Raise your hand if you hate money.
If your hand is raised, you can leave 😂
This post is only for those of us who want to generate income while we sleep. Those of us who want to not rely solely on one source of income. Those of us who dream of taking spur of the moment vacations and maybe even a day or two at the spa.
There are SO many reasons to create a business. The obvious reason being the Internet. The interwebs have made it so convenient to follow your passions and work from anywhere you want.
Take this blog for example. I’m feeling inspired while sitting on my couch and started this post at 10:16 pm.
The thing that you might not know is that it’s easier than you think to get your business up and running EVEN if you are currently in a full-time job elsewhere. 👀
Below, I’m going to outline the 5 steps or milestones you should accomplish in order to create your thriving empire.
Step 1: Develop Your Opt-In
Every good marketer will tell you, having an opt-in is the KEY to the business kingdom. An opt-in is something you give away to your audience in exchange for their email address. The reason your opt-in is so critical is that it allows you to list build. As big of an advocate for social media as I am, your email list is your most valuable asset. It’s a direct line to your audience.
Depending on where you are in your business, you might have a pretty good idea about what sort of opt-in your target audience is interested in. If you don’t simply ask them! You can ask by sending out a survey or even just taking a poll on your Instagram stories. Even if your audience is tiny, all you need is a bit of interest to help you get started.
Once you’ve created your opt-in, put it on a landing page. You can do this through your website or get fancy and use a landing page software LeadPages or even a whole funnel solution like Clickfunnels. No matter where or how you create your landing page, the point is that you get one up.
This, of course, should ultimately sync up to your email marketing software. I personally recommend the use of ActiveCampaign (it’s what I use for No Sugar Marketing), but really any solution is good to start with. I do strongly recommend researching service providers and not simply going with the cheapest provider out there. Other popular options to look at include Mailchimp, ConvertKit, GetResponse, and Ontraport.
Alrighty, so once you’ve created your opt-in and have all the tech behind it set up, go ahead and blast that bad boy out to the world. Link to it in your social profiles, add popups to your website, send it out to your current list, go live and talk about it, post about it on social media and really just TELL THE WORLD.
Step 2: Create a Tripwire
When it comes to funnels, you’ve probably seen this strategy before. You opt-in to a freebie and on the thank you page, you receive a surprise offer for a lower budget opportunity or tripwire. These can range in prices; tripwires can be anywhere from $7 to $97. The pricing of your tripwire really depends on what you’re offering. To start out, I would suggest something in the $7 to $27 range.
The tripwire you create should go hand-in-hand with your opt-in. For example, if you’re an interior designer and your opt-in is about styling your bookshelves, you wouldn’t want to create a tripwire that’s about how to feng shui your dining room. But, what you may want to create is a masterclass about how to accessorize your living room.
Whatever you decide to create and at whatever price point you decide to sell, the product needs to be high value. For many people, this is going to be their first introduction to you. You want to showcase the quality of work you do and how you can benefit the customer longterm. Be sure to think about the customer journey here. This is their first (hopefully of many) purchases from you so be sure to WOW them.
Step 3: Focus on Sales
Now, remember how I told you to blast out your opt-in to everyone and their mother? After your tripwire is all set up and you’re ready to rock, now’s the time to really do this again. For those that signed up for your opt-in BEFORE you added the tripwire, send them an email announcing your shiny new product. Continue to promote your opt-in on social media, and keep an eye on your tripwire conversions.
Are people landing on your tripwire page, but not purchasing? If so, you may need to adjust the offer.
Are people not even making it to your tripwire page? Then you may need to adjust your opt-in.
Once you’ve landed about 5-10 completely organic sales, you’re ready for step 4!
Step 4: Make it Rain
Alright, well figuratively.
At this point, you’re ready to start running paid traffic to your opt-in and tripwire. It may feel counterintuitive to spend money when you are trying to build an empire, but you know what they say, “you gotta spend money to make money.”
This is really your first step to making passive income. Do a little math here to figure out your profitability. For example, if you are collecting leads at $3 per lead and spend $300, you’ll have 100 leads. If your tripwire converts at about 30%, then you’ll have 30 sales. If your tripwire is $7, then you’ve lost money, but if your tripwire is $17, then you’ve actually returned about $210.
As you scale up your ad spend, your income will also scale up too. 🙌
Well hello, passive income.
Step 5: Create Higher-End Offers
While it’s awesome to bring in just that passive money from your tripwire, once you’ve got these systems in place, now is the time to start creating your higher end offers. This could be a course, membership, group training, retreats, or even one on one coaching. Whatever it is that you decide, the skies the limit in terms of pricing. Your product will ultimately dictate your price. I say higher-end offer above because really, your offer could be anywhere from $97 to $10,000. Of course, with a $10,000 offer, your customer journey likely involves more than a $17 tripwire. Be sure to consider your audience when creating this offer. Again, this is a good time for another survey or poll. Ask your audience what they need from you. Your offer should be a deeper dive into the same subject as your opt-in and tripwire.
Have a million high-end product ideas?
The good news is that now that you know the process of creating the whole workflow, you can easily repeat these steps for multiple product lines!
Do you have a product you’re ready to start promoting? Let’s talk strategy! Book a call with me today.