How to Turn Your Product or Service Based Business Into a Passive Profit Source

Written by Kim Tipton

Published on January 30, 2020

Most of you are looking to create a revenue-generating business that doesn’t require much work from you. With the right planning and tools, this could be possible. Today we’re covering how to turn your current product or service-based business into a passive profit source with little work on your behave. Our TSP Mastermind Executive Coach, Stephanie Rollins, sat down for a quick interview with Kat “The Coursebuilder” Dunn and she shared some key tips to mastering the whole “making money while you sleep” strategy. 

Keep reading to see my top 3 takeaways from this interview. 

Here’s what you should know about today’s expert: 

Course building expert Katherine Dunn has more than 18 years of experience creating learning and development programs for some of the most recognizable brands such as Verizon Wireless, Ocean Spray, The Internal Revenue Service, and The United Way.

Her business building expertise has been featured on ABC, NBC, and CBS. She helps new business owners and corporate employees transitioning to entrepreneurship to build businesses around their expertise and digital offerings.

Katherine holds a Master’s Degree in Instructional Design and Teaching with Technology as well as an MBA from the University of Florida. Her Bachelor’s Degree in Journalism and Communication gives her a unique ability to create learning experiences that are easily understood and are complete with the content that adult learners want.

In this article: 

  1. What is a passive profit source?
  2. Why should I teach others how to do what I’ve done?
  3. Why would people pay me when they can just go to Google?

What is a passive profit source?

A passive profit source is an income stream that runs automatically without you having to be there. Your ultimate goal should be to find a formula or way to duplicate you and your work without you actually being there. This could include creating prerecorded trainings and video content for future use. 

Why should I teach others how to do what I’ve done?

During the interview, Kat mentioned that in 2019 Entrepreneur magazine stated that 90% of all learning was informal. This means that 90% of people who wanted to extend their education didn’t choose the traditional route of college or university. They purchased courses from individuals they knew online due to higher interest in targeted learning versus traditional. 

Why would people pay me when they can just go to Google?

People will be more willing to pay you over searching on Google to eliminate wasting time and money. Another reason is that you are an expert with proven tips and tools. 

This is why it is so important to put the end in mind when marketing to your ideal clients. Let them know what they will walk away with and be very intentional with your offer. 

What ways are you incorporating passive income in your business? How are you planning to remove yourself from your business and generate more income in 2020? Let us know below in the comments below.

Get INSTANT access to Kat’s COURSE TO FREEDOM CALCULATOR and find out how fast you can FIRE YOUR BOSS Now.

Also make sure you join our FREE Facebook group called Traffic, Sales & Profit with Lamar Tyler

See you soon! in a new tab)

Written by Kim Tipton

Published on January 30, 2020

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