Leverage. Make money while you sleep. Recurring revenue models.
For the small, local service business owner, all of the above seem like a bit of a pipe dream. Part of our success is working with clients (or patients) individually (or in small groups) and face-to-face. Is there any opportunity to develop an online revenue source that makes money while we sleep?
I’ve found one that is working slowly for me and can work for many of my clients. I’ve been creating and offering online courses on the Udemy platform since December. I have two courses that I created on my own and two that were collaborations.
To be honest, they aren’t yet earning enough for me to do more than buy a nice dinner out once a month when the Paypal email confirms that Udemy has transferred the money. On the other hand, they didn’t take too long for me to produce and I’ve got another one nearly finished and several more that are on my list.
Do you have something that you can teach? In an online video (mostly) format? In short segments? The good news is that it doesn’t have to be ‘talking head’, it can be a voice over PowerPoint (or similar) which I’ve found speeds the production time. Udemy has over 6 million students on their platform and does quite a bit of marketing to them so while you will keep more of the sale if you do the marketing yourself, you can also make some additional money from people around the world who are interested in your topic.
This is not the only way to leverage or make money while you sleep, but it is one which might be worth a look if you like to teach or share your knowledge and expertise! Let me know if you have any questions about Udemy or want a 30-minute consult to discuss the details.