7 Quick & Long-Term Streams of Income – Part 4

7 Quick & Long-Term Streams of Income - Part 4

I have created some helpful tips to create passive income for your practice. In this article, I will be going over steps  6 and 7 of my 7 Quick & Long-Term Streams of Income.

E-Course

Idea six is an e-course. The concept here is people are learning from home. I don’t need to tell you that there’s
never been a time like this where online learning is exploding. What can you teach them? Build a course in Teachable or Kajabi. We use teachable, we can support you in that if you have questions. Kajabi is also a good one, we’re not familiar with that platform to be able to walk through it with you.

Implementing an E-course

I mean really we’re looking at a two to four week implementation. Focusing on maybe an audio course, where you can just use something like this to record the audio. If you’re doing video, that’s going to be a little bit more complex. You’re going to need good quality mics, lights and maybe a videographer unless you have you know those sorts of things. Honestly, you can just create slides like these slides. These slides were from Slide Carnival. This design came through them totally free.  It integrates with your google drive and then you import it.  I mean honestly, you could use something like QuickTime to just walk people through this. Then do an e-course and sketch it out.
Over two to four weeks you can record on QuickTime and focus on the minimum viable product. So what’s the minimum amount that you could do that to you makes sense. Imagine that you sold your e-course for 200. It could be on ways to reduce anxiety in kids or a seven-week course that’s all on helping parents. There’s so many different ideas there. There’d be an extra thousand dollars a month.

Determining your content

So how would you do this? First focus on the pain in the people. Focus on one problem you will solve through your
course. You really want to focus on what is the smallest fastest course that you can give people. People don’t sign up for an e-course because they want to have 30 hours, they want to be saved time. The pain and the people you are
speeding up their progress by doing this. You don’t need to have a 30-hour course. It could be that you have slides and you do 7 to 20 minute videos on something. Then give a little content some downloads and then boom you’ve got a course. When this whole thing’s over you’re gonna have something you can point people to.

Creating the Content

Create the content. So you’re creating videos with slides and audio or audio only. Or you use zoom interviews to interview experts.Then create pdfs using Canva.com as downloads to help with their outcomes. So you want to think through, “okay someone watches this video what are their next questions.” If I was doing it for this, maybe I’d have a workbook of all seven of the ideas. I’d have a summary of what I covered.  I might have sections for you to write in it and brainstorm your own ideas. I might have videos with links you know in the e-course.

Promoting

Then you’re going to promote the idea.  You’ll build a webinar like this, on a platform like zoom, to talk about the problem, myths, and reasons why this pain exists. Then have the next step be to buy that e-course.

Podcast

Idea seven, not six, I made these slides quickly as you can tell. I wanted to get the information out to you. So the concept here is a podcast builds an audience to make money from sponsors, your products and affiliates. It’s the
broadest and easiest way to build an audience. So with this, a podcast, honestly is the best use of your time right now, if you want to reach a broader audience.

Implementing a Podcast

Time to implement. To do it well, you should probably spend at least six weeks in planning and recording. I’m going to walk you through some extra slides on this one because I’m really passionate about people that are highly educated like yourselves putting podcasts out there. We now have the Practice of the Practice podcast network where we’re launching 12 new podcasts in quarters one and two of this year. I’m going to walk you through some of
the typical income as well.

Determine your Message

First, you’re going to want to determine your message for idea number seven. What’s the problem your podcast will
solve? Is this a pain people want to stop feeling?

Preparing your Podcast

Focus on solo shows. Do at least five solo shows where you’re talking about kind of the main pillars of your podcast. Then moving to some interviews and then some live consulting. So this really sets you up as the expert. We really want to have you create your first episodes, at least 15 episodes, before launch, so on launch day you can launch five.  Then you can be releasing those next 10 episodes weekly and not be worrying about making content. you can buy music from  Jamendo.com.  We don’t have an affiliate link with them. You want to pay the 49 for a license that you can use in videos and podcasts so you don’t get sued. The mic that we recommend is here. That is an affiliate link with amazon, but that microphone, the AT2020 USB, is the one that I personally use for the podcast. It’s the one that our podcasters use.

Launching your podcast

Then you’re going to launch your podcast. You’re going to submit your feed from WordPress. From your WordPress plugins to iTunes connect, create show notes and transcribe each episode. Coordinate with guests and promote it.

The Stats

So let’s just look a little bit of podcasting compared to blogs and YouTube. So for every person, there are two blogs. Not blog posts, blogs. So there’s a ton of blogs out there,750 million. Now statistically, if this was a six foot tall person let’s compare what that looks like. So for every one YouTube channel, there are 6.2 people. So there’s about 25 million youtube channels out there. So the statistical difference between a blog and youtube is the difference between six-foot tall person and King Kong. All right now let’s look at a podcast for every podcast that’s out there there are a thousand people. All right 160,000 podcasts a month or 160,000 podcasts are posting at least monthly. So when you look at the stats, podcasting is an awesome use of your time.  That’s the statistical difference of Mount Everest compared to King Kong compared to a six-foot-tall person. So the data is really there. So find your audience first and the income will follow is the big thing.

The Financial Side

But let me just talk through kind of the financial side. The single best way for you to make money off of a podcast is to have your own products. Having your own things, whether that’s a membership community, an e-course, or any of these things we talked about that’s the best way. You have that trust with your audience and when potential sponsors know that you have built up your audience, that they actually buy, that’s when they want to be sponsors.  If you can’t even get your own audience to buy something from you, that’s a red flag to sponsors. So you want to make sure that you’re able to find what the pain is and solve that for your audience first.

Sponsors and Affiliates

So any of these other previous things you could sell through a podcast. But then for sponsorships, there’s a thing where they have a cost per thousand. So typically they’ll pay thirty dollars per thousand downloads. In the first sixty days. So say you get five thousand downloads in the first sixty days that’s a hundred and fifty dollars. Now I don’t subscribe to that, because if you have an audience that is super niched, and that is the exact audience that a sponsor wants, they will pay a thousand to two thousand dollars per episode to get in front of that audience. So for us this year we’re going to do six figures in sponsorship. For a typical new sponsor or a typical podcast, you’re probably looking at you know two to three thousand dollars in the first year when you’ve launched. Affiliate wise it would be very similar numbers to what we had said before. Affiliate wise you’re going to make maybe a few hundred dollars a month from the podcast. But really it’s promoting your own product and getting your own people and understanding that pain more.  So the big concept here is find your audience first and the income will follow.

Taking Action

All right so just think for a second what would an extra thousand dollars per month do for you? Let’s talk action.
So first how you’re going to do this is an evaluation phase. I want you to observe, listen, and engage. Find out from your own clients.  Find out from where you’re on social media. What is it that for you is really, you’re noticing you’re hearing you want to engage with.

Time Blocking

Next, we want to do some time blocking. This is where we block out time that we’re going to work on something. So
maybe every Tuesday morning from 9 to 11, that’s my best energy, I’m going to work on launching a podcast. I’m going to work on you know doing more blog posts. I’m going to block that time. You’re going to sprint like crazy so set a timer for 20 minutes. You’re going to sprint for those 20 minutes then take a breath. Walk around get a cup of coffee to evaluate how you did and then repeat that.

Launch

Then after that, we want to launch. We want to, whatever of these things that you want to launch, we want to do the minimum viable product to get it out there so that we can get feedback. We want it to be imperfect. That testing gives us data if we launch something and get some feedback on it. It makes it so much easier than if we just kind of push and push and push and have it be perfect from the beginning.

Slow Down

Then we want to slow down. So we want to allow the brain to rest before we evaluate. This is key. As many of you know. We’ve got Slow Down School, which is an event we put on in the summer where high achieving practices,
podcasters, and big ideas people come together. We slow down and then we work on their businesses. We’ll see how that goes with the whole coronavirus thing we might have to pause it this year.  Then we have another event called
Killin’ it Camp.  We run full tilt towards your business and big ideas. So that idea of killing a camp and slowing down is all part of the same way of doing business. We want to let your brain slow down.  I mean even back here, I have breathe, sprint, kill it, relax, repeat. Like that is how I live my life. Where Tuesday, Wednesday , and Thursday I run full tilt. And then I have a four day weekend where I refresh, and I rejuvenate. I bake, I you know play with the kids and then come back just ready to tear it up for the days that I’m working.
So we’re going to time block, we’re going to launch, we’re going to slow down and repeat.  That over and over
and over.

Joseph R. Sanok, MA, LLP, LPC, NCC

joe-sanok-private-practice-consultant-headshot-smaller-versionJoe Sanok is an ambitious results expert. He is a private practice business consultant and counselor that helps small businesses and counselors in private practice to increase revenue and have more fun! He helps owners with website design, vision, growth, and using their time to create income through being a private practice consultant. Joe was frustrated with his lack of business and marketing skills when he left graduate school. He loved helping people through counseling but felt that often people couldn’t find him. Over the past few years, he has grown his skills, income, and ability to lead others, while still maintaining an active private practice in Traverse City, MI. To link to Joe’s Google+

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.