Every time I mention the term “passive income” I get reactions that range from eye-rolling skepticism, to cautious curiosity, to flat-out disbelief.
The problem is that passive income has gotten a bit of a shady reputation because of how people are pitching it in the marketplace.
They make it seem like you can just magically make money, and never have to have to work again. Maybe you can retire on an island, and occasionally crack open your laptop to count your millions, because you have a business that runs itself.
But the reality is: Building a passive income stream takes work.
It takes work like:
- Creating an irresistible offer
- Testing and optimizing your funnel
- Setting up streamlined systems and automations on the back-end
- Running ads and paying for traffic
So many online entrepreneurs are not successful in creating passive income streams because they don’t understand what the term really means, and they don’t consider all of the work involved.
There’s a lot of thought, creativity, time, energy, and money that actually goes into generating passive income. Even when it’s “done,” it’s not just a one-time set-up that you can walk away from forever.
The work shifts after the passive income product is created. You have ongoing customer service, traffic management, ad management, continuous testing. The work doesn’t end just because you’ve created this product.
The other major roadblock standing between business owners and the passive income dream? Mindset.
That’s right. Your success is either cultivated or poisoned by how you THINK about passive income.
The whole point of passive income is that you’re expanding your potential income BEYOND your potential working hours.
You’re not selling a coaching package with a set number of hours. You’re not selling a done-for-you package that you have to customize for each and every client. You’re not selling 1:1 Zoom calls or Voxer access.
You’re NOT strictly selling your very limited time (or your team’s time, if you run an agency).
Passive income does take work. But when it works, it’s absolutely worth it. It gives you the freedom to make money without being tied down to your computer, without being dependent on your client roster for your revenue.
Why does mindset interfere with the best passive income plans?
Because being successful with passive income means allowing yourself to step into the expert role, being able to teach what you know, and packaging and selling your brilliance without you having to show up and deliver every single time. It’s about creating space for exponentially more people to be able to invest in your business.
This mindset block is good old imposter syndrome, and it’s also intimately tied to your money beliefs as well.
If your thoughts about money are:
- “I have to work hard for my money.”
- “Work shouldn’t feel easy.”
- “The amount of money I make is equal to the amount of time I’ve spent.”
- “I couldn’t possibly make THAT much money. I’m not a doctor/lawyer/etc.”
You have to make the mindset shift from money = hours worked, to money = abundant. You have to believe that your hands-off digital offer provides REAL value. You have to accept that you can’t be everything, everywhere, for everyone, all the time.
In my business, I don’t have to be in front of people, selling, doing discovery calls, giving away tons of free content, and asking them to give me money face-to-face. I have Tiny Offer™ funnels that do most of the work for me. That’s what has allowed my business to grow so rapidly in the last two years, and ultimately how my business generated $2.2 million in 2020.
My business has provided for me, my family, and my team, even during the pandemic because I had the systems in place to generate revenue from passive income products. And I combined that with higher-touch offers, like group coaching, to make well-rounded income streams.
But I assure you — it all started with mindset shifts. Then came the little funnel that could.
If you want to learn more about creating a passive income stream using a Tiny Offer™ funnel, register for my free masterclass.