NO BS With Bree + Stephen

Is Passive Income & Recurring Revenue The Right Fit For You?

February 29, 2020 Bree and Stephen Season 1 Episode 13
NO BS With Bree + Stephen
Is Passive Income & Recurring Revenue The Right Fit For You?
Show Notes Transcript

In this episode we discuss if passive income and recurring revenue is the path for you! Tune in to find out our top 3 online revenue streams and how you can get started making money online today - even if you have no following!

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Bree::   0:00

Bree::   1:19
Hey, guys! So if you are reading the podcast title and you said no...well, you're wrong! Today we're gonna be talking all about passive/ recurring revenue and why they're obtainable for everyone. It doesn't matter how many followers you have. If you're just starting in your business, any type of thing like that, it is doable for you.

Stephen::   1:19
I remember looking up to people who were making passive income selling courses in selling online books and digital downloads or even music production. I love piano guitar. So had no friends doing music and selling it to Hollywood for monthly revenue. And just so amazed, wondering Wow, Well, I'm just showing up and I'm taking photos and then I'm delivering photos and nobody even wants to buy the prints for passive income!

Bree::   1:20
So if you're an entrepreneur and you bring in money for yourself and you have no other full time job or part time job, have you ever just sat down to think about the longevity of your business or what would happen if you were to get sick or get injured? Especially if you're doing a service based product like we are where we have to show up and take photos. And when we first got into photography, we didn't think long term until one of us got sick. And then we were like, Holy shit. If this happens on a wedding day, then what will we do? If we were both sick or if we were both injured, there was pretty much nothing we could do. And that's the same for a lot of you guys who were running a business and you're the only one running the business. If you were to stop doing what you're doing right now, your business would not be running. And that's not to say with passive and recurring revenue that you know, you don't have to do anything, but you have the freedom, to if you were sick and better something like that, you would at least still have the power to do what you need to do in order to make money. So we're gonna break down the ways that we make money through passive and recurring revenue in order to give you guys some ideas. to, start doing that for you guys as well.

Stephen::   2:40
Yes. So I think a lot of business owners when they first get started, they, uh you know, we all got into this whole self business. I am the business owner because we all want to spend more time at home and more time with our family and friends. Right? How's that working out? Exactly. So I want to ask you, Do you have a business or do you have a job with a bunch of different bosses where each sugar clients is a different boss and it's work? It's if you leave. If there's no sick days at this job, I'm gonna ask you again. Do you have a job or do you have a business?

Bree::   3:13
So I know a lot of people when they think of passive income or recurring revenue, they think that they need to have a lot of followers or they need to have a huge impact in order to make it work for them. But we started doing passive income, you know, maybe a year into our business. And we only hod 800 or 1000 followers on Instagram. So it's not even like we had a huge reach to people and we weren't famous on YouTube. We didn't have a famous blogger. We didn't have anything where there was, like, tens of thousands of eyes on our stuff, But we were still making money off of passive income. So let's break down the ways that we do it.

Stephen::   3:52
Our passive income and recurring revenue comes from advertising from affiliates and from digital products sales. And so you might be wondering, OK, advertising do brains, even advertising their Facebook group. There's no ads on this podcast. Yeah, exactly. We definitely don't want, um, toe make this podcast with a bunch of ads just yet, But we have advertising coming in from YouTube now that we only have to have 1000 subscribers on YouTube to start monetizing, and they pay you based on a C P. M, which is your cost per Milly, which means 1000. So how many 1000? How much do you get paid per 1000 views? And it's surprising to see you can get paid between 15 and 40 plus dollars per 1000 views on your content. So imagine if one video on YouTube goes viral and gets over a 1,000,000 views. That's a few $1000 in your pocket.

Bree::   4:46
So that's something that took us a little bit of time. But here's something that you guys can implement right away, which is affiliate codes for products that you guys love. So when we had first started in photography and we had gotten into running our business and having a C R M software and all that fun stuff, we noticed that a lot of CR M software is actually give you an affiliate code, and then they pay you every time you get someone to sign up with their link. So for us we were using Honey book, and every time someone would use our code, we got $200. A lot of people, especially photographer's, already know this, and even if you don't use honey book dumps auto top of a 17 hot I'm sure they all have a similar structure where they have a referral code that you can give out and even outside of that, if you have an email marketing list, if you're using, say, Flo Dusk or convert kit or male chimp most of the time they also have one. Same with galleries, pixie set, shootproof. They all have their own version of an affiliate code, and there's literally affiliate codes for everything. Most businesses nowadays are really, really smart, and they want to get the word out there for basically free in a sense of, like having people promote it. So that's something that you guys can definitely look into. Any type of software that you use for your business doesn't even matter. If you do photography, any type of software that you use, they're gonna have an affiliate code. Another great thing that you guys can start implementing is Amazon affiliate links. This is such a small thing that a lot of people don't even know about. I know when we first started business, we don't We didn't understand affiliate links for Amazon, and it's really simple. You just sign up for the affiliate program and you can start making money off of those links, and the best part is they don't even have to buy the product that you're promoting. As long as they're still using that link and they buy something else, you get a kickback for it. So it's always funny because whenever we put affiliate links for Amazon products under either block posts or our YouTube channel or um, in Facebook, groups of someone asked for a gear recommendation, etcetera. It's always funny to see what other people are buying. I mean, we've had people click on the link and then by, like, bath rugs or a bathing suit or baby clothes. You know, random stuff like that. I had nothing to do with the original post, but we still make money off of it, which is great. So with that being said, you guys should definitely look into Amazon affiliates, and they also have an influencer program where you can sign up for that, and I know that they have a requirement of how many followers and how much engagement you're getting. Um, we recently just got approved for it, but you guys can always apply and try it out and see if you get a proof for it, but it's pretty much the same thing. I think you just get a higher percentage of the kickback versus just the regular Amazon affiliate link.

Stephen::   7:40
Yeah, I'm seriously obsessed with Amazon affiliate links. We could just go on and on. And if you guys are interested, let us know if you want to do a full podcast about Amazon affiliate links. There's so many creative ways to get clicks to those lakes. Some quick examples are you could make a post in a Facebook group or a community that you're in a forum or just sent an email to friends and say, Hey, like, does anybody have this product? Maybe you wanna ask for somebody's opinion on a kitchen item and you could just send the link. Hey, like I saw you had this in your house. What do you think? If anybody buys something on Amazon through that link, then you get 3% and the next revenue stream is digital products. So these air products that maybe it's a video that's uploaded or a digital it got preset. Or maybe a Pdf that you've designed a template on photo shop, a Web design if you're a Web designer, so these have been super helpful because we would get questions every day. Hey, how do I do this on Instagram? Hey, how do I get to my 1st 1000 followers on Instagram? We would get questions about instagram all the time, so we just put all of those answers into a PdF and started charging 20 or 30 bucks for it. And it was awesome to see other photographers, other business owners benefiting from that product. And you can bundle products together, which is cool as well. If you have 10 $20 products, well, you could bundle them into a bundle, and then you could sell them online for maybe $100 for the whole bundle. And then everybody wins. It's really cool, and you can also give people in affiliate link to your digital products so that other people get a percentage kickback from promoting your digital products and anybody that buys through that link. So it's just amazing what you can do with these digital products.

Bree::   9:20
Yeah, and we also have a membership site, which we started because we figured if we're gonna take the time to record longer videos. Then we should upload them to Patreon on so people can have access to them and have, like, a little vault that they can go in. And it's pretty much like a little community where people can ask more in depth questions, and there's just longer videos and stuff like that. So that's also another idea of like starting a membership site or something where people conjoining and, you know, paid to either get information for the month or continuously. So there is really just so many different ways, and I know what you're thinking. You're probably oh, I don't have anything to share. Everything's already been talked about all this kind of stuff. And, you know, I get where you're coming from because I was totally our minds that were like, Oh, well, why would anyone care about what we have to say about this? But you will be surprised. There's so many people out there who resonate with someone else's message and the way that they say it way more than someone else's, and they would rather pay toe listen to that person versus getting that information for for free from someone else and people learn in different ways. Some people really love PDS, and then some people really love videos. Some people love audiobooks, all that kind of stuff. So everyone has something unique that they can share and that they can bring to the table. And I don't think that you should let that self limiting belief of feeling like you don't have anything to share that everything's already been done because you have from in a share with everyone. And I think that everyone should be sharing all of their knowledge with their audience.

Stephen::   10:57
Yeah, exactly. And if you're wondering, Oh, cool. Well, I want to make a course, but I don't know if I want to put it on a membership program or I want to put it on a course and sell it for $500. Or should I charge $50 a month and have a bunch of information that I always update and give people new creative challenges every month? Which one is right for me? And, you know, I think that's a great question. It just depends what kind of lifestyle you want to create for yourself. So do you want to have fun? Creative task to interact with an audience every month. Do you want to put a lot of work up front and create a course? And then once that's done, then you just kind of want to relax for a little bit and just have that course available for sale. You'll want to ask yourself that. But one thing to consider is with recurring revenue. That's money that's coming in every month, so it could be easy to think you're doing great. You start selling a bunch, of course, is spend all that money and then maybe course sails flatline. And it's not as much monthly income as you kind of calculated in the beginning, but with monthly recurring revenue. It's a small snowball that's always growing. You're always adding value to it, and you're always learning with your community along the way how to make it better. And that's money every month coming into your business. Okay, so you're probably wondering why there's so many ideas. What's the first thing that I can do? So that's a great question, I think. Figure out which hat do you want? A. Where do you want to wear the hat of the expert that wants to start talking to the cameras. If you you learn something and you want to share it with people because you feel so confident about it that you can share it Or do you want to take the hat of the reporter? You want to say, Hey, you know what? Like I'm going to go interview all the smartest people and I'm gonna take notes on all their tips and compile that into a document and share that with people and give rightful credit to all the people who share their info. But you can still charge for that document.

Bree::   12:43
And step number two is to curate a plan. You can't just wing these types of things. I mean, maybe you can. But in the long run, you'll learn that you need to have a course of action. And the thing that you need to do is sit down and figure out like Stephen said, which, which job you wanna have? How do you want to go about making your passive income and figure out the steps on how to make that happen? If you are gonna do a course, you may want to figure out howto run a successful launch you can't just record a course and just upload it somewhere and expect people to come to it. It doesn't work like that. Um, And if you're gonna do affiliate links, then think about the best ways that you can talk to your audience. Are they reading your blawg? Do you have the swipe up feature on your instagram? Can you link it through their, um, are you in Facebook groups? Are you active there and, you know, really sit down and figure out a plan of how to make it work? Because at the end of the day, it does take some sort of energy. And it's not one of those things that you can just, you know, put it up and, you know, just let let the money roll in. Long term, it will, because things like this are evergreen, and over time they pick up more traction and they'll make you more money, like the YouTube odds and things like that. But at first it does take a little bit of energy in a little bit of planning. So sit down and figure out what you want to do and what type of research you need to do in order to make it happen.

Stephen::   14:10
So I know there's some people listening that our numbers people and they want, like a full breakdown of this and they're running. Okay, cool. This sounds awesome. How do I make my 1st $100 or my 1st $1000 like right now this month? Or how long will it take? Right. So let's break it down. Let's say we're talking Amazon affiliates, so let's say you see a drone you really want to get. It's a $400 drone you posted in a Facebook group and you say, Hey, does anybody have this drone? I would love to see the photo examples of this drone, and if you get 10 people out of the 100 people that come in a photo, you get 10 people. They're like, Wow, that drone looks good. It's the best one in the market. That's a good deal. I'm gonna buy it Well, 10 times, $400 is $4000 you get 3% of that. So in the clique of one button, you just engaging with people in a Facebook group or or a forum online asking what their opinion is on a product just by clicking that post, you are going to make 3% of 4000 which is 100 and $20. There's your 1st $100 it didn't even take you a month. That was one Facebook post everybody.

Bree::   15:13
Another thing you can do is just curator block post on your website, or have a highlight story on your instagram of your favorite products, or your favorite software is your favorite tools. You get the point and link all of the affiliate links and just wait until people go on there and obviously promoted, and you have to be showing the value like we don't like. We don't promote anything that we don't believe in, and we learned that the hard way because we first started doing it. We would just promote anyone's course or anyone's product and not actually do research into the person or into their course. And we would feel like dumb ass is when their stuff was not good. So we've definitely learned over time to do research on what you're promoting and make sure that it aligns with your values and what you stand for. But, yeah, just start with a block post and put all of your things on there. And you'll also have to check the terms and conditions on certain affiliate link because I know that sometimes you can not do affiliate links that are conflicting with other businesses. So you definitely have to. Um, look into that and see what their terms and conditions are because I know some of them are really strict. But don't let that discourage you. Just find things that align with your business. And if it provides value to you and you can tell people why it provides value to you and why it could help them, then people are more inclined to you. Also by it

Stephen::   16:36
hope this inspires you guys two to start diversifying your income and start earning passive income recurring revenue in your business so that you have money coming in every month. You have money coming in overnight checking your email. You know, if you wake up to get a glass of water would be nice to check your e mail and see Oh, cool. We made 50 bucks just now from this or that, or made $100 here there, and if you take it 10 steps further. Imagine making in the thousands of dollars per day that some of the people that we look up to are doing that. And so we're sharing what we've learned with you guys so that we can all grow together.

Bree::   17:07
So thank you guys so much for listening. We always appreciate everyone's love and support. Thank you guys. So much for all of the reviews that you guys have been leaving. And if you guys have been loving these episodes and you want us to keep going, please leave us a review helps us out so much. And also let us know what other topics you want us to cover. We've been getting great feedback from all of you guys on what you want to hear next, and we're definitely taking that into account. But if you guys want to, find us on Instagram, find us on YouTube, find us on Patreon on find us on the Facebook group. We will leave all of that information in the show notes.

Stephen::   17:44
Thanks, guys. Have a great rest of day