How Your Business Can Earn Passive Income: A Review of Erin Blaskie’s How to Become a Passive Income Powerhouse

Business owners are always looking for more revenue. Erin Blaskie

If they’re not, then they should be.

The problem is they don’t always take a hard look at the kinds of income they depend on for survival.

Too often it’s the very type of income the business is depending on that limits their ability to make more of it.

Let me explain.

There are two kinds of income which businesses can earn: active and passive.

Active income is income that comes from your active effort.

Think: taxi driver, therapist, dentist, carpenter, plumber. You perform a service (usually one-on-one) and you get paid for it, and you’re done.

Passive income is income that you earn without trading time to earn that income.

Think: information products, instructional videos, or ebooks. You create a product once based on your expertise or knowledge and you can sell it and unlimited number of times and make money. Sounds good, right?

What Can Passive Income Do For Your Business?

Once it’s created and your sale system is set up, a passive income product requires little further effort to continue generating sales (except you do need to continue generating a steady stream of new visitors to your site which is a whole other discussion.)

Pat Flynn of the popular Smart Passive Income blog who knows a thing or two about passive income (see his income reports for proof) defines passive income as “building online businesses that take advantage of systems of automation that allow transactions, cash flow, and growth to happen without requiring a real time presence.”

Put another way, you put out effort once, but you continue to generate revenue while you are sleeping or on vacation or working on other projects.

This is not a new concept. A paperback or hard bound book is a form of passive income. You write it once and with the exception of printing and promotion costs, it can continue generating mostly passive income for its author.

However, the internet has created new tools which almost any business can leverage to diversify their income sources and increase their revenues.

What Are the Benefits of Passive Income?

For a business, there are a number of benefits to passive income.

First and foremost, it diversifies your sources of revenue, which is beneficial if other sources of business suddenly dry up. It also allows a business owner to generate revenue on the side while focusing on their core business.

There is a “snowball effect” in that you can create a product and as you make sales, word of mouth grows, and traffic to your website or blog grows, sales may increase over time.

A passive product such as an ebook can even boost your professional reputation by demonstrating that you are an authority in your area of expertise.

In spite of these clear advantages, up until now there hasn’t been a “Bible” which explains all of the tools, systems, opportunities and methods in a simple and straightforward way.

There are a number of blogs whose sum of their parts is a Master’s thesis in passive revenue, but there hasn’t been a great, comprehensive book or ebook that explains in a clear way how to earn passive income that doesn’t make you feel like you need to take a cold shower after you read it.

That is no longer the case.

How to Earn Passive Income — THE Definitive Guide to Passive Income for Business Owners

I recently read How to Become a Passive Revenue Powerhouse by Erin Blaskie, a 98-page ebook which is a comprehensive step-by-step guide to using passive revenue in your business.Passive Revenue Powerhouse Erin Blaskie

(NOTE: The links to Erin’s book on this page are affiliate links meaning California Law Report would get a commission if you buy. However, we only recommend products we believe are a good investment, and that’s the case here. If you do buy through our link, we really appreciate it!)

Erin Blaskie is a successful serial entrepreneur who has run a number of online businesses based out of Ontario, Canada. One of her main businesses is BSETC, which describes itself as a “Creative, Professional Services Firm.”

The firm provides virtual support to both online and bricks-and-mortar businesses, helping with everything from web design and copywriting to administrative support.

In the book, Erin interweaves tons of real life experience from her nearly 10 years of helping entrepreneurs generate more passive revenue, and from her own experiments in generating passive income.

She’s not shy about sharing both her successes and her failures. For example, she calls herself as a video game geek, and describes how she generated passive income by videotaping her gaming and uploading the videos to Youtube.com.

She even documented her pregnancy, taking weekly videos and uploading them to Youtube where she got a cut of the advertising revenue.

I just checked the view count for these videos and she has 29 videos, nearly 4,000 subscribers and over 900,000 upload views, so I’m sure she’s received some a nice down payment on her daughter’s college fund. ; )

Erin has a number of revolutionary concepts in her book which require a realignment of thinking if you have been used to doing business a certain way for a long time.

The good news is it’s a great book for beginners because she carefully walks the reader through the process from basic concepts to implementation, and she explains carefully how existing businesses can fit additional passive revenue into their current business model.

One of the major changes in thinking is to avoid delivering services on a one-to-one basis and to find ways to create a product, program, or training that can be delivered to many people at once, or over and over without additional effort.

Many of these revolutionary concepts are so significant, I’m putting them in bold and large lettering (so you know I’m serious ; )

1. There is No “Easy” Button

Erin is very clear from the beginning that this is no get-rich-quick scheme. It involves a lot of work up front; but if you put in the effort, you will continue to benefit from your up front work long after you’ve completed it and moved on.

2. Ask Yourself, “How Can I Monetize This Action / Activity That I Am Doing Right Now?”

One of the first steps is to evaluate your current business or service and figure out how to monetize it.

You can start by looking at your area of expertise. Could you create an ebook, or an e-course, or a series of videos? Evaluate what you do each day and see how you can make it into a product.

3. Think One-to-Many Solutions Instead of One-to-One Solutions

Often times a service provider is happy to provide one-to-one service. However, this model is also limiting.

The only way to make more money is to charge more per hour or work more hours each day. Neither is ideal.

If you ever have to miss work (due to an illness, or vacation, etc.), you may not get paid.

By switching to a model of serving “one-to-many,” you can get paid by multiple customers or clients for doing the same work you would be doing for one customer.

Of course, not every service provider can serve many customers at once, particularly if the service they provide is heavily tailored to the particular client or customer.

Take, for example, a therapist. A therapist counsels one client at a time (unless they are doing a group session … in which case this would be a pretty stupid example to use).

A therapist could not do the exact same therapy work for many people at once. Nor could a barber or a tailor or a plumber.

However, a therapist could create a teaching program where the therapist teaches about different theories and sell that program to many people. Same with a barber, a tailor or a plumber.

Think about it: any profession, or hobby, has a unique base of knowledge and know-how. And there are probably thousands of people going to the web for information on these professions or hobbies each day.

Types of Passive Income

For all you beginners, the book explains the most common passive revenue products.

Perhaps surprisingly, there are a lot of different types of products which can generate passive income.

Here are the main types of passive income categories:

  • ebooks
  • audio programs
  • e-courses
  • affiliate programs
  • online training
  • group coaching programs
  • membership programs
  • virtual events like teleseminars or webinars.

This isn’t a comprehensive list, but it does include the main types of products.

Step-By-Step Guides

One of the things I like best about the book is after she identifies the most common types of passive income revenue streams, Erin then devotes an entire chapter where she goes deep into explaining how to create each product, including what software or websites to use, and she shares success stories about people who have created that particular type of product.

These chapters are packed with real clear, practical, step-by-step guidance.

You won’t mistake the book for a how-to manual. There are more detailed guides available simply by googling and/or poking around at a couple of educational passive revenue blogs.

However, Erin definitely creates a clear enough picture to get you started with bringing passive revenue into your business.

Bottom Line

If you own a business and you are interested in ways to increase revenue, reduce your workload, and diversify your revenue streams, then I would recommend you buy a copy of Passive Revenue Powerhouse so that you better understand your passive revenue options.

Do you absolutely have to buy this book? No. But I think it’s a good investment.

If you have any further questions about the ebook, feel free to leave them in the comments below.

What do you think about passive income? Would it work for your business? Leave a comment below – I’m interested to hear your thoughts.

[UPDATED]: Passive Revenue Powerhouse Group Coaching Program

I love this:  As if to demonstrate her ideas in action and to prove that she knows what she’s talking about, Erin has taken the lessons behind Passive Revenue Powerhouse and turned them into a group coaching program for those who want more hands-on attention from Erin.

The Passive Revenue Powerhouse Group Coaching Program is an 8-session program designed for business owners who want to stop trading time for money with a limited earning potential.

passive revenue powerhouse group coaching program by Erin Blaskie

What’s brilliant is, just as she teaches in the book, I’m sure Erin is going to teach this course live just once, then turn it into a passive revenue stream.

If you want to be in that initial class which gets to take the class live, you need to act fast. Classes start October 4, 2011.

Here’s what you get: eight 1-hour sessions (outlined below), a copy of Passive Revenue Powerhouse, two (2) 30-minute one-on-one strategy sessions with Erin, a “process map” that outlines the steps to take for each passive revenue stream, and a list of Erin’s recommended resources to help you in the passive revenue creation process.

The program includes the following 8 core lessons:

  • Session #1: Passive Revenue 101
  • Session #2: Idea Generation
  • Session #3: Information Products
  • Session #4: Affiliate Marketing
  • Session #5: Membership-Based Business Models
  • Session #6: Online Events: Teleseminars, Online Programs & More
  • Session #7: Service-Based Passive Revenue
  • Session #8: Advertising Revenue

This class is not cheap. At$297 $247 (save $50 if you grab your spot by September 15, 2011), it’s a significant commitment both of money and time.

However, as Erin writes in the ebook, “passive revenue” doesn’t mean you do no work. There is no “easy button.”  However, passive revenue does mean you continue to benefit from your blood, sweat and tears long after you’ve moved on to new things.

I imagine this class will be a lot of work. However, think of it as “continuing education” for your business.

If you sign up, you will also get a number of high quality bonuses, including the following:

  • a copy of their group coaching program blueprint (a $197 value),
  • a copy of their virtual event promotion How-to Process Guide ($47 value),
  • a copy of their Webinar How-To Process Guide ($67 value),
  • 2 extra sessions on marketing your information product, and
  • a copy of their upcoming e-book, “From Creation to Customer: How to Market Your Information Products.”

In my opinion, it’s a pretty great deal. I’m willing to bet if you implement the ideas, you will be very pleased with the results.

Don’t forget — the Passive Revenue Powerhouse Group Coaching Program $50 discount ends September 15, 2011.

 

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