The internet likes to tell us that passive income is money that you can earn while you sleep.
And it is. Kinda.
But more accurately, passive income means doing the work upfront and continuing to earn revenue off it.
Unlike your 9 to 5, passive income is the income that you generate without actively working for it every single day. The idea behind passive income is to accumulate wealth without having to reinvent the wheel.
(it’s not, and Terrain is proof of that!)
How does it work?
Now we’re not going to lie to you.
All passive income sources require you to put some effort into setting things up. For example, if you want to release a book, you’ll have to finish writing it before you can start earning royalties.
But once you’ve made that initial investment, launched your product and found a repeatable sales strategy that works, your product will bring in money on autopilot, without you having to lift a finger (bar some funnel optimization).
Who needs passive income?
You, if you’re interested in diversifying your income sources.
Here’s how that can help:
- Earning some extra cash on the side frees up the time and headspace for you to do the things you actually want to do, whether it’s working on your next big business idea or spending more time with your family.
- It gives you a security net in case your primary source of income dries up.
- You can use the money to pay off student loans, invest in your business or save up for an early retirement.
(Warning: passive income won’t usually make you rich overnight. Get-rich-quick schemes don’t work here. But building steady, profitable passive income streams can bring in some serious amount of money in the long run, if you do it right.)
And that brings us to the question…
How do I build passive income?
There are a ton of ways to set up a passive income stream.
Sound investments, renting out real estate, blogs and YouTube channels are all good ideas.
BUT if you’re in online business, chances are you already have a passive income source right in front of you, waiting to be untapped.
As a business owner, you already have skills, industry experience and expertise. All you have to do is share what you know.
Identify a learning outcome, put together your knowledge and experience, organise it into a series of actionable steps, and voila! you have a course that imparts real value to learners.
Need some help in turning your knowledge and experience into an actionable course that’s full of value? Check out Brian Green’s The Awesome Courses Bootcamp for a complete guide into all things course-building.
“But, wait! I still have to market my course!”
Yes, you do. And since we know a thing or two about launching online courses, we’d say it’ll take you at least 60 hours upfront to create your course funnel. That means writing out email sequences, testing and optimizing your Facebook ads, writing and designing your sales page, creating a promo calendar and more! (check out Sage Polaris’ bite-sized masterclass to learn how to write a sales page that converts).
And if your course is evergreen? Add in a couple of hours every week to monitor your funnel.
And don’t get us started on the thousands of dollars you’ll spend in trial-and-error ad campaigns.
Err… that’s kinda the opposite of passive, isn’t it?
BUT all hope is not lost!
There is still one way…
… you could put your course on Terrain.
Once your course is up, we take care of ALL your marketing.
We run ads, build sales sequences, and do everything it takes to make sure your course reaches the right audience and sells like hotcakes.
You won’t have to lift a finger OR invest a single dollar in ad spend.
It’s passive income that’s actually passive.
If you’re serious about making your passive income dreams come true and have a course or two up your sleeve, learn more about Terrain here →