How to Earn Passive Income

Welcome to pelibiz podcast. I'm Dr. Kelly Alhui. I've grown my pelvic health practice, orthopelvic physical therapy, and now I'm helping pelvic health professionals do the same. Each week I give you the knowledge you need to grow your practice. Let's get into today's episode. Today we're going to talk about passive income. So many people these days are talking about passive income. What's truly passive income? What do people mean by passive income? These are the things that I want to go over today and how potentially you can make passive income so that it's actually working for you and then you're not putting in as many hours and just killing yourself and your health goes down the drain. So let's start with what is passive income? Passive income is something that can be reoccurring revenue or maybe it's not, maybe it's a one off project. It is money that you are getting into your bank account that then you're not having to trade time for money. So typically as a pelvic health physical therapist, we are in the business to trade time for money. What do we do? We say we block off an hour for you, patience patients, patient comes in the door, we shrink them for an hour. We are trading time for money. Passive income is not dependent on time. Typically, okay, it is, is that service or, or product or task, whatever, it may be complete and sometimes it's on reoccurring and sometimes it's not and then you get paid. Let's just start with online because most of you guys want to start moving to online is with like a blog post. It's a long term play. Takes about two years once you start blogging to really be paid for having your blogs, you know, advertise for you and do certain things for you. But what you do is yes, it takes time upfront to write a blog. Now with two ChatGPT and all this AI stuff, it may take five minutes to write a blog. Then all of a sudden that blog two years later starts to pay you because it drives people to that page. So Google or whoever will start to pay you for driving people to that site. And so that right there is passive income. Another way you can have passive income is through sponsorships or partnerships. So let's say, I don't know, squatty potty, you wanted to partner with them and squatty potty doesn't do this. But I'm just using them as an example. Let's say squatty potty came to you and Positioned and said, hey, look, you have a podcast and if I were to give you a 1 minute spiel on Squatty Potty, could you promote that out to your audience so they would prerecord a one minute video? And all I would have to do is integrate it into my podcast. That right there is passive income. I'm not really having to do anything besides go in there and play this one minute message before my podcast starts. And that's called a sponsorship. That's passive income. I'm not trading my time for money every single time my podcast comes on. We've already done it one time, it just repeats itself and it will keep going. So that's another way. Now let's talk about a brick and mortar practice. How do you make passive income with a brick and mortar practice? So what I was saying before is when you're treating one to one, that is not passive income. That is you trading time for money. But what you can do is do a membership or create an online product for your brick and mortar practice. So for your brick and mortar practice, you, let's just say you can do a membership. That membership you create one time and that thing will constantly run over and over and over again to provide value to your clients right there. Then that becomes then passive income. Okay? Because every single time a new client logs on to the membership, you're not the one saying, hey, welcome. I mean, you are in the video, but you're not having to take the time to do that. You just took the time to do it one time. The same thing goes for if you wanted to run a challenge or you wanted to run a course. And it's like it's an evergreen course, which means it constantly runs for itself like there's no off. So let's just say I put out a five day challenge on leakage to my clients. I could record that live Monday through Friday, that challenge, and then I could take that, have video editors edit it, and we keep then promoting that out to our clients so that even if someone saw it two weeks later, the ad or you know, the challenge, they can get right into that challenge and then it's recorded and they can keep seeing that same program over and over and over again because it was recorded once. And then ever since then, we put it out as an evergreen product to where it runs around the clock, when I'm sleeping, when I'm awake, all the things. So that then truly is passive income. When we talk about passive income, this is something that shouldn't put more stress on you. It's something that's not. You're not going to be worn out when you are treating a patient one to one, which I guess many of us are realizing this. When you're treating a patient one to one, all your energy, time and everything is focused on that patient. There is nothing else that is happening except you and that patient. However, especially online, when you can go to the masses, when it's one to many, so it's one of me speaker, but then many people in the audience, you could have three people in the audience, you could have thousands of people in the audience, whatever your audience is. But you're doing more service for these people and you're spreading your message quicker to these people because you're not just treating one on one. That is better for when it comes to passive income, because you're spreading your messaging to the masses and you can also have it on replay. So any trainings, any teaching, any zoom calls that you do, all those things should be recorded and put as like bonuses into products or put into a program as bonuses, because that right there, that's how you create passive income. You could also do affiliates. So let's say someone else that I know, like many people in the public health world, they have these online memberships and let's just say I didn't have my own. And I'm like, you know what? I really like that this person over here has created this membership for their patients. I'm going to get a link from that person, I'm going to promote it on my page that I want my patients to actually use that membership too. And then I'm going to get a discount every single time or I'm going to get money every single time that someone signs up for that program. So what's happening here is I'm still making revenue, I'm still getting revenue in. That's called passive income. But I'm not doing any of the fulfillment, which means I'm not the one creating the product. I spent no time creating the product. I'm not the one fulfilling it, which means I'm not the one. You know, if there was a live component onto that membership, I'm not having to go on there. All I'm doing is just bringing the people and influencing the people to go over to this person's site and sign up for whatever product they have. And then I get a kickback from that that's called an affiliate. So that alone right there is passive because I'm definitely not doing any of the fulfillment side. So hopefully you Know that makes sense. So there's. Let me do a recap here. So there's affiliates you can do for passive income. There's partnerships or sponsorships that you can do. So think about what companies actually have things that you use in your clinic. Squatty potty lubes, tampons, the wands, dilators, pad companies, workout companies. Like who are those people belts that people wear? Like all that stuff. Okay. That's who your partnerships and sponsorships should be. And then there's also the online component with like memberships and ebooks and opt ins and all that kind of stuff. Then we have a brick and mortar which you can also. Let me hit this too. Brick and mortar can also be passive after a while. So you can get to where. If you are just treating a brick and mortar practice and you are just treating one on one with that patient, that is not passive income in a brick and mortar practice. However, when you get to the level where you have employees and you start to pull yourself out and all of a sudden you're sitting at home and other clinicians are helping you and working and seeing the patient one to one, then you could be making passive income. And you're not just sitting at home twiddling your thumbs. You're thinking where to move the business forward. But when you have employees, that's the benefit. You can be the visionary and move the mission forward and think about like that's your number one goal. You gotta think about what's the next steps and you gotta be five steps ahead. But why you're having that time to think about how to be five steps ahead. Then you're also having the clinic run by employees helping you see people to get then help in the micro. But you're the big picture person that has to have the vision to keep moving the mission of the company forward, if that makes sense. So then long term when you pull yourself out, then that could be then passive income from a brick and mortar practice. So there's many different angles when it comes to passive income. But I'm hearing the word passive income, passive income. Like it's just like all of a sudden you can just get passive income. I think it's the easiest to get passive income with like sponsorships because you're not doing any of the fulfillment side and they're just like telling you kind of like what to say and here it is and just put it in what you're already doing. I think that's the easiest when it comes to online products. It's harder because, because it's not like you're just going to make a product and then so many people are just waiting to buy it. It just doesn't work like that. It really doesn't. You have to study the market. You have to understand what they want. You have to write down every single thing that someone says they want and what big problems they have specifically for those issues. So it's just a lot of studying for years. It could be before you put out a product. I mean, years. Like before I launched Pelby Biz, I had over 4,000 problems that my people had 4,000 problems. And I launched Pelibiz, but no one knew what Pellibiz was and I had to rebrand it. I had to remarket it because no one had a clue what it was. It was initially called Pelvic Health Business Grower, but it was initially called, but then I had to shorten it and rebrand it. People weren't getting the vision. So there's so many things that can happen before it truly becomes passive income. What everyone wants, you can get there, but there's many different ways you can do it. You've just got to know how you're going to solve massive problems and if you can do it in a way that doesn't involve one to one, that's the best way. And then you start getting passive income. Bye, guys. I consider myself a business and life coach. Are you ready to live the life of your dreams as an entrepreneur? If so, let's chat. See the episode notes below and go ahead and book a call. See you all next week.