Adding passive income streams to your business is a great way to stop trading time for money. But how do you create leveraged income?
When Lisa Johnson was tired of working hours and hours without seeing the results she wanted, she discovered passive income streams and has now become an expert in creating leveraged income.
It all started when Lisa got pregnant with twins. She quit her corporate job and became a PA in order to have more time with her family. However, she quickly got bored and was earning a lot less than before. Lisa decided to take a leap and started a wedding planner business. This was six years ago, and Lisa didn’t know anything about running her own business.
She hired a business coach, learned everything there was to know and within 5 months, she completely turned her business around to be the most well known UK urban wedding planner company.
People started asking how she had done it and Lisa realised that business coaching might be just the thing for her. Three years ago, she started a business coaching company and it took off quickly, but she still wasn’t very happy. She had traded in a 9-5 job to work from 6 o’clock in the morning to 11 o’clock at night.
That’s when she realised she needed a completely different business model, and discovered passive income streams. Now, she's earning over $1M a year from passive income.
Lisa joins me today to reveal the myth about passive income and talk about the system she developed to create leveraged income. She also shares how she incorporates her membership in her business and what other income streams her business has.
If you ever wondered how to create leveraged income for your business, this episode is a must-listen.
“If you’re doing passive income, you need to ensure that you are remarketing over and over again. It’s about having happy clients, not just having clients who are there once and then disappear.” - Lisa Johnson
What you will get out of this episode:
- Why Lisa started her own business and how she became a business coach (3:07)
- How Lisa discovered passive income streams (5:19)
- How to build passive income using Lisa’s CASSH system (8:53)
- Why a passive income stream can’t be totally passive (11:33)
- Why Lisa is a fan of product launching and semi-passive business models (16:00)
- Lisa’s membership (18:13)
- Lisa’s other income streams (19:05)
- What’s next for Lisa (24:09)
Do you want to learn more about creating different revenue streams? Find out how to diversify your income or discover revenue streams for lifestyle entrepreneurs.
Creating Leveraged Income with Lisa’s CASSH system
There are a lot of different kinds of passive income streams and for each one of them, Lisa found that she needed to do the same thing in the same order to set it up successfully. That’s how she developed her own system called CASSH to help her clients create leveraged income themselves. Here’s how it works:
C – Client
Know who you want to serve – even before you think of having a membership or creating a course. Who do you want to help with your offer? This is the very first thing you need to know.
A – Audience
Once you know who you want to serve, start building an audience of exactly these people. Use any way that helps growing an audience – whether it’s a sales funnel, speaking engagements or Facebook ads. Once your audience starts to grow, you need to nurture it with regular content.
S – Structures and Systems
Now think about how you are going to deliver the membership, online course or product that will create your passive income stream. What platform are you going to use and what programs do you need?
S – Selling
The selling part is all about launching properly. Lisa says that her launches take up to 12 weeks. During the launch phase, there need to be challenges, bootcamps, masterclasses – in short, everything that will get people’s eyes on you.
H – Happy
If you’re going for leveraged income, you need to market your offer over and over again and make sure that you retain the people who have already signed up. The best and simplest way to do that is by actually getting them the results you promised. It’s about having happy clients, not just having clients who are there once and then disappear.
Are you thinking of setting up passive income streams? I would love to hear about your ideas, experiences and strategies. You can follow and connect with me on Facebook, Twitter, and Instagram.