How do service based industries earn passive income?

Passive income cash tap

Your knowledge can produce a passive income stream for your business

When we offer a service we are continually living in the ‘hour-for-money’ mindset. But as a service provider it is possible to generate income in other ways. As service based providers we are basically selling our knowledge and expertise. The key to service based industries earning a passive income is to package your knowledge and expertise in your specific business and turn it into a product.

Sit down, put it ‘on paper’ and develop a system that allows people to do for themselves what you essentially do for them. Make it an easy, step-by-step system that may include things like:

  • Your top 10 tips
  • The key to success in your area
  • How-to guides and workbooks

The product should be something that people can buy while you sleep. They should be able to purchase it through your website and it will enable them to do what you do on a DIY basis. The key is to make your product a content driven, quick and easy solution to their problem. Give them direction in terms of what you do in your business, the flow of what you do to help people and make it DIY.

Once you have generated that product, you can generate the passive income that you want for your service based business.

Take a look at a few of my products to see what I mean and get some ideas flowing.

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