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The Race To Recurring or Passive Income
Episode 18023rd July 2021 • Course Building Secrets® Podcast • Tara Bryan
00:00:00 00:11:35

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My name is Tara Bryan. I help business owners break into the next level of success by packaging their expertise into an online course experience. It's my passion to help to find the fastest path to results to create a greater impact and income for you and your tribe.

Check out my free Step-by-Step guide to building your online course. In it are the top steps and questions you need to ask before you get started. Check it out here: https://goto.taralbryan.com/step-by-step-guide

This group is 100% focused on support, knowledge and example sharing, and building a community of online course builders who are passionate about building awesome learning experiences.

In this community, we are passionate about building learning experiences that produce results for our learners. We do that by building engaging, motivating, gamified, and learner-centered courses. We come up with ideas and strategies to ensure that our learners can thrive and succeed in our product.

To learn more:

Find us at https://www.Taralbryan.com

Here are two ways we can help you grow and scale your online course business:

1. NEED TO CREATE YOUR ONLINE COURSE?

Join LEARN ACADEMY - Learn Academy is the best Done-with-you Step-by-step Implementation program that will help you create, sell, and launch your online course. 

2. ALREADY HAVE A COURSE?

Join THE COURSE EDIT - The Course Edit is a program that will assess your current online course to take it to the next level. Maybe you have a course that isn't selling or one that people aren't completing (therefore not remaining customers) then it is time for THE COURSE EDIT

 

 

Transcripts

Hey, everybody is Tara Bryan and you are listening to the course building secrets® podcast.

Alright guys, in this podcast we focus on how do you create passive and reoccurring revenue to maximize and leverage your expertise in your one on one services, to really provide your customers with an awesome experience and allow you to maximize your time, your energy, and your efforts as the best version of you and what you can offer from you and your team to your clients.

In this podcast, we have tips and training and all sorts of awesome insights to help you through this process. Alright, let's dive in. Okay, today I want to talk about why you would create an online course or an online course experience. And here is the thing is that by really packaging what you're doing, either in your one on one done for your business, in kind of the methodology you use to work with clients, or training people to do what it is that you do. So they also can help build their own business. However, you know, you approach running your business, you can package and other people benefit from your wisdom of how to go through and succeed, get results, and really be able to show up and help people in the best way possible. And for you as a business owner, and as a business entity is really looking at how do you create reoccurring and passive revenue that helps you take your, your business and leapfrog you forward? Right. So if you think about doing one on one work, it's awesome, right? You get to connect with your clients, you get to fix or work on, you know, complex problems that they have. And each one may be just a little bit unique in the sense of how you help solve that particular challenge. But it's someplace in your business growth, you get to a point where you're maxed out, because you really can only work with a certain number of clients, one on one, right, where your time is impacted, your energy is impacted. Or you get to the place where you either have to hire a team to help you write meaning they have to take on some of that time to fulfill on projects. Or you really need to look at how do you repackage what you're doing in a way that allows you to help more people make a bigger impact and get that revenue jump that you need in order to keep building your company because what happens is, the more complexity you add, the more staff and the team or whatever it is you add, adds additional expenses. And so you never get to that place of being able to leapfrog in a profitability standpoint, when you're just doing so adding the accounting or passive income to your revenue stream allows you to grow exponentially without it being a part of your active time. So let me just explain what that means. If you're not familiar with reoccurring or passive income, they're two different things, but very similar in the sense of how they can help you. So the first one, and I apologize if it's windy, outside. But the first one is reoccurring revenue, recurring revenue just means revenue that's coming in, month after month. Sometimes these are in retainers, sometimes these are in programs or packages, or coaching or something else that you can offer that that somebody signs up for. And then they pay for month after month after month. So you can think of it like maybe a subscription, right? Like even think about Netflix, right? Netflix provides you with this service. And then you pay for that month after month after month. So when you think about what you do, and how you can repackage what you do, or part of what you do, how can you create a reoccurring revenue model? That's not necessarily tied to the amount of time that you have, which is when you think about retainers, that's the law with retainers is a retainer implies that you're still devoting a certain number of hours to someone each month to help them with their account. So retainer is part of it.

But kind of a next level is how do you detach the amount of time with what you're providing them each month. So that's the recurring revenue. That's revenue that comes in month after month, then passive income is reoccurring income that's happening without you actively being a part of it, right. So for example, you could offer and sell somebody else's product, and you would get, you know, a share of those earnings.

So that would be an example of passive income. If you had an online program that was running totally on autopilot, that would also be passive income, because you're not actively working to fulfill on that income sources coming in. So when you look at your business, and you look at how do you really kind of leverage what you're doing, leverage your expertise, and look at how do you package what you're doing in a way that provides you one or both of those income sources, you can start to see how adding those in changes the game for you and your business. How you show up your stress level, the amount of money you're able to make and keep, is definitely impacted by adding additional ways to serve your people or additional people in your business. And then, you know, obviously, it helps from a business perspective, helps you cover expenses, and not feel that pressure of every single moment you're working is to pay the bills of your agency or your company. And so it starts to shift the momentum, shift the energy that you have, and that's why I'm so passionate about, you know, packaging up what you're doing into a signature offer, whether that be an online course, an online program, a membership, whatever it is, that you're packaging up and putting online, because not only does it allow you to offer something to your people, that you built once and you can sell over and over again, meaning it's not attached to your time. And it could be active, right? It could be more reoccurring, like a subscription, where you are showing up and doing some coaching, doing some, you know, membership building some of that, or it can be something that's more than the passive side, where it's something that they're consuming without you even being there really allows you the freedom to start looking at how do you offer things in different ways, and different levels of service. So that's really where the online course, online programs to ensure brown care what you call it, where that comes in, to really help you take your business to the next level. So I encourage you to start thinking about that. If you are primarily doing one on one services, how can you look at a part or all or you know, like a supplement to what you do, that you can offer to someone in a different way that allows them to consume it without all of your energy and efforts. And really start to map that out what one of the things that we teach and learn Academy and in our coaching programs, is really mapping that out from that customer's perspective. What is it that they need to do to be successful, and really, you know, putting the steps in place teaching them how to do that in a framework in a signature program that allows them to try it on their own, or try it with you and successfully get to the results that they're looking for. And ultimately, then that leads you to be able to sell those to people or use to train your team. Use it to train people who want to do what you're doing. There's lots of different ways to think about how to monetize your expertise, monetize what you've been doing to help other people get results. Starting to look at it from this perspective, will open your eyes to different ways of thinking.

Alright, there you have it. So if you are interested in getting help trying to figure out how to create that reoccurring revenue, that passive revenue, I would love to be able to help you out. So definitely look at the show notes and go and check out my scheduling link, grab a call with me. We can talk through what your particular scenario is. Or if you're interested in checking out learn Academy where we are working through how to create, sell and Launch Your Signature online program. Meaning how do you package all of your expertise or your proprietary process? into a framework that allows you to sell it in a different way.

Go check it out. So again, would love to have you schedule a call. But hey, if you're liking this podcast, I would love it if you would give it a five-star rating and pass it on to your friends because the more the merrier.

We are on a mission to help people grow their companies through packaging their expertise into an online course experience that really drives your revenue, your success and helps your customers succeed.

Alright, until next time, have a great day.

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