Note: This article is extracted from the Earncome training program that I’ve licensed, and some of the content might reference that program and/or its author, Jimmy D. Brown.
Today I want to give you a quick inventory of what I did in setting up the blog, my plans for growing it in 30 minutes every other week, and (most importantly) 4 ways I’m building passive profit with it.
If you enjoy writing, selling PLR can be a fantastic way to earn an income from home. Actually, selling PLR can be a great way to earn an income from home whether you particularly enjoy writing or not. The fact is that PLR content, or Private Label Rights content, is very much needed in the world of business on the web.
Written PLR content is private label rights content. This is content you create, or hire someone else to create (like a ghostwriter, freelance writer, or someone else who writes for you under a work for hire contract). You then license this content out to other business owners. You might offer a limited number of licenses, generally charging a higher price as a result. Or, you might offer an unlimited number of licenses (generally charging a lower price because the same content is being sold to many people).
You’ve probably noticed that there’s ‘store brand’ products on the shelves of your local stores. These stores don’t actually manufacture these products themselves. This is the same idea. Businesses will pay you to ‘manufacture’ their content.
The problem with many podcasts is they have small audiences, making them difficult to monetize. But what if you could earn a six-figure income by charging people to be able to listen to your podcasts? Then you wouldn’t need a ton of listeners to become profitable.
That would never work, right? Actually, it’s already working, as proven by at least several podcasters who are doing exactly that.
For example, Farnam Street is a “Like-minded community of high achievers committed to better thinking, wiser decision making and more focused growth.” Memberships sell for $149 annually or $25 per month. Members receive access to premium podcasts, hand-edited transcripts, ask me anything sessions, book summaries, bonus articles, free courses, membership in the community and more.
From the website: Our goal at Farnam Street is to help you go to bed every night smarter than you were when you woke up. Every day, thousands of people turn to us for the kind of multidisciplinary education you can’t get anywhere else. The Farnam Street Membership is for those who want to go a step further and make intentional learning a daily way of life.
The join page is especially interesting because people can choose to pay the $149 or they can pay more, if they choose. This community has grown to more than 9,000 members and is home to CEOs, investors, GMs and high-achievers in all walks of life, making it a great place to find new contacts within the community. In fact, the testimonial at the top of the membership page is from the former GM of the Cleveland Browns. https://fs.blog/membership/
Have you done the math yet? 9,000 members times $149 isn’t exactly chicken feed.
If you’re starting your own podcast, you might want to map out a value ladder first.
For example, your bottom rung is going to be free, whether that’s a free newsletter, free excepts from your podcasts or whatever you choose.
The next rung is going to have a low entry price. Maybe you charge $10 a month for the podcast transcripts or summaries of the podcast episodes.
Next you might offer your annual membership at $99 or $199. This includes all podcasts, written materials and community.
Finally, you have a $1000 offer that could be an annual retreat, one-on-one coaching or whatever your subscribers would like.
Another paid podcast example is The Anfield Wrap, https://www.theanfieldwrap.com/ a Liverpool-based podcast company, with 10,000 paid subscribers as of 4 years ago (the latest info I could find) at £7 – £10 per month each. Take note of their pricing:
I’ll bet you pounds to donuts that most subscribers choose £10 per month because, “It’s only £3 more.”
I love the low price per month model because it’s a low barrier to entry AND most people won’t miss £7 or £10 leaving their bank account each month.
It’s worth noting that some attempts at using a subscription based podcasting model have failed. For example, it didn’t work for Tim Ferriss. But in his case, he didn’t make his content exclusive. He offered benefits such as Q and A’s for the paid members, but everyone could access the podcast content. It seems that it’s more effective to place your best stuff behind the paywall and then entice free subscribers to upgrade for access to the insider info.
I think at this time the best method might be to offer free and paid memberships, with 90% of the benefits going to the paid members. The only purpose of the free membership is to build your list of prospects.
Once you have a prospect on your list, you can repeatedly give them a ‘taste’ of what paid members get and then entice them to join your other smart members and get insider access to the full buffet of goodies you offer.
Note: This article is extracted from the Earncome training program that I’ve licensed, and some of the content might reference that program and/or its author, Jimmy D. Brown.
So, the idea of setting something up that automatically gets orders sounds good, right?
Let’s begin by examining what this “automated profit generator” is and then we’ll explore how to set it up.
| Create an archive section at your website to showcase existing and forthcoming content that is embedded with built-in profit triggers. |
Said another way: set up a profitable blog.
Sort of.
Review bloggers provide a great service to customers. When they do it the right way, they can earn a fantastic income from their blogs. If you’re looking to add a new passive income stream for part or full time income, creating your own review blog can be a nice way to do it.
Think about the way you buy things these days—especially expensive and important items like electronics or things that are particularly important to you. You probably type the item or type of item into Google and use search qualifiers like ‘review’ or ‘reviews,’ right?
When you search that way, you most likely come across review blogs. Sometimes, you come across authority review blogs. Often, you probably come across everyday blogs written by typical reviewers and affiliates just like you… or just like you could be or are about to be if you follow through with the business model I’m going to recommend.