#13: How to Build a Passive Income System

 

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0:01  

Hey there, I got a quick question for you. Have you been stuck in this cycle of creating resources and adding them to your store and creating more resources and more resources and more resources, and nobody's really buying them. So you're spending all of this time creating resources, you're trying to get to this magic number of 100. But yet, in the meantime, you're not making money. If you're shaking your head up and down, then this is definitely the episode for you. Because today we're going to be talking about how you can break free from that cycle of creating tons of resources, and instead, use a secret weapon in order to earn money from every resource that you make. And when I say every, I'm talking every digital resource freebies included. So if you're ready to move, past that coffee money, you've been making that $2 to $3 a day and actually add some commas to your bank account, then this is definitely the episode for you. So come on yeah, let's do this.

 

Classroom to CEO Podcast Intro Music

 

1:24  

I'm Erica Terry, a former high school teacher turns CEO, and I help educators just like you to build an online business, where you're using your unique gifts, and the amazing skillset that you've developed in the classroom to empower teachers all over the world. Each week, I'll be providing you with simple, actionable steps that equip you to create multiple streams of income as an edupreneur. So if you're an ambitious educator that's ready to grow an online business and create a life that you love then you definitely in the right place. So turn up the volume. And let's get started. This is the Classroom to CEO Podcast.

 

2:16  

Hey there and welcome to another episode of the Classroom to CEO Podcast. I am your host, Erica Terry, and I am so glad that you are here with me today. Now I know that talking about money, more specifically talking about making money, make so many educators feel uncomfortable. And so I want you to know right now that I'm not trying to make you uncomfortable. But the truth of the matter is that when it comes to having your own online business, either you're doing it as a hobby, or you truly want to earn money. You truly want to create multiple streams of income, you want to be able to create a life that you absolutely love. You want to be able to build a legacy for your family, for your children, for your grandchildren, your great-grandchildren. And so if that's what you're all about creating a legacy, empowering others beginning pay for your gifts, getting paid for your talents, getting paid for your knowledge, then this is definitely the episode for you. Because I'm actually doing a 2 part series that's going to help you earn more money as an edupreneur. 

 

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Today we are talking about the secret weapon that allowed me to be able to grow my business past just earning money from the actual resources that I create and fail. I know so many teachers, sellers, they get caught up in thinking that there's only one way to earn money as an edupreneur and that's simply not true. There are so many different ways. As a matter of fact, at the end of August, I'm going to be hosting a Virtual Summit, where I'm bringing on over 20 of the top edupreneurs from all over the world to talk about a variety of different income streams that they're using in order to earn money from their online businesses. And so you're definitely gonna want to keep your eyes open for that because it is coming to you “Edupreneur Week 2020” will be here August 30, through September 3, and we're going to have a blast and so I will definitely keep you all posted because we're going to be sharing quite a few different income streams, some of which may be very surprising. They were surprising to me. 

 

4:53  

But for today, we are focusing on one of my favorite additional streams of income. And that's passive income, creating a passive income for your business that allows you, and I hate to sound cliche, but it's true, it allows you to earn money in your sleep. I cannot tell you the feeling of joy and excitement you get when you turn over in the morning, and you look at your phone, you check your email, and you see a subject line that says you've just been paid. And I mean your sleep, you got paid off of something that you didn't even take the time to create because you were using affiliate marketing. And that's what we're going to talk about today. We're going to talk about and explore what affiliate marketing is and how you can use it as an edupreneur to grow your income. And then next week, you are going to definitely want to come back because I'm gonna be exploring and sharing 5 different ways that you can earn money using affiliate marketing as an edupreneur. 

 

6:10  

Alright guys, so let's get into the details of what affiliate marketing is. Now I know you may be listening to this and you've never heard of affiliate marketing or passive income before in your life. You thought that being an edupreneur meant that you were going to have to create a whole bunch of resources, add them to your store on an online marketplace, then go create some more resources and add those to the store and keep creating resources to you finally get to the magic number of 100, where that came from I have no idea but, I know many edupreneurs that have spent months if not close to a year creating resources, resources, resources, and yet they are earning what I like to call coffee money. 

 

7:07  

Coffee money is where you get like $2 or $3 a day enough to buy you a cup of coffee. We want to move from coffee money to comma money, comma money is where you are depositing $1,000 or more every month into your business bank account. And so one of the strategies that I have successfully been able to use to get to that place in my business is affiliate marketing. And so if you've ever heard of somebody talking about you can make money in your sleep, or talking about earning passive income, then what they were really talking about is affiliate marketing. And so for those of you that have never heard of affiliate marketing before, because you've been just concentrating solely on creating resources, then the best way for me to describe it is It's like a referral program. But oftentimes for those programs and products that you use for your business, you'll see when you log into your account, they'll have a referral program that might give you like a free month if you refer a friend to also use that program or that product. And so that's a referral program. 

 

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But if you go to the footer of that company's website, oftentimes you will see affiliate program and so the affiliate program rather than you getting an extra month, which may be worth like $10 or $15 a month, depending on what product it is, you actually earn money and you keep earning money. So that friend that you referred to and you got your free month of the service. If you had been an affiliate and refer that same friend using your affiliate link, then you would have probably gotten close to 40% of their subscription every single month. So just think about it for a minute. 

 

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Let's say the product that you are requiring cost you $10 a month, then you refer your friend, they gave you one month free, so that was worth $10 for you, not bad. But if you had been an affiliate, and you were earning 40% of their monthly subscription, that's $4 a month. And just think if they stay in the program for 10 months or a year, two years, you're earning $4 every single month. So whereas they gave you $10 upfront as a part of the referral program, you would have earned $4 a month and if your friend stays in the program for 12 months, that's $48 you earned in that first year. If they continue to stay in the program, you continue to earn that money month after month after month. That's why it's called passive income. That's why it's called recurring revenue. Because once your plan signs up, you don't have to do any more work is passive. You just keep getting that email that says you've just been paid month after month after month. That's the beauty of affiliate marketing.

 

10:32  

Now, what I don't want you to do is to walk away from this episode and think that Oh, there's this thing called affiliate marketing and all I gotta do is sign up for some programs, throw some links up, and I'm gonna be getting paid in my sleep because it's passive income. So clearly, I don't have to do anything. No, no, no, let me bust down that myth right now. Just because it's passive does not mean that you can be passive. That is not the case at all. If you want to generate passive income, then you most certainly cannot be passive at all. You have to actively promote the affiliate products, you have to promote them at the right time to the right people. And we're gonna get into that and so much more in today's Power Hour. 

Power Hour Intro Music

 

11:34  

Power Hour, these simple, actionable steps empower you to create an online business that includes multiple streams of income in just one hour a day. Are you ready to move from the Classroom to CEO? Of course, you are. So let's do this.

 

11:57  

If you've been listening to this episode, and you're like, "Oh my gosh", "I really want to learn more about affiliate marketing"? I would love to use my summer break to create a new income stream and affiliate marketing sounds like that's what it is. That's what I want to create. Then I want to invite you to join me for the next Passive Payday Bootcamp, which is a 5 Day Bootcamp that I run live for edupreneurs or even educators that haven't started their own business that don't have a website that haven't created any resources yet, it does not matter because you don't need any of those things in order to earn passive income. 

 

12:42  

And so if you ready to get started, if you're ready to add more dollar size to your bank account, then you're definitely going to want to go to www.classroomtoceo.com/bootcamp and find out when our next 5 Day Live Bootcamp is taking place. Because I promise you that within 5 days, not only will you learn about affiliate marketing and learn how to promote affiliate products, but you will make your first affiliate sale in that week, I promise that you will. So once again, go to www.classroomtoceo.com/bootcamp and sign up today. 

 

13:31  

Now that you know what affiliate marketing is, now that I've burst down one of those great myths that affiliate marketing is passive, so you don't have to do any work. That's so not true. What I want you to do is make up in your mind right now make a commitment to creating a new income stream this summer. Maybe affiliate marketing doesn't sound appealing to you. And that's fine. But continue to listen to the podcast because, for the rest of the summer, I am going to be bringing to you different income streams that you can create as an edupreneur. And if affiliate marketing is something that you're more interested in, then definitely take your Power Hour Action Steps, join me for the next Bootcamp and also tune in to next week's episode where I will be sharing with you 5 different ways that you can earn money as an edupreneur, using affiliate marketing, even if you don't have your own website, even if you've never created a resource. 

 

14:47  

These strategies will work. I promise you guys, it doesn't matter if you're brand spanking new or if you've been doing this for years, or if you haven't even started your business yet. Trust me one of those 5 ways to earn passive income that you're going to learn about next week will work for you. Alright, so as always, thank you for listening. 

Classroom to CEO Podcast Outro Music

15:11  

If you've been enjoying the Classroom to CEO Podcast, then I would love to hear about it. So no matter if you're listening on Apple, Spotify, Google, no matter where you listen from, please, please please leave a review and let me know that you love the show or give me some feedback that I can use to make it better for you. I want to make sure that I'm empowering you to build a legacy to grow your business and to create a life that you love. As always, I know I keep saying it but I want you to get this in your bones guys. You are only one additional income stream away from moving from the Classroom to CEO. And affiliate marketing is definitely an income stream that you can add to your portfolio. So until next time, have a great week. Bye!

 

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