Passive Income & Resellable Product

Continuing on from last week, I was detailing some things you might want to consider when looking to build a website that actually does some of the work for your business, particularly in a time of economic unrest when you want to make sure that your marketing efforts yield income.

Speaking of income, I’m sure you’ve heard the term passive income…essentially passive income refers to income you receive that involves little active participation from you at the time of purchase. If you operate a business that is primarily service based, chances are you’ve already realized that without some sort of resellables or employees in place, you don’t get paid when you don’t work. I don’t know about you, but frankly I’m not good with that. I’d like to look forward to my time off, rather than worry about how I’ll afford it, and you should too!

One great way to bring the benefits of passive income into your business is to develop or select resellable product to offer to your existing clients – this is particularly easy to make a part of your plan if you are already keeping in regular contact with your database, either through blogging, newsletters, mailouts, or web promotions such as pay-per-click campaigns.

Consider what you currently sell that you can offer for sale online. While websites are great for building credibility, they are even greater when you fully realize the potential for selling product online. If you are in a business that is largely service oriented, and find that your time is booked up and that people can’t access you when they would like to, it is worth looking at how you can package your services and deliver them in a resellable format.

Drawing from our own client base, a perfect example of this is the professional trainer – after many years in the business this trainer has developed many programs that she is able to offer to groups and individuals. These programs are accompanied by workbooks and presentations which she and her consultants typically deliver in classroom settings. In 2009, her goal is to turn these proven and already existing programs into home study courses through a combination of pdf manuals and cd & dvd presentation components, thereby making access to her training much more widely available. Of course the added benefit to this is that as she becomes successful at marketing her resellable product she can scale back her hours or go on vacation, without the worry of everything grinding to a halt in her absence. Nice!

In the event that you have no way of turning your service offerings into resellable product, affiliate reseller programs and drop shipping arrangements can be a quick and effective way of adding product to what you have to offer. When looking for products, think about what is complimentary to your existing offerings that would be of interest to your clients.

For more information about how Catch This! helps their clients develop, package, and market resellable product, visit our website at www.catchthis.ca