How to build a passive income empire by hiring your “dream team”
Building your business to have a diverse set of income streams is a wise decision. Plus, if you hire a team of freelancers to handle production, your passive income really becomes much more passive once you start your team.
Look at it this way:
If you're investing in the stock market, every financial advisor suggests you spread your investments across a diverse range of stocks and bonds, simply because not every company will always perform well. When one company has a bad quarter, a diversified portfolio allows you to minimize your losses, especially if the other companies in your portfolio are doing well.
Independent contractors are also advised to work for a range of clients instead of devoting all their time to one client, simply because you never know when a client will close shop or decide to hire another contractor.
The same goes for your own business.
What happens if you lose several customers in a month?
Do you have a calm way to compensate for this income or are you struggling with your panic?
Building passive income over time alleviates the panic.
THE BENEFITS OF A “DREAM TEAM” FOR YOUR BUSINESS
Working with independent collaborators allows you to focus on your daily profitable tasks while your products, training, books, summits or webinars are produced in the background. While these products will certainly be profitable, delegating creation to a team makes them even more passive so you can focus on your coaching clients and marketing.
Typically, your dream team will consist of a graphic designer, a copywriter, and a virtual assistant, although your team will differ from other coaches depending on the type of products you create. If you need to expand your team, hire a project manager to oversee deadlines and answer questions from your freelancers. Again, this allows you to focus on your daily tasks.
To get the most out of your team's investment, decide whether you need all of these players on a monthly, quarterly, or annual basis. This frequency will depend heavily on the types of products on your list of ideas and how quickly you want to produce them.
Just keep in mind that freelancers take work throughout the year and there's no guarantee that your favorite writer will be available in 11 months to work on your next project.
One of the most common questions or complaints about hiring a team is that it costs more. This is absolutely true, but think of it as an initial investment in your business. You pay your team one fee per project, but then you can sell the same product for years to come, without any changes.
If you price your product carefully and do the necessary research to find out if it's what your audience wants, you'll likely pay back your initial investment very quickly; the rest of your income will then be pure profit.
One final tip: Advise your dream team to document their processes during the creation period or delegate this task to your project manager. This way, there will be less of a learning curve if you need to hire a new team member in the future because they will be able to refer to these process notes.
CREATE BEST-SELLING TRAINING COURSES THAT YOUR CUSTOMERS WILL DEVOUR
Of course, we all want our training to be so great that it speaks for itself, so we can't just improvise when it comes to choosing a topic for our training. Creating a best-selling course that our fans will love requires careful thought and I have exactly the plan you need. My latest Mastercourse “Freedom Formula” consists of 4 modules and is a self-paced training course that you can follow at your own pace.
In addition to the 4 modules, “FREEDOM FORMULA – How to Create Profitable Training Your Buyers Devour in Record Time” also comes with a workbook of easy-to-implement workbooks and checklists to help you stay organized during the process. Put on your creative suit, bring in the few key people you need, and you'll be well on your way to finally creating the training you've been dreaming of.
Click here to join me on this “FREEDOM FORMULA” Mastercourse.
