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Passive income? What fresh hell is this?
For a long time, I associated passive income with something that had absolutely nothing to do with us, as lawyers. As I aimlessly searched the internet at midnight (trying to avoid watching those dancing cat videos but failing spectacularly) it looked to me like
• a ‘snake oil’ salesman’s gimmick or
• something to do with stocks and shares which is all too much for someone who scraped enough of a qualification in maths to be able to start a degree (and I do mean scraped!).
There were images of people (who looked like models) posing on an exotic beach dripping in jewellery dressed in designer clothes and boasting that they made zillions of dollars and enjoyed 26 holidays that year.
Not credible at all.
Keep on going – same as always?
So, we carried on beavering away. As lawyers we sold our knowledge on a time for money basis. We did an hours’ work for the client. They paid us the pre-agreed fee. Billable Hours became a phrase to both love and (mostly) loathe. Chained to a desk, fuelling ourselves on coffee it was all about working as many hours’ that we could fairly charge clients for (hence billable hours). On a good day, starting at 7am, you might be able to squeeze 10 billable hours before collapsing out of the office at 9pm. Those dratted 4 hours got lost in things like managing staff and running the business. I used to think that the winter in Cheshire consisted of absolutely no daylight at all because it was dark when I entered and exited the office. All year round.
I learnt many valuable (and healthy!) lessons. Like how to eat a sandwich at a speed faster than a salamander thrusts its’ tongue out to capture its’ unsuspecting prey. Those prawn mayo sandwiches quivered in fear.
Enjoy your work? What’s that nonsense all about. Head down, bottom up and just get on with it.
Then one day I read about a property consultant who decided to write an eBook about how to buy and rent holiday lets. It turned out he was making more money from his eBook than he had done as a property consultant. He did that with less effort and outlay.
Since we were recovering from ‘insuranceitis’ (i.e. the shock of discovering the renewal of our annual professional insurance policy) we thought it was something we should investigate.
Passive income is real.
Being lawyers, we did investigate too.
Suddenly, passive income made sense.
We could go from a state of working on one case and earning a fixed amount per hour to making something, like a course, which we could sell over and over to lots of buyers.
So, we tried it.
Unfortunately, to say it was a giant learning curve is a gross understatement. However, we did make a training course and we did sell it to lots of buyers. We then made more course and products and it got easier because we perfected a plan of how to do it.
We grew and soon had a shop full of courses and ‘How To’ courses, legal documents, guidance videos and training courses.
Now we’d like to share this with you. Our unique passive income plan designed to turn skills into knowledge products is designed for service providers who want to learn to use their knowledge in a different way. To be able to move away from 1-2-1 work which puts limits on what you can earn.
This is passive income for service providers. It’s not a get-get-rich scheme. No, we are not writing this posing on a beach, and we haven’t had 26 holidays this year, but we do know how to make products to create a passive income stream. We do work less hours and haven’t been a slave to the old billable hours, and really enjoy what we do.
Join us and use your knowledge in a different way to earn money and get more freedom.
If you sell 1-2-1 services and you’d like to know whether you can create a passive income stream, get our Free checklist by completing the form belowCREATE A COURSE CHECKLIST