I Make $10k Monthly From Passive Income - Here's How

Here's a little tip. If you're looking to make a bit of extra passive income as a coach, I've got a couple of pointers that will really help you now in this short video, so stick around. There's 2 things which you should do where you can make a little bit of money each and every month, which, let's face it, every little helps in business these days in life. So stick around, I'll share those 2 things with you. The first thing which I'm going to share with you is just something really, really simple and basic which you can do with your money, and this is probably one for the more advanced coaches where maybe you've been able to build up a bit of a rainy day fund, but I've spoken to 3 separate coaches over the last week who have not been doing this, and I can't, I can't believe they've not been doing this because it's just a quick and easy way to make an extra couple hundred pounds, dollars each and every month with no effort whatsoever. And I'm, yeah, I'm gonna admit this, I was making the same mistake as well. It took me about 12 months to figure this one out, and when I did, I was like, oh God, it's so easy, so simple. But hey, look, even just, you know, the Fearless Business Coach is not immune to bouts of stupidity, and you can all learn from my stupidity. So thing number 1, if you have money of any kind in your business that you are keeping hold of, whether it's a rainy day fund, maybe it's your corporation tax, business tax, you know, coming up for the— your financial year end, maybe it's VAT which you've held on to, maybe it's just some money which you keep as a balance to— you never drop below so that you've always got that safety net— please, please, please just set up a very basic business interest account So that you can actually earn some interest on the money which you were keeping. And I don't care if you've only got like 5K, you can still earn interest off 5K. So my favorite bank at the moment is Wise. Wise have a 3.7% interest on your balances. It's the usual thing where, um, hashtag I'm not an IFA. This is not financial advice necessarily. This is just a tip, something which I do which I'm sharing with you. Okay. But 3.7% interest. And so if you've got a balance, you know, say 50k, which you're hanging on to, which you can then earn a bit of interest, well, that equates to close to £200 a month which you're earning, which otherwise you wouldn't get. It's free money. Go and do it. Go and set up an account with Wise. I'll share a link to Wise in the description below. Click on that. We both get a benefit, a kickback if you do that. So I'm just letting you know, but I'm not doing it for that reason. But yeah, I spoke to 3 coaches in the week who had significant sums of cash sat in their bank which they weren't spending. And I was like, are you earning any interest on that? And they were like, No. So get your money into an interest account so you're at least earning something from it and it's doing something for you. There is a train of thought where if you have any kind of business, that if you've got a bank balance there, you should be using it. You should be investing it and using it and spending it. Not everybody has that higher tolerance to risk. And so sometimes people just like to have that cash there available because business goes like that. And if you're on a dip and a dip for a significant amount of time, you want to have that safety net there to fall back on. You don't necessarily want it tied up in assets and things like that. So what I tend to do is I have some money set aside as cash in the business, rainy day funds and tax and the rest of it. And then the rest, once I hit a certain limit, I then reinvest that money into assets. I won't go into that today, it's something for another video probably. But yes, just put that cash to good use. Don't just let cash sit there because ultimately with inflation, cash is losing value. So put it into a savings account. The second thing you want to do if you're a coach is to get signed up with some sort of affiliated type things, okay? Now, I don't want you to get into affiliate marketing because again, there's all sorts of like shade around that which we don't need to go into. However, you know, I'm forever recommending pieces of software. In fact, I recommended one just now and here. Pieces of software. I speak at various events where the organisers give you a kickback if you can market the event on their behalf and get some of your clients or colleagues to sign up to it and various other things like that. Now, I don't see why as a coach you shouldn't benefit and see some of the upside of those deals which are happening where other people are making money off your recommendations. So there's pieces of software which I regularly recommend to my clients. So I've gone and got myself set up as an affiliate for those pieces of software. Likewise, there's several events which I regularly go to each and every year. So I also have affiliate accounts with those. So when I promote those and I'm going there myself anyway, so I'm not selling or touting anything which I don't believe in or don't buy. I'm only recommending products, services, software which I use day in and day out within my business and I really have faith in and that I want my clients to benefit from. Now again, it doesn't amount to much. Probably from my affiliate deals, I probably make maybe between £200 and £300 a month. But now all of a sudden, you take £200 a month in interest on an interest bank account and you turn that over and you add into that £200 or £300 worth of affiliate stuff. Now all of a sudden you're making £400 or £500 a month extra as a coach. And a lot of that is for very minimal effort. Like, if I'm going to an event anyway, I've just got to send an email out to my list and then a load of my clients will come along. Or if I recommend a piece of software during a coaching call and one or two people sign up for that, all of a sudden it all helps. Now the thing is, I spend a lot of money in my business anyway, so all this is doing is reducing my regular monthly outgoings. But hey, wouldn't it be great if you could get to a point whereby your business is cost neutral? It costs you nothing to run your business, and then any money which you actually bring in through your coaching is then profit in your business. Wouldn't that be a great goal to work to? The third thing which I've got for you is probably a little bit more of a heavy lift than the other two, but again, it generates a bit of passive income for me on a regular basis. And the assets— all of you will have assets within your coaching practice that you've created over the years that could potentially be earning you some extra revenue. And again, I'm not talking about taking like a load of blogs and turning them into a digital product that you then have to go out and do ads for and stuff like that. It's not that kind of BS. However, it kind of is a little bit along those lines. It's more like if you have created like a valuable lead magnet for your business at some point in the past where it is almost on the verge of being like a booklet or a book, well, why not turn it into an actual book? You might have to pad it out. You might need to get a bit of advice from a publisher, but why don't you write a book? And then that book could go up onto Amazon. Amazon's a fantastic marketplace for things like books because that's what it was set up for in the first place. And again, I don't make a lot from my books. I probably make somewhere in the order of about £150 to £200 per month from my books, which is passive through Amazon, through Audible. So what I'm saying though is you can sweat the assets. You can take a book, turn it into a Kindle, turn it into a paperback. You can then narrate it and turn it into an audiobook. You can do all of this yourself, or you can pay other people to do it. But then once that asset is created, it sits out there on the ether and other people can find it and buy it. You can earn a bit of money from that. The nice thing about building those assets out as well is that ultimately they are designed in a way that they will hopefully generate leads and inquiries and interest in your business. And some people who buy those assets might well become clients. But I'm not— I don't like this whole notion of like selling digital products on Gumroad. By the way, I'm open to being sort of proven wrong on that. So I'm just talking about like using genuine marketplaces out there and it being a product that benefits your business as an asset if you've already got something substantial out there. One of the assets which I sweat, and I'm quite open about this, and perhaps this is something for another video, is my website. So my website, because I've been doing this for so long now, I've been on so many podcasts, I've got so many backlinks to the website, my, my website has quite a high domain authority. And so I do partnerships on there around my content where people will pay me to have a feature in one of my articles because it helps with their search engine optimization and things like that. Again, it's not much, but You know, we get paid anywhere up to $50 to $80 from some of those partnerships. In fact, we did one last week that was $700. Now that's because I have an asset there, which is a website, and I've figured out how to leverage it and sweat that asset in a way that I can generate some extra revenue. And some months, I kid you not, I've actually— we've done over, you know, £12,000, $15,000 in a single month through some of those content partnerships. Now that's far more significant But it's not passive, that, that particular one. The books are passive, but the website side of things, I guess now it has become passive actually thinking about it, because it got to a point where with those content partnerships I was probably spending 3, 4, 5 hours a day on top of my coaching responsibilities at the time. And then I was like, actually, this is just ridiculous, I'm getting a bit tired now. And so I found— hired somebody to now run the content side of my business. I probably put in maybe an hour or so a week of time into meeting the team for that now because we're 1.5 people. So I guess that is relatively passive now, but there was a lot of activity which it took to get it to that point before I hired— made my first hire there. So 3 really simple things which you can do within your business— well, 2 simple things, one slightly more complex thing, but you can make it work. So first one is get signed up to a savings account where you actually earn some interest on any cash which you've got within your business. The second thing is get signed up with some affiliates so that when you do recommend a software or service, a product or an event, that you actually stand to earn a bit of cash from that, and that's relatively straightforward. And then the final thing is, if you've got assets which you've already built, sweat those assets. And again, I've actually created something called the Marketing Asset Matrix, which I'm happy to share with you. Again, if you just put matrix in the comments below, I'll make sure that I then connect with you, and then I'll send you out a link to make sure you can download that Marketing Asset Matrix. But there's 48 different assets which we recommend that coaches can create in order to, well, mainly to attract leads in, but also there are potential assets that you could then sweat and earn a bit of cash from as well.