Do you have a million ideas swirling through your brain right now? You know you want to create more passive income, you’ve done your market research (if not, read my in depth how to do market research blog here), you know what your ideal client needs, but you’re not sure which idea you should create first…the amount of residual income ideas are endless. In this blog post I’ll walk you through step by step how to pick which idea to dive into first. Enjoy and share with other #prettyawkward(ly) awesome female entrepreneurs.
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Residual Income Ideas: How to Pick One to Start Tip #1: What’re Your Niches?
Now that you know what your audience needs (based on your market research), and how they’re saying what they need (that’s KEY!), you have to look at what you’re an expert in.
Take a minute to look over your market research notes. Out of what they said they need/want/would pay for…what do you feel most comfortable teaching on/have experience or expertise in?
Let’s take a quick second to talk about integrity, shall we =)
What IS Integrity?
An example of being in integrity:
If my audience said they needed workouts in the gym over and over again and I decided okay, that’s what I have to put out, I wouldn’t be doing that with integrity. I don’t have any certifications, and never workout in a gym. I literally have ZERO idea what to do in a gym, so me putting out something just because my audience wants it in this case, would be dishonest and misleading.
I know this seems obvious to you, cuz you’re a #prettyawkward(ly) awesome human and would never do this, but it warrants repeating over and over…stick to what you KNOW, and have experience in!
How Do You Know What Constitutes Experience?
Credentials such as certifications, schooling, etc are great, and those are the more obvious examples of experience. HOWEVER, if you’ve been through something, you’ve figured out HOW to do something effectively and are starting to help other people do the same…YOU HAVE EXPERIENCE!
Most social media coaches or business coaches I know didn’t go to school for business. My business coach went to school for social work and never used it. I went to school for integrated marketing and communications (say that 5 times fast) and even though I was valedictorian of my business school (moment of boasting, okay, now that that’s over), I learned ZILCH about social media marketing. I had ONE internet marketing class and at the time Facebook was only available to college students with a college email (wow…am I outdating myself?!).
Everything my coach and I have learned has been through experience, online courses, working with coaches, and a TON of self-learning. Because we don’t have a “degree in social media marketing” does that mean we shouldn’t teach it?
We’d be robbing a ton of people of our knowledge, insight, and experience. We’ve both built 6 figure businesses utilizing different strategies, and to keep that to ourselves because we didn’t go to school for it would be SELFISH.
Rule of Thumb:
If you’ve figured something out and are a few steps ahead of your ideal client, you can learn how to teach them what you’ve done!
I was able to create a few successful passive income products this year. Did I go to school for “creating passive income products?” Erm…No (is that a thing? Prob not). But I’ve had enough experience, through my wins and fails to teach it to other people effectively.
Now before I move onto the next step, I have to put a disclaimer. If your industry requires you to have a specific degree because of sensitive issues, that is the exception to the rule. Example: if you’re treating someone with a severe eating disorder, I would personally (again, personal opinion), recommend having some sort of specialty training or counseling in this area.
Write down all the areas you have expertise or experience in that coincide with what your market research says your client needs. Which overlap? Circle them now and write them down on a separate piece of paper. Those are going to be the topics you have to choose from to create your first passive income product.
Residual Income Ideas: How to Pick One to Start Tip #2: Which Niche Market Do You Want to Dominate?
The next step is deciding on which of the topics you have experience in that overlap with your ideal clients needs and wants would you actually want to DOMINATE?! What would you actually ENJOY talking about over and over and over again?
Remember…if you’re going to be successful and thrive in this area, you’re going to want to talk about it non-stop. You want to be known as the “it girl” for this specific topic.
My quick example:
My intermittent fasting kickstart. You can check it out here to see the funnel steps.
This leads into an upsell for my complete guide to intermittent fasting and macro tracking mini course. Even though I enjoy helping people with their life + business more at this point in my life, I have enjoyed (and still do!) talking about intermittent fasting and flexible dieting…and talk about it…A LOT!
Now, it’s more of a passive income business for me (yas, it’s possible ladies!), but I enjoyed talking about it for 2+ years so that I COULD build it up to become a passive business, while not wanting to hit my head against a wall.
YOU MUST ENJOY THE TOPIC YOU’RE TALKING ABOUT OR YOU WON’T ENJOY YOUR BIZ!
Example that I used above of NOT doing this:
I really don’t care to talk about workouts/make workouts/etc, and quickly realized that. I decided to pivot to nutrition/mindset, which I felt I could talk about ALL DAY, even though one aspect of my market research showed that my audience wanted workouts/info on that–it didn’t fit into what I wanted to talk about/my expertise–so it wasn’t what I put out there.
Remember…you can’t be all things to all people. Talk about what YOU’RE good at, and love, and they’ll respect the hell out of you AND get a ton of value out of what you’re making. Niching down and focusing on what you’re specifically good at and love talking about will make you stand out WAY more than being another generic “health and fitness coach” or “business coach.”
Niching down business example:
I help health & fitness coaches who are drowning in 1:1 clients create passive income so they can put family first.
Niching down health and fitness example:
I help women lose fat with intermittent fasting and experience freedom from food obsession.
I’ll do an entire blog post on niching down, but remember…your niche is specifically what you help people accomplish. Dive deep into that when putting out your first passive income product and you’ll be golden.
Residual Income Ideas: How to Pick One to Start Tip #3: Which Topic Would You Easily Create a Free Offer & Content For?
Now that you’ve decided what your ideal client needs, what you’re an expertise in and would love talking about, the last thing you should check before diving into creation mode is…could you easily create a free offer and consistent content from this topic?
If you’re going to deep dive into this topic to create trust with your audience (which is crucial before you put out ANY passive income product), you’re going to need to have a few different things to talk about.
A few questions to ask yourself:
- Is this topic deep dive worthy?
- Can you easily separate this topic into a few different categories to create different freebies, blog posts, live videos, and social media captions?
- Is this a topic people would WANT to deep dive into?
- Do you get a lot of specific questions about this topic?
Real Life Example:
When I first started talking about intermittent fasting for women I thought I’d have nothing to talk about past my first blog post. Intermittent fasting is pretty straightforward (or so I thought). You eat within a condensed time period and fast the rest of the time. Bada-bing, bada-BOOM. What else is there to know?!
Then the questions started flowing in….
- What can I eat/drink during my fast?
- What’re the different intermittent fasting eating schedules?
- What if I’m on vacation and everyone is eating breakfast?
- Can I have bulletproof coffee during my fast?
- Can I drink coffee in general during my fast?
I’ll leave it at that, because the amount of categories I’ve dove into (and continue to!) with intermittent fasting are endless. I was able to create SO much content around this one topic as well as run successful free challenges, workshops (that led into my paid Ditch the Diet program), that I would’ve been a FOOL not to make this my expertise and niche.
Answer the questions above and decide on which topic you’re ready to deep dive into! I’d love to hear your answers in my free female entrepreneur community!
Residual Income Ideas: How to Pick One to Start Recap
These 4 Components Must Be Present
- You’re putting out something they need/want/would pay for
- You have experience in/expertise in/are comfortable teaching the topic from above
- You actually ENJOY talking about/teaching on this topic over and over.
- You can deep dive into this topic for a long time without running out of things to talk about.
These four components MUST be present, otherwise you won’t be leading with integrity and will HATE what you’re constantly talking about.
Good luck and keep me posted in my free community with what you’re creating!!
Tell me about you! Do you struggle with narrowing in on one idea for your passive income product? Which of these tips will you implement?
Megan Yelaney | Life + Business Coach
PS. Be sure to join my free female entrepreneur community! Join here.
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