© 2015 the extraordinary coaching company, tim fearon ...to+create+passive+i… · yes – you...

© 2015 The Extraordinary Coaching Company, Tim Fearon & Emma Sargent. All Rights Reserved. Email: [email protected]

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“How to Create Passive Income Quickly and Easily From What You Already Know”

Written by

Emma Sargent and Tim Fearon

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Copyright © The Extraordinary Coaching Company


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“How to Create Passive Income Quickly and Easily From

What You Already Know”

You are an expert. You may not think that you are yet, but whoever you are and whatever

you do, you have something to share with the world that is unique. You can build a

business around what you know; you can build wealth from the wealth of your knowledge

and you can make a difference to more people than you ever imagined.

We’re going to share with you in this report:

How to break free from the time for money model and generate income at will How to increase your ‘expert’ status and attract clients effortlessly The 3 biggest mistakes we see over and over again, and how to avoid them The 7 Steps to Creating Information Products That Sell 9 ways to get started TODAY

We are Emma Sargent and Tim Fearon and we certainly didn’t start off knowing how to

create passive income from our knowledge; we hadn’t opened our eyes to the possibilities.

People had tried…

“What you need, Emma and Tim, is a pig in your business!” These were the words of a

wise man – John Overdurf, a mentor of ours– all the way back in 2001. But we weren’t

ready to hear that message then. Oh, if only we had really ‘got it’ back then.

Sadly, we were only ready to hear it several years later after we got more than a fright

when we lost most of our business...and had to make some very difficult decisions.

So why is it important to create passive streams of income? We found out why it is so important to develop passive income streams – income that

doesn’t depend on your being there – the hard way.

You see, we had a traditional ‘time for money’ business. A ‘good’ one where we had plenty

of work, always by referral, and no money worries. We were blissfully unaware of what

was just around the corner….

Every now and then something would remind us that we were vulnerable; a sick child

which meant we had to let a client down and not get paid; taking a holiday which meant

that our month’s income was essentially halved; lean months and clients cancelling too

early to charge a cancellation fee but too late to replace the work.

So this was 2005 and we were working as coaches, trainers and consultants with some BIG

beasts of the corporate jungle (think Standard Chartered Bank, The Economist Group,



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Lloyds TSB, Wyeth, Astra Zeneca, ITV, David Lloyd Leisure, Fitness First, UPS, to name a

few) and we were doing pretty darned well, thank you very much.

If someone offered you the chance to earn between £150,000 and £200,000 a year as an

advice professional, would you take it? Well, we had taken it. That’s what our business had

been generating for some considerable time.

But if the same person who offered you that kind of money added that if you stopped, then

the money stopped, would you still be so attracted to it? And that’s the deal we had struck

with ourselves. We had become the slaves of the ‘time for money trap’. Certainly, we were

doing well financially, but we would have nothing whatsoever to show for it when the time

came to hang up our boots.

The thing is, it wasn’t even this realization that made us change our business, it was much

worse….

We had made a decision – not a ground breaking one – but one that would change our

business forever.

We moved house.

Yes, that was it; we moved house. I told you it wasn’t ground-breaking. We moved to our

dream home in the New Forest with our two lovely children who we put in a dream school

(expensive!).

And totally took our eye off the business ball.

Yes, we felt like we’d moved to the moon and so did our clients and we didn’t do anything

to make them feel any differently.

And then two things happened that sealed our short term fate.

Not one but two huge contracts cancelled projects within a very short space of time,

leaving us with empty diaries.

No income in the foreseeable and the recession was on its way.

We had to face up to some facts:

1 We weren’t in control of our business – it was controlling us. We had so relied

on word of mouth that we didn’t even know how to attract people to work with

us. And when we were busy delivering work, we had no time for any business

generating activity. This trough was just too deep to ignore the peaks and

troughs any longer.



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2 When we weren’t actually in front of customers, we weren’t earning. That put

us under so much pressure to keep going.

3 When we decided we wanted to slow down we would have NOTHING to show

for it. NOTHING. That’s not a business. We thought we had security with a good

income but it is a false sense of security.

4 We had a self-imposed ceiling. It doesn’t matter what you are charging per day

– there is a limit.

All this together triggered a massive shift in our thinking that began our search for the

solution – a solution that would allow us to pursue our passion of making a difference to

the businesses and people we worked with; that would allow us to earn more; that would

allow us to create a sustainable business that did not depend totally on our being present

at every moment – a business that, as we worked on it, would grow in value; that would

help us to build the business of our dreams, doing the things we love doing.

And it is precisely because of the fright we got and subsequent changes that we made to

our business that we feel so strongly about people like us, like you, being able to generate

passive income from what you know.

What we want is choice; to be able to work or not work and still have income; to earn

money while we sleep instead of only when we are in front of clients; to share our passion

with more people than we could possibly meet and therefore be in the privileged position

of helping others have the same choice.

That’s the point of this report.

So what are we doing now?

Thankfully we have a very different looking business now – we have 8 sources of income

and rising and we have attracted the attention of people who have gone from simply being

admired from afar to being our partners – one of the very real benefits of developing

information products.

So the long and the short of it is that we have had a very different business since that

fateful time 10 years ago; a business that has enabled us to leverage our time effectively, to

work with many more people than we could have before, to help grow other people’s

business success and grow our income exponentially. We have a business model that has

enabled us to have a £45,000 pay day; and not just one, we regularly have 5 figure pay

days.

We have a business that has multiple streams of income, and we are now working with

some household names, developing multiple streams of income for them too.



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And we say that, not to show off, but to show you what’s possible when you think and do

things differently.

Thank goodness we woke up

In the remainder of this report we want to show you how you CAN build value and create a

steady stream of passive income, reach more people, make more difference and more

money by packaging what you already know, and perhaps already sell, differently. We

want to show you that, by taking the knowledge and expertise that you already have and

re-packaging it, you can create a business that not only earns for you while you sleep, but

also raises your profile, and therefore your earning power, in your chosen niche.

It’s exciting.

So back to the John’s comment about pigs……..

Yes – you need PIGs! Passive Income Generators, not real pigs, you may be relieved to

hear.

Yes, you can have a steady stream of ongoing income from things you already know when

you create Information Products in your business.

Not only will you create passive income streams, you will make your business more stable,

attract more clients and increase your expertise in your market. And earn more.

It’s just a matter of knowing where to start.

We want to share what’s possible so that you can get started now…there’s never been a

better time!

What Is An Information Product?

We like to keep things simple. There are a lot of people who over-complicate things so that

you are ‘blinded with science’. Not us.

An Information Product is, very simply, a way of delivering information on a topic that a

group of people are interested in. Usually the information will solve a particular need of

the group. It may very well be a “How To” guide to something.

It can be anything from a free report like this, to a full blown home study course with

multiple DVDs, CDs and a manual.

You already have information that others want that you can package and sell (even if you

don’t realise it yet).



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The beauty of an information product is that you can create it once and sell it multiple

times. You can provide your clients with high quality help and resources, even if you are

not spending time with them. You simply need to know how to turn that information into

a ‘product’ so that you can reach more people.

What kinds of “products” can I create?

The ideal products are those that you create once and then sell multiple times. You can set

up a product like this to be completely automated so that you really don’t have to do

anything at all, apart from make sure that people can find it to buy it.

We think it’s useful to categorise Information Products as there is an infinite number of

combinations that you will see people produce.

There are three types of product that you can develop:

Purely Passive Products

Event-based Products

Continuity Products

1. Purely Passive Products

These are products that require no input from you once you have created them and

include:

Books

Free Reports

E-books

E-courses

MP3 downloads

Online Video Training

CD or DVD courses

2. Event-based Products

These are information products that are essentially events, and can then be turned into

Passive Products afterwards, which is why we include them here. It’s vital that you start to

think “How can I sell this again?” every time you put out content.

These include:

Teleseminars and Webinars

Guest Events

Live Events



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3. Continuity Products

These are the types of products that guarantee income every month, but require more

input from you. You don’t have to provide very much content in monthly membership –

there is a huge range of things you can provide – although we choose to provide original

content every month in our Extraordinary Experts Academy, but we know many who

don’t.

So continuity products include:

Membership programmes – online or offline (or both)

Membership websites

Micro-continuity programmes – these are programmes that have an end date

Licensing programmes – Fitsteps – the new dance fitness phenomenon headed up

by Natalie Lowe and Iain Waite from ‘Strictly’ - is a good example of this. We are

part owners in the business but it is run by the license holder, Universal.

This list is not exhaustive by any means and the more variation of methods you put into

your Expert Business, the more choice you have for your prospects and the more you will

attract people.

OK, so I know I need Information Products, but where do people go wrong?

3 biggest mistakes that people make when they create

information products

1 They create before they sell

You will NEVER know if people want what you have until you have actually taken their

money. Here’s a TOP TIP: Even surveying your prospects and having them tell you that

they want what you are offering does not guarantee that they will buy it. Really. It

happened to us in the early days. We asked Dan Kennedy (marketing guru) about it when

we were over in the US and he said, yes, that’s right; there is a difference between what

people say they want/need and what they are prepared to pay for.

So do NOT spend weeks putting something together before you know that people are

prepared to pay for it. And the best way to know, is to pre-sell it.

2 They provide too much information – overwhelm

All your clients want is the fastest solution to get from where they are now to where they

want to go. And people often think that the more information you provide, the better.



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Wrong. More information leads to confusion, lack of focus and lack of motivation to go

through your product and get the result. And then you’ve lost a customer.

3 They create something that doesn’t serve their business or their market

Please don’t try to come up with a random product that you are not interested in. There

are plenty of people who will teach you how to do that, so please go and find them, if that’s

what you want to do. This is about producing valuable information that will enhance your

Expert Business and be part of your unique strategy to build the life of your dreams. If you

know that what you are offering is your unique thing, the whole process of creating

products will flow much more easily.

If you want to provide your clients with really good value, you are in the right place; if you

want to just flog them stuff, you are not.

OK. So where do I start?

Our 7 Step Product Creation Formula

Over the many years that we have been studying and creating Information Products, we

have uncovered the keys to the success of an information product. And ‘success’ does not

just mean that the expert has sold it. That’s just the beginning. One of the biggest product

launches in recent years also had the biggest return rate from unhappy customers. We

don’t want that.

‘Success’ in this context means that your product does the following:

earns passive income

increases your visibility, expert status and profile

solves the client’s problem

attracts new clients

sells the next step they need to take to work with you

So what must you do to make this happen?

1 The first is to understand your customer’s pain/problem

And to do that you must know and understand your clients.

You create your product for a specific type of person that you can easily identify with.

Ideally, you may well have been in the same position as your prospective clients yourself.



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It’s important that you use language that they understand and is familiar to them, so they

know that you can relate to them.

You must deal with their most urgent problem. This ideal client will have some problems

that they need solving. What you think is their biggest problem, they may not even be

aware of. You will be most successful with your product if you solve the most urgent

problem that they are aware of and want help with now.

You need to understand FULLY, not only their pain but the consequences of them having that

problem. And you need to be able to describe it.

Top tip: If you create something as a solution to a problem that you have had yourself, it is

MUCH easier. That’s why people talk about making money from your passion.

2 Know the result that you are going to deliver

What is the tangible result that your customers will have at the end?

How is their life going to be different?

You MUST spend time getting very clear on this. It’s worth spending time because the clearer

you are, the easier it will be to sell.

And the easier it will be to write the sales copy!

3 Brainstorm

The third step is to gather any and all research and brainstorm ALL the possible content that

your information product needs to include to get your client from the position of pain that

they are in, to the result that you are going to deliver.

EVERYTHING you can think of – relevancy is not that important here; there’s time for that

later. We write everything down on Post It notes and stick them on our office wall so that we

can get perspective.

This is simply a brain dump of ANYTHING that you can think of that would possibly be

important for someone to know about how to get from the problem to the result.

You are brainstorming ALL the components of the solution and every idea goes on a different

Post-it. Don’t hold back.



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4 Organise

When you’ve finished brainstorming, take a deep breath and a step back. Try to view your

handy-work from a distance (that’s why we put the Post Its on the wall). You will start to see

the connections between ideas and be able to organise the ideas into groups.

When you organise your content you want to aim for no more than 7 different sections. The

aim is to organise your content into subject areas so that you can move on to sequence your

content into chapters/videos/webinars etc.

5 Sequence

This is THE most important step and one that is ignored by most.

Your product must offer a proven system to get the results that your ideal clients really

want, in a unique way. You must have a process that is unique to you for solving the

problem or delivering the outcome. You also need to name it. Our “Expert Business”

process is an example.

You need to structure your information products in such a way that your customers learn

what they need to learn, have the insights they are meant to have and take the action you

want them to take to get the results that they want. If you don’t do this, your customers

will not engage with your products and they will not buy from you again. People need to

be motivated to learn and it’s your job to do that.

People love steps, especially when they are learning something. They need to be able to

see the big picture, know the beginning, middle and end, and know what will happen when

they get to the end (what will they know, what will they be able to do, what results are

they likely to get)

First of all they need to know WHY it’s important for them to take the first step – again,

this piece is often ignored and for those “Why” learners, it is essential.

They also need to have an overview, step one, step two etc. with clear instructions all the way

through.

So now is the time to sequence the material so that it makes sense and is easy to follow so

that your clients get the result at the end.

So we ask ourselves, “What is the first thing that they need to know/be able to do to get them

to the result? What’s the second thing?” and so on…until we have finished including all the

content that is necessary for them to get the result that they want.

Using a mindmap at this stage can be very helpful.



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6 Refine

This is the step where you add pieces to motivate and engage your customer and take out

anything unnecessary.

Things to add:

1 Stories

Customers need to be constantly reassured of two things; that this will actually deliver

what you say it will – in other words, it works. And they need to believe that they can do

it. They also need to be motivated to learn and keep learning. For many, the act of buying

your product gives them the satisfaction that they have done something to improve their

situation. They haven’t. They need to read, listen, watch and act on what you teach them.

So, inspire your customer with stories and examples of success. They work very well as

long as they are believable. In the UK, where we have, shall we say, a more skeptical view

of life than our American cousins, stories about your successes, especially small ones, work

really well.

Stories along the lines of ‘I was down to my last £5 and living out of a suitcase and now

look at me next to my Ferrari’ tend to invite skepticism and also demotivate. Perhaps five

years ago, these stories worked well, but not now. People will always find a reason that

they can’t be as successful as the person with the mansion, millions, fast cars – it’s too big a

leap, they have magic powers, they had a lucky break etc..

Much better to tell the story of your first success and how you built on it, so that your

customers can see your progress and know what you had to do to make that progress.

Everyone has to start somewhere, and no-one goes from ‘zero to hero’ overnight. If you let

your customers think that what you are teaching them is really easy and requires no effort,

they will start and give up when it gets difficult. Your product will be returned or left on

the shelf gathering dust. And then you won’t make any more sales to that customer.

2 Exercises and reflection to engage their mind

Give your customer an opportunity for some self-reflection or analysis with some

questions and exercises for them to complete as they go through. Providing people with

workbooks with space in them is an excellent way to engage them; they are far more likely

to write the answers to questions that have space underneath for answers than write the

answers to a list of questions with no space.

Do not make the mistake of overwhelming your customers with content that they don’t

have the opportunity to engage with.



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3 Next steps

It is very important that you tell people how to get hold of your next product or how to

continue working with you. Once someone has bought something from you, assuming you

deliver great content and they get the result that they want, they will want to continue

working with you.

So you need to tell them how to do it.

WARNING: Always deliver good content, even when it’s free. We are sick to death of

people in our industry who over-promise and under-deliver unless you buy the next thing.

Of course you are not a charity and you cannot be expected to cover everything in every

product. So be clear in your own mind about where “Free” ends and “Paid for” starts and

stick to it.

Things to take out:

Another warning to take heed of, I’m afraid! By the time you get to the point of sharing your

content to give someone the solution to a problem of some kind, it is highly likely that you

know WAY more than you need to pass on. Publishing your information product is not an

exercise in proving how clever you are!

It is an extremely common mistake for people to put too much information into their product

– just because they know it.

Please don’t.

Ask yourself: “Do they really need to know that in order to get the result?”

Once you have completed this step, you will have streamlined the product into just what is

necessary, putting a few engagement devices into it to make sure that they keep at it. This is

CRUCIAL. Your customer needs to see progress and WANT to keep going.

7 Delivery

The final step is to decide how you want to deliver it. Are you going to record videos, audios

or write pdfs. Of course, the more ways you can deliver your content the better – better for

different folks, and better for the perceived value of your product.

Top tip: If you plan to deliver your content as videos, you can then strip out the audio for

the audio version and get it transcribed for the written version. It then takes just a little

bit of effort to turn the transcript into a workbook and voila!



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‘Quick Start’ and ‘Quick Content Creation’ Tips

Our most asked question is “Where do I start?” Start with asking your clients what their

most pressing issue is, to give you an idea about what to develop first. Asking your clients

is a great way to generate ideas for material that you know there is a need for.

You also need to get your head straight about creating products. You need to be in the

mindset of “How can I use this to create a product”? Without that thinking, you will let

many opportunities for generating income pass by. It makes us want to weep when we

think of all the training and coaching we have done over the years that we have not re-

used. We were not thinking like a business owner, and if you want to create a business,

that’s what you need to do.

We are always on the hunt for ideas. Every month, one of the sources for material comes

from coaching sessions that we have with members. We take their issue and turn it into an

article for the newsletter so that it benefits all our members. For example, “I am struggling

with motivation” becomes an article about staying motivated; “I am writing a newsletter to

generate clients, but I’m not sure I’ve done a great job” became an article on how to use

persuasive and compelling language in a newsletter; “I’ve just got back from holiday and

now I feel completely overwhelmed” turned into an article about…yes, you guessed

it…how to avoid overwhelm when you come back from holiday!

Here are some other ideas on how to generate some products and/or content quickly:

Use your advice to your clients as material for a newsletter or an e-course

Do a simple Info Graphic as a lead magnet

Look on Amazon for an author in your niche and contact them for an interview

Record everything you do; film training sessions if you run them; record client

sessions with their permission

Have you developed consulting tools, templates or processes that you can sell to

help others?

Create a workbook of activities that will help your clients achieve certain tasks

Package together articles that you have written on a certain topic

Re-use tips from your newsletter if you have one

Run a teleseminar and turn it into a CD to sell

Turn your top ten tips into a CD or MP3 download by making a simple recording

Just get started and you can expand your products as you go. Do not start with trying to

create an all singing, all dancing product straightaway. We know plenty of people who

have done that, spent weeks creating a product and then it didn’t sell. And as we said

earlier, please make sure that your clients want whatever you are planning to offer,

BEFORE you develop anything.



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Your Next Steps

We hope that you have found this report thought-provoking and that you can see

possibilities for your Expert Business.

There’s a lot to think about particularly if you’re new to thinking about creating products.

If you would like to take this further, or want someone who can metaphorically hold your

hand through the process, a good next step is to take a test drive of our Extraordinary

Experts Academy. It’s just £4.99 for the first 30 days where you can access well over

£1000 worth of support and content.

Click here to test drive the Extraordinary Experts Academy for 30 Days

http://www.ExtraordinaryExpertsAcademy.com

We are here to help you succeed

Warmest

Emma and Tim

PS. Here’s the ‘bare bones’ Mindmap of the essential 7 Step “Extraordinary Expert

Business” Process – you can see the whole thing here


http://www.extraordinaryexpertsacademy.com/



© 2015 the extraordinary coaching company, tim fearon ...to+create+passive+i… · yes – you...

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