How To Vaccinate Your Income Against The Coronavirus
You had a prime public speaking opportunity all lined up.
Everything was already in place, booked and confirmed.
All you have to do now is show up to stand and deliver your winning presentation that always brings you new business from the attendees.
Everything was set...until it wasn't.
You Just Lost A Big Revenue Day
Now, the coronavirus is sweeping the world and more and more events are getting cancelled.
That means that revenue days that you had on the calendar have now become non-revenue days.
And some of those revenue days are not going to get rescheduled. Those opportunities are just gone.
An Ounce Of Prevention
So how do you protect yourself from this in the future?
You can't.
Because things are always going to happen that are beyond your control.
But there is a whole universe of things that are within your control and it is within that universe that you can ensure you have a stable income, regardless of circumstances like weather or virus outbreaks or personal illness or extended government shutdowns.
I'm talking about passive income.
Specifically, passive income through online teaching.
Online Education Is Big Business
If you are already getting paid for your knowledge, there's an excellent chance you can deliver that knowledge in the form of an online course that will generate passive income for you.
This passive income is money that's sitting right there on the table in front of you. You just have to do what is necessary to collect it.
The first and most important step is don’t make this hard! It isn’t!
Here’s some examples of people who started generating significant passive income for themselves with no prior teaching experience:
Woman on Food Stamps Earns $86,000 Teaching People to Bake Bread
Former Construction Inspector Earns $200,000 Helping Students Pass Exams
If you’re already getting paid to teach as a public speaker or a coach or a trainer, you’re already way ahead of where those folks started.
All You Have To Do Is Do The Work
You already have all the expertise you need.
The only thing you need now is the actual desire to do the work and turn your knowledge into a source of passive income.
“Thinking about it” and “looking into it” and “planning” it for “one day” is not doing the work.
Writing down course modules, recording them, and uploading them to the Internet is doing the work.
If you leave that passive income sitting on the table instead of collecting it, it will still be sitting there on the table the next time something impacts your primary income source.
But you won't be able to access that money because you didn't do any of the things that are necessary to collect it.
Four Steps To Your Online Course
Step 1: Develop Your Curriculum
Identify your target audience and develop your curriculum for them.
If you’re already getting paid as a coach or trainer or public speaker, you’ve already done this step.
Just break down your one-hour or two-hour presentation into modules of five to ten minutes. Some modules can be two minutes or less.
Nothing is too short, but don’t make any one video longer than ten minutes.
Short videos are easier on your viewer as far as making it easy to find time to advance through your course. And it’s easier for you to be great and not have any mistakes in shorter videos.
Step 2: Put Your Course On Video
You need to identify somebody to record your course content because it's 2020 and an online course equals video and you don’t know the first thing about recording videos.
You can try to do this yourself, but you will get better results faster if you work with someone who has experience.
Here are some real world examples of my clients who I’ve helped create as many as 30 videos in one day.
You’re unlikely to be able to record more than a handful of videos (if that many) in one day working by yourself.
If you want to get your course recorded quickly, hire somebody.
If you want to do it yourself, Park Road Studios offers an online course where you’ll learn everything you need to record yourself using just your smartphone.
Step 3: Upload Your Course
You have to choose a hosting platform for your course.
There are lots of them to choose from. Which one is right for your business?
You can do this research on your own, or you can find the right solution quicker by hiring someone who has done this before.
Step 4: Market Your Course
You have to market your online course so that people know it exists because no one will find it if you don’t.
Again, marketing is something you can learn how to do yourself, or you can hire someone with experience to get you faster results.
It’s Work, But It’s Worth It
All these things have to be done up front in order for you to transfer that money on the table into your bank account each month.
But once it’s done, it’s done. It’s passive income at that point.
It’s not really that complicated, but it is work.
The most important thing is this is something that you can control.
Control What You Can Control
If you choose to take no action on things that you can control, when life happens—and stuff will keep happening—you will have put yourself in a precarious situation.
That precarious situation that you find yourself in will be one of your own creation because you made a choice not to take action on the things that you can control.
[RELATED: Coronavirus Action Plan For Public Speakers]
Life is 10% what happens to you and 90% how you respond to it.
You can put in the work to create passive income for yourself, or you can choose to not do the work and be left with no income the next time something like coronavirus or a government shutdown or a personal illness happens.
Are you going to read these words and respond with no action, or are you going to control what you can control and secure your household income by collecting that passive income that's sitting on the table right in front of you?
Don’t Make This Complicated
Here's an example of the kind of online course Park Road Studios can help you create:
There's nothing complicated about this. You’re just sharing the same expertise that you share all day, every day, breaking it into short modules.
The only difference is you’re doing it in front of a camera so that people around the world can pay you to teach them.
The work is simple, but it is work.
You just have to decide if you want to do the work that is required to create a passive income safety net for yourself, or if you’re going to just let life keep happening to you.
