up and said "nope - it's NOT working!" you will be there, still standing, learning and becoming more, and more confident every time you put something out there.

It is through repetition that you will become a master.

So, while passive income might be as elusive as a whisper during a rock concert, let's embrace the journey of active involvement and growth, and to rather focus on building and implementing a scalable business model.

To create a scalable business model, I would suggest you focus on three products only:

• an online course,
• a group coaching program, and
• a premium one-to-one offer.

Following the Rinse, Adjust and Repeat Methodology, making them better and better, - you will have a super simple business model, that helps your clients get their desired results, and you have created a diverse income structure.

And if you're looking at building passive income, I would rather suggest you ask ChatGPT that question than me.

It gave me 20 different suggestions and examples, although some of those included e-books and online courses - which I thought we had just clarified and agreed on weren't a great source for creating passive income (and that's EXACTLY why AI will never be able to compete with you ??).

// josefine

P.S. When you're ready to implement a scalable business model to grow your Coaching business - then book your FREE Consult with me here ??