Making Money Without Working
Now obviously, “Make Money Doing Nothing” is a clickbait title because it’s clear that I don’t do “nothing.” But this morning, I posted on my Instagram a photo of me frolicking in a field of canola because that’s actually how I spent my weekend, and I shared how I was so grateful that I was able to go off and do things like spend time at the farm or spend time doing my hobbies and still have money coming into my business.
Now particularly in this post I shared, I’m so grateful that I have this business model.
I had so many people reach out to me and ask if I would share what this business model actually is.
And I just want to clarify that it’s not really a business model at all.
So this episode is literally going to be me breaking down exactly how I have 1000s and 1000s of dollars rolling into my bank account even when I’m not actually working on my business or working in my business.
I want to explain to you what it actually means to have passive aspects of your business, as well as what you need to do to build up to the point where you can have money rolling in when you’re not actually working on your business or trading time for money.
I’m here to tell you exactly what I’ve done to get to the point where I can literally go frolic in a field of flowers and still have 1000s of dollars roll into my bank account.
If you did like this episode, be sure to screenshot and share on Instagram and of course, tag me, @erinmayhenry
For such a long time, the idea of making passive income in my business totally, totally overwhelmed me.
Because I think there are a lot of people out there that want to confuse you on their marketing side of things because what it’s going to lead to you feeling is overwhelmed. And then it’s going to lead to you feeling like you need help. And then that’s going to lead to you investing in their products and programs.
So many people will have you believe that the only way that you can make money without working or make money without putting your time into, let’s say, launching or working with one on one clients is if you have these intricate funnels if you’re using Facebook ads is if you’re basically having all of these really complicated systems in the backend of your business. And because so many people don’t understand that, then obviously, the natural inclination is to go invest 10s of 1000s of dollars into a program that’s going to teach you how to get a return on that investment, and I totally fell into this trap.
Although I’ve invested in programs that have been extremely helpful for such a long time, I thought the only way to truly make passive income was to have a really, really epic online course, a really, really complicated funnel and then to be utilizing Facebook ads to be able to maximize the reach for this funnel. And like that is just not the case.
That is not how my business has reoccurring revenue. It’s not how my business can make 1000s of dollars while I am away from my computer, away from my phone. So how do I actually do this? I’m gonna break down exactly what my business model looks like so you can get an understanding:
1) AN ENGAGED AUDIENCE
The reason why my business is able to make so many sales isn’t because I’m using Facebook ads, isn’t because I have an overly complicated funnel, it’s because I have an audience who knows, likes, and trusts me and buys from me when I do show up and sell.
Having people to consistently buy from you is the key to being able to make money while you’re not working.
Now visibility to new audiences is also a big part of this. Here’s the thing, some people will follow you forever because they absolutely love you for years and years and years. But there is a turnover of audience.
So, you know, people are probably going to actively follow you for maybe nine to 12 months. That’s like being generous. And so you can’t just rely on having the audience you have now and never growing it you have to be replenishing the people who are falling off. So it doesn’t mean that you always have to have this huge influx of visibility happening, but a healthy, steady rate of growth is so important for you to be able to make consistent new money in your business, which is ultimately the thing that replenishes the strategy that I’m going to talk about.
2) RESIDUAL INCOME
This is how I make money without actually working – Residual income that has exponentially built up over time. When I started my business in 2017. I didn’t have 30 to $50,000 of reoccurring revenue coming into my business this is something that has built up over time.
So there are two different types of income that my business sees every single month: There’s residual income and there’s new income.
New income is the money that comes from new sales. So every month, yes, I am making new sales. I’m making new sales by actively promoting something. So whether that be if I’m launching or if I’m just selling something, I every single month do make new sales in my business, and that is new enrollments into my courses and into my programs.
However, if I were to take a month off my business, I would still be able to make a minimum at the moment of around 30 to $40,000 without selling anything without even showing up on social media. And that is because of residual income. And there is one way specifically that I make residual income, and it is from payment plans.
Now I know a lot of people are afraid of payment plans because they think, what if people don’t pay for them? Well, it happens sometimes I think over the course of my business, honestly, I’ve lost about $25,000 in unpaid payment plans. Now we’ve got a much more strict process now with a collections agency and really, really tight policies around no refunds and no cancellations.
That is how money is rolling into my business. Now. Obviously, payment plans only have a particular length of time. So I do payment plans anywhere from two to 12 months, depending on the program.
Think about it like this, if I do a launch of Simply Business in July 2021 And I have a 12-month payment plan. If let’s say 50% of those people are paying me $300, so let’s say I have 20 people paying me $300 Every single month. That alone is $6,000 coming into my business every single month for 12 months.
So that is one activity that I’ve done. So I’ve launched and run Simply Business, and for the next 12 months, I have like a guaranteed $6,000 coming in. Then let’s say in September I launch Influencer Vibes, and let’s say I have 50 people on a payment plan paying me $200 a month. That’s another $10,000. So if I have 50 people on a $200 a month payment plan, and then I have whatever I said before, however many people equaling to six, that’s $6,000. That’s $16,000 just from term physical activities that I’ve done launching simply business launching and running simply business and launching and running influence vibes. But for the next, let’s say, 12 months, I have $16,000 coming into my business, and so it’s the accumulation of these payment plans over time from launches that I have done in the past.
Now, you might say, well, it’s not technically completely passive. And you’d be correct in saying that because I’m still delivering these programs. I’m still working with my one-on-one clients. I am still working on influencer vibes. But here’s the thing where scalability comes from goes back to your audience.
Let’s break down influencer vibes I launched influencer vibes in July of 2021. So it’s just over a year that I’ve been running this program, and I’ve run it three times there are now almost 300 students in that program, and I have already created the course the content is there. All the marketing around the launches and all the emails are already there.
This is work that I’ve already done, like everything’s already there, so it’s not a whole lot of work to launch.
So I have all of the infrastructures there, but every time I launch, as my audience grows as my audience gets bigger, I’m able to attract more and more sales and, therefore, more and more residual income. So the bigger my audience grows, the more people that I can have come into these programs.
3) PASSIVE INCOME
Passive sales are from the programs that I have created that have been sold through content that has a lifespan.
Every time you creat
e a piece of content and sell, whether you’re selling directly into the program, or whether you’re pushing people towards a funnel, and if that piece of content has a lifespan over time that is one way that you will be able to accumulate both new sales passively, and then also possibly even reoccurring revenue that comes from these payment plans.
So how does this apply to you?
Let’s break it down. This is very simple. All you need to do is:
Build an audience that is consistently being replenished.
Sell products to that audience
Have payment plans on those programs, the more that you can sell, the more people that you can get in, the more payment plans that you can have accumulating over time
Sell consistently, possibly have a variation of products that you can fluctuate between that you can accumulate these payment plans over time.
Focus on bringing new sales in as well as getting that residual income from reoccurring revenue from payment plans.
That is it.
That’s how I make money without actually working.
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