Teresia's Blog

“Sometimes it takes an expert to point out the obvious”

~ Scott Allen

I have been riding the wave of the enthusiastic, committed group of self-employed professionals who are presently taking the Passion into Profit Program . Nothing inspires me more (except Kenny’s smiles and funny faces:) then when an individual has the courage and commitment to step up to their true heart desires and create a life they love. I have to say that each week I spend 1 ½ hours with 9 individuals who are doing just that! Lucky me!

This past month, we have been discussing embracing the entrepreneurial mindset and how important it is to be clear of who you are as a business person and what you have to offer.

When someone asks you what do you do? What do you say? More importantly, how do you feel? This is a pivotal moment; it is a chance to communicate your business to a captive audience that could very well become a paying client or a referral source. 

Almost every self employed professional I have worked with has shared that they love what they do but dislikes the marketing aspect of their business. It is part of my mission to help entrepreneurs move from discomfort to embracing the unrevealed joy and possibilities of effective marketing. 

The more confidence and conviction we have of the value we offer, the more attractive we become. When we embrace our expertise a shift happens, instead of feeling like we are selling something we step into being of service. 

Hmm being of service vs. selling – which one appeals to you more? 

To enjoy marketing, to be of service, it starts with knowing without a doubt what results we deliver.    

When someone asks you “what do you do?” What do you say? This is the beginning of your marketing plan. Your answer either sets you up as credible or not. Ever hear the expression you have one chance to make a first impression? 

A well-developed and practiced credo is a critical component of any marketing plan. What is a “credo”? The word was originally used to signify a statement of religious beliefs; the Latin definition is literally “I believe.” In the modern world, the term has been adopted by businesses to state the fundamental components of the business. The longer versions might include a company’s mission, who it serves, its values and ambitions… in other words, everything the company stands for. 

Your credo is the heart of how you represent your work to prospects – both in print and in face-to-face interactions. If you find networking a bit uncomfortable, it’s probably because you don’t have a strong credo to leverage in conversations with strangers.

What I want for you is to feel excited to share who you are, what you do, who you love to work with, and how you make a difference, this is the beginning of attracting business, the business you want. We like to say that a strong credo is the window to the soul of a business. When said with clarity and conviction, you engage people right away by telling them about the difference you make to other people. You also give them much of what they need in order to determine whether you’re a fit for their needs. In that one minute (more or less), you stand in the gateway to more clients, more business, more profit and more success.                                         

Do you have a credo? How strong is your credo? Do you own it with every cell in your body? This week, work on or re-work your credo.

Section 1:  Who am I?

In very simple terms, introduce yourself and/or your company.

Section 2:  Who are my customers?

This is a very straightforward description of whom you want to do business with. The clearer you are the better.

Section 3:  What do I do?

In this section, you want to describe your primary product and/or service. Do you have a clear, confident and compelling answer?

Section 4:  How do they benefit (from their perspective)?

We find that this is the trickiest section to get down clearly. You want to focus on the benefits of your work, not the features, nor the advantages.  Ask yourself, what are your clients’ urgent needs (what are they moving away from)? Also ask, what are their compelling desires (what would they like to move towards)? Bottom-line, what are the deep-rooted benefits your clients will experience as a result of your services?

To help you wrap your mind around this concept, here’s an example of one of my credos and my team coach partner Cheryl Cran’s credo: 

• My name is Teresia LaRocque http://Teresia.com and I am a business coach. I work with entrepreneurs who have been in business for several years and are feeling like a servant to their business, they’re spinning their wheels and are overwhelmed by all their responsibilities. Together we look at ways to leverage their business, and increase their bottom line so that they have less stress and more balance.
• I am Cheryl Cran http://www.yourkeynotecoach.com/ a keynoter and also known as the keynote coach. I work with entrepreneurs that have been in business for over five years and are ready to add speaking/keynoting to help promote their business. I help my clients bust through their barriers, get clear on their message, and increase their speaking and influencing skills.  As a result of working with me entrepreneurs make big leaps in their ability to speak with focus and increase their profile and profitability.

TLC Coach Challenge:

Make a commitment to yourself to devote time this month to developing or improving your credo.  Having a credo that resonates with your soul and captures the essence of your business is the first step in creating an effortless and fun marketing campaign. 

Next Passion into Profit (PIP) program is starting May 5th. Email info@passionintoprofitforcoaches.com to book your consultation and see if the PIP program is the next best step for you. 

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For almost two decades I have supported self employed professionals in building profitable businesses and over and over again, I meet individuals that have a passion and great talent for what they do but struggle with getting paid clients.  My mission is to help change that!  With the upcoming launch of the Passion into Profit program: a customized business building program for coaches, I thought I would share a couple key principals in Turning your passion into profit.

1. Understand the difference between a coach and an entrepreneur

Most coaches start out with a high level of enthusiasm for their profession, but they don’t understand the difference between working as a coach IN their business, and working as an entrepreneur ON their business.  Coaching is what you do as a profession.  Building your practice takes different skills . . . the skills of an entrepreneur.  By clarifying that basic fundamental distinction, you will be able to seek out and effectively implement the entrepreneurial skills necessary to build an abundant practice.

2. Get clear about the value you generate for your clients

People invest in results! By clarifying in simple, easy to understand terms, what the specific value is that people can expect from you, you will make it easier to communicate this to your potential customers.  This not only makes you more attractive to them but also increases your confidence and makes it easier to ask to be paid what you are worth!

3. Learn how to give potential clients a “test drive” of your services

Forget about the act of selling, share with people what we call the “living brochure”.  Offer people an experience of what you have to offer through a complimentary session.  How you structure your complimentary sessions will have a significant impact on how quickly you fill your coaching practice.  We cover a step to step process on how to go from “hello” to asking for the financial commitment.

4. Build your pricing strategy

How will you price yourself in the marketplace? How does one value something like coaching anyway?  There are several methods to developing your pricing structure depending on how you have structured your programs and the value they generate for your clients.  One thing you may want to include is a series of options.  The more ways people have of saying “Yes” to you, the better.  Three distinct options that allow for three different levels of support give your potential clients choice in how they might fit coaching in their lives.

In the Passion into Profit program, I share 10 fundamental proven strategies in creating a foundation for building a six figure business.  To create a successful business we must be willing to invest in learning how to be a savvy entrepreneur.

The launch for the Passion into Profit program is just around the corner. I don’t want you to miss out!  When you sign up for our LIVE Passion into Profit program before December 17th you will receive a very special bonus:- Interviews of my MasterMind Team on the strategies, process and marketing activities they used to build six figure businesses (Valued at $249!) really priceless!  Why reinvent the wheel?

Visit www.passionintoprofitforcoaches.com to find out more.

A thought for today!

“It is our attitude at the beginning of a difficult task which, more than anything else, will affect It’s successful outcome.” ~William James

Coaching you to achieve your definition of having it all,

Teresia

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As I prepare to facilitate a live Passion into Profit program, I have the great fortune to have many inspiring conversations with fellow coaches. During these conversations, I have noticed a common theme, something I call the “lone ranger mentality”.

If you are an entrepreneur who has a big vision for your business and is committed to living your best life, doing it alone is not an option. As an entrepreneur, the most strategic step you can take is to let go of the Lone Ranger mindset and start borrowing (or hiring) extra brainpower. When your business is on the line, collaboration isn’t optional – it’s mission critical!

Unfortunately many self-employed professionals suffer from the lone ranger mentality. Can you relate?

There is a good chance you have heard me talk about the concept of environments. When we think of our environment, most of us reflect on the physical space around us. Sixteen years ago, when I first started my coaching business, I learned that the word “environment” could mean so much more.

One of our most important environments in life is made of the relationships we surround ourselves with – our inner circle of people. This includes family, friends, colleagues, coworkers, staff, mentors, and anyone else you interact with on a regular basis. When you’re self-employed, having an environment of people in your life who are there to support you to be successful (I call this kind of support – strategic support) is a critical component of having a strong business foundation.

Strategic support can be formal (i.e. mastermind groups, teachers, coach, accountant) or informal (i.e. a smart and friendly colleague).  Strategic Support comes from people with more experience or a different perspective or area of expertise than you have. Strategic support helps you shorten your learning curve, find resources, and create faster, better results.

What would your life be like if you had a sharp, committed like minded positive group standing behind you every step of the way?  I wondered that myself. The idea of being surrounded and supported by people who believe in me was incredibly compelling, so in the beginning of my coaching career, I consciously set out to create strategic support in my life. I immediately hired my own coach, and soon thereafter I assembled a mastermind team. Creating my very own mastermind team was one of the best business decisions I ever made.  Today every program that I design includes the invaluable component of masterminding.

Many entrepreneurs are coming to recognize that the Lone Ranger mentality is a hard, slow path. Instead of trying to accomplish things on their own, they are seeing the value of mastermind and leaning on the brilliance of other people.

Do you have 3-10 savvy people you could call for a quick brainstorm on any given day? This kind of support can make all the difference when you’re up against a wall. Instead of staring at a computer screen, you can pick up the phone, get the motivation you need and solve problems in a moment. A strong business leverages these resources.

It is important to be independent, self reliant, and that you can trust and know you can do whatever you set your mind to AND think of people who have experienced great success or have contributed to the world or your community, they didn’t do it alone. While you need to know that you can depend on yourself, if you continue to do everything yourself you will limit the level of contribution and difference you can make in the world.  To really serve your family, your community, your customers, you have to have support!

Don’t be fooled, to get strategic support in your life and ask for help is a crucial skill to master.  If one doesn’t learn how to get support, your weakness will prevent you from being as successful as you were meant to be. The quality of our environments and relationships has a lot to do with our level of happiness, satisfaction and success.

Is it time for you to let go of the lone ranger mentality and take your strategic support to the next level?

Here are some steps you can take immediately:

• Make a list of people you already know that could be part of your strategic team and simply call them to talk about this new level of relationship.
• Ask one of your coaching buddy’s to be your accountability partner.
• Join a program like the Passion into profit program or TripleMMastermind program.
• Start your own mastermind team (Check out our ebook, The Magic of a Mastermind. Written from the voice of my very own mastermind team, this book includes tips, strategies and insights on what makes a group truly successful.)
• Hire a coach.

Give yourself the gift of cultivating an environment that will unconditionally support you to step into your greatness.

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I am very fortunate to be able to support clients from all around the world. A few weeks ago I had a very inspiring conversation through Skype with a fellow coach from Poland.

I left the call vibrating. Her passion, commitment and enthusiasm about the coaching profession were infectious. Like, many of you, Celestyna is very excited about being a coach and has a dream of building a profitable business and helping 100′s of individuals live a life they love.  As a result of our conversation, I have decided to run another LIVE Passion into Profit Program.

Here at TLC our motto is “We match your commitment every step of the way”. Celestyna’s commitment has inspired me to work personally with 8 coaches in 2011 to help them make their dream of a profitable coaching business come true. Are you one of those eight coaches? What I know for sure is that when you gather a group of like minded individuals, who have the same goals, the same level of commitment and are plugged into an environment of masterminding, mentoring and have access to proven strategies and resources, magic begins to happen!

Read Celestyna’s letter below and if you are one of the eight coaches – I look forward to hearing from you!

Committed to supporting the success of the coaching profession,

“I am an Erickson trained coach. I have all the necessary skills and knowledge. I have done hundreds of training hours as well as at least 200 coaching hours. I bring many benefits and enlightenment to my clients. They say that coaching with me is a profound experience that leads to many revelations and action steps in their lives.  I am good.

Why on earth don’t I have a stable coaching practice?
Why don’t I have clients standing in a line waiting for a session with me?
Am I not a good coach?

No, I am excellent! However, what I need to learn is how to grow my coaching business. I need to learn and put into practice all the tricks of the trade that will enable me to reveal all of my excellence. I need to reach out to clients that are out there. I need to have a business system that is consistent, proved, working and bears regular fruit.

If you do have the same feelings and thoughts, join me on the Passion into Profit Program created and facilitated by Teresia LaRocque, First Master Certified Coach in Canada and a business building specialist. I had a consultation with her and I know she who will rock your coaching career!

Why am I addressing this letter to you? Because there is one more thing… I refuse to be alone in my learning. I want to do Teresia’s Passion into Profit Program(PIP) – LIVE. We need 8 people to launch one for the New year. I am committed to having a profitable coaching business in 2011, I know I can do it with Teresia’s help, the PIP Program and most importantly  I want to start work with a power team of coaches. Coaches  who are on the same page and want to grow and learn and pass on their coaching knowledge and experience to clients. I believe in the power of joined effort and mutual inspiration.

So are you in? Will you join me in breaking through and making 2011 the year to grow your coaching business?

Imagine you have all the state-of the art knowledge of marketing in your hands and you can use it in your life right away. You are held accountable by fellow coaches and you start to enjoy the financial and spiritual freedom of being a successful coach entrepreneur. Visit www.passionintoprofitforcoaches.com for more information or contact Teresia directly at info@passionintoprofitforcoaches.com – just write in the subject box – “I am ready”!

Just enroll now. Join me – The Time to Grow is NOW!”

My best wishes,
~ Celestyna D. Osiak – Trainer and Coach

Here’s what other coaches have to say about the Passion into Profit program,

Rae Chois, MCC – Director of Erickson International Training & Certification Faculty – click here to watch a 5 minute video on what Rae had to say about the PIP Program.

Click here to listen to what Mark Marcynuk, ACC had to say about the PIP Program.

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I don’t know about you but I’m already thinking about of what I want to create in 2011. I catch myself thinking ’what do I need to do to prepare and put in place so I can experience all that my heart desires in 2011?’  Here at TLC, we are ramping up for an abundant year! How about you?

Were you part of our call On October 21st on “Cutting Through the BS and Getting to the Abundant YES”?

We talked about:

1. Noticing your thoughts and beliefs around ‘receiving’- practice getting better at receiving – surprisingly for most of us it is not the easiest thing to do!
2. Cutting through your own BS – you must do the work and be held accountable to the roadblocks you put in your own way.
3. Take action – you have to plan and take action towards what you want and you can’t do it alone.   

If you missed the call you can listen to the recording at www.triplemmastermind.com (scroll half way down the right hand column)

Want to be part of something bigger then yourself in 2011? The Triple “M” Mastermind – Mind, Money and a Life of Meaning is a program that is designed for high performing women who are looking to achieve more with less effort, leverage their time, opportunities, resources, and be part of an environment of like minded women who are committed to living their best life. For more information on The Triple “M” Mastermind Program send us an email at mastermind@teresia.com and put in the subject box “I am interested” 

If you would like to learn how to create your own Mastermind Team, check out our ebook on the Magic of the Mastermind. Please click here. 

Coaching you to achieve your definition of “having it all”,

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Does perfectionism get in your way of productivity?

Check out my article that I wrote this past week for the Coaches Corner column for the Vancouver Province newspaper. I welcome your comments about times when you have experienced the same issue and how you dealt with it.”

Q: I just secured a new contract with a company I have been working on for years. I am very excited about the opportunity but I feel a huge degree of pressure to do a good job and I cannot get myself started on the project. If I do not get into action soon, I will loose the contract. Help!

A: It sounds like you may be suffering from a common case of perfectionism. Perfectionism is often mistakenly seen in our society as desirable or even necessary for success. However, recent studies have shown that perfectionistic attitudes actually interfere with success. Being a perfectionist is one of the biggest causes of procrastination. It may be time to look at your situation honestly and notice what your patterns are. To get yourself into action first realize perfection is an illusion that is unattainable. The next step is to challenge the self-defeating thoughts and behaviours that fuel perfectionism. Some of the following strategies may help:

• Take baby steps. Set a realistic reachable goal, as you reach a goal, set your next goal one level beyond your present level of accomplishment.
• Experiment with your standards for success. Choose any activity and instead of aiming for 100 percent, try for 90 percent, 80 percent, or even 60 percent success. This will help you to realize that success can still be experienced when you are not perfect.
• Use feelings of anxiety and depression as opportunities to ask yourself, “Have I set up impossible expectations for myself in this situation?”
• Confront the fears that may be behind your perfectionism by asking yourself, “What am I afraid of? What is the worst thing that could happen?”
• Avoid all-or-none thinking in relation to your goals. Decide which tasks you want to give high priority to and on the less important tasks, choose to put forth less effort.
• Look at your belief around failing. Recognize that many positive things can only be learned by making mistakes.

And remember at this point you don’t have to get it right; you just have to get going!

If procrastination is getting in your way be sure to join us for special call this month. See details below.

Special Bonus Call – October 21st
Are you ready to go for what you
REALLY want?

I invite you to join my team coach partner Cheryl Cran and I
on October 21st at 2:00pm (pacific) for a powerful dialogue on
“Cutting through the BS and Getting to the Abundant YES!“

Register now to get your spot on the breakthrough call!

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Whoa, what a ride……….last week was my first week as a MOMpreneur. Being the mom of a 10 week old and running a full fledged business, the concept of time management presents a whole new set of challenges. “Going back to work” brought up many different emotions; sadness, joy, fatigue, gratitude, and most of all overwhelm.

As we enter the month of September many of you will be getting into the ‘back to school mentality” and refocusing your energy and time on your business. Before that familiar feeling of overwhelm sneaks up on you, I want to share with you four “perspective shifts” that I am revisiting as I enter this new phase in my life and which powerfully supports stepping out of reaction mode and stepping into super efficiency.

This perspective shift is based on one question: what’s most important? It may sound like a simple place to start, but when you really embrace this, it has a profound effect on how you run your business – and your life.

Here are some tips that I am embracing and I invite you to join me.

1. Become the CEO of your business. When a good CEO starts her day, she has a plan. She moves with purpose, methodically devoting her full attention to each objective. She has results in mind. Does she answer every call that comes in? Does she let other people determine when to meet, and for how long? Does she run around putting out fires and saving the day? Not a chance. You are the boss of your company, and it’s okay to act like it. You get to decide where to invest your time, and that means you don’t necessarily respond to every little thing right away. Go ahead, let that call go to voicemail!

2. You won’t get it all done – and that’s okay. It’s the dark side of ambition that driving need to get everything handled. It haunts our nights and eats into our personal time. Many of us believe that in order to be successful, we have to get everything done. It’s not true! Handle your biggest priorities (like your marketing activities) every day and let the small stuff take care of itself. It is OK if you don’t get it all done – really! Getting to the next level is about doing what’s most important – always.

3. Perfectionism isn’t profitable. Remember the golden rule in business: ‘Tis better to get it done than to do it perfectly. Don’t waste time with details that don’t really matter in the end. If high standards are compromising your productivity or adding to your stress, take some time to explore whether you have an unmet personal need (such as a need for approval). If this is the case, find ways to meet your needs outside of work. (We’ll talk about needs in a future article, as I have found that unmet needs are one the biggest reasons we become out of balance – more later). Remember, your job is to make sure things get done – one priority at a time.

4. Contain your business: declare office hours. When you’re self employed, and especially when you work from home, your professional life and your personal life tend to blend together. You conduct high-powered meetings over the phone in your pajamas (come on ……I know I am not the only one your faxes end up with salsa smudges; you stop shopping for the kids back to school clothes to take a call from your assistant etc. But when you set up boundaries between your personal time and your work hours, you’ll start to experience some wonderful benefits:

• You become much more efficient. In an effort to make the most of your work hours, you stop tending to the minor details and start tackling the bigger picture.

• Your time off actually becomes “down time” so you feel much more rested.

• At the end of the day, you feel satisfied instead of resentful; in control instead of chaotic; purposeful instead of panicky. Of course, you only realize these benefits if you actually honor your office hours. Take them seriously, and demand that everyone else does too.

TLC Coaches challenge:

This month, be intentional about how you spend your time. Define your office hours and stick to your priorities. Constantly ask yourself, “Which result is most important now?” Post a sign or make a note to keep you focused, and when the end of the day comes, close the door.

Begin this fall with a CEO mentality and join me in having your business serve your life rather then feeling like a servant to your business!

Make it a self honouring month!

PS Are you ready to go for what you REALLY want?…

Preregister now for a breakthrough call! I invite you to join my team coach partner Cheryl Cran and I on October 21st at 2:00 p.m pacific for a powerful dialogue on “Cutting through the BS and Getting to the Abundant YES!”

Stay tuned for our next newsletter for more information. Register now to get your spot.

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As a blossoming MOMpreneur you get creative!

One of my greatest passions as a coach is to give back and help fellow coaches build their business. I started my business in 1996 when very few people knew what success coaching was. Many times I was asked are you a coach of a sports team? No “what a fitness trainer does for your body I do for your mind” was my common response. I built my business very quickly, (a huge dose of passion and an innate knowing of business savvy ) I had a full practice in my first year and was making 75,000.00 annually. It was a natural next step to share what was working for me with other coaches.

We have been offering the Passion into Profit program : (PIP) a customized business building program for coaches, for more then a decade. Embarking on my “baby leave” we have decided to make the PIP home study program available – a great way to serve coaches who are eager and ready to take their business to the next level NOW. In addition a great passive income source for my business.

I just had two inspiring conversations with two coaches who purchased the PIP Home Study program! Visit www.passionintoprofitforcoaches.com to find out more.

Or email us at info@passionintoprofitforcoaches.com  to book your consultation to find out if it is the next best step for you.

As an entrepreneur there are many ways to serve our clients.  Identify your ideal client, be clear of their greatest needs and have many options of how to help them meet those needs!

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I just completed a coaching session with a client who is taking her business from Virtual Assistant services to supporting her clients in Internet Marketing Strategies.

We talked about the important of having a clear concise answer when individuals ask you what you do.  Marketing starts when someone asks you “what do you do?” When this happens, what do you say? More importantly, how do you feel?

This is a pivotal moment; it is a chance to communicate your business to a captive audience that could very well become a paying client or a referral source.

Do you freeze up? Feel nervous? Walk away thinking, “I could have handled that better…”?  Do you know what your company stands for? Can you explain it with conviction and confidence? This is key, as entrepreneurs, one of our biggest challenges is getting the word out about who we are and what we do, and doing so in a way that makes people want to work with us.  If you don’t sound clear and confident when you speak about your own business, how is your listener or prospect going to believe in your work?

Your credo is the heart of how you represent your work to prospects – both in print and in face-to-face interactions. If you find networking a bit uncomfortable, it’s probably because you don’t have a strong credo to leverage in conversations with strangers.

As an entrepreneur it is important that you feel excited to share who you are, what you do, who you love to work with, and how you make a difference, this is the beginning of attracting business, the business you want. We like to say that a strong credo is the window to the soul of a business. In that one minute (more or less), you stand in the gateway to more clients, more business, more profit and more success.

To help you wrap your mind around this concept, here’s is an example of my clients credo:  

“My name is Tracey Ehman and I am a Virtual Marketing Director.  I work with established female entrepreneurs who are tired of watching their competitors get the edge through internet marketing. I help them move ahead of their competition by determining a strategy using social media, blogging and a variety of other online marketing platforms.    We work together to assess your goals, create a strategy and design a process to achieve them”.

 ~ Tracey Ehman, Your Virtual Marketing Director, http://www.done2atee.com/

 Make a commitment to yourself to devote time to developing or improving your credo.  Having a credo that resonates with your soul and captures the essence of your business is the first step in creating an effortless and fun marketing campaign.

 Visit www.passionintoprofitforcoaches.com for a complimentary recording on creating your credo. (Go half way down right hand column)

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Being self employed there is no such thing as maternity leave, at least not paid maternity leave. Well….that is not entirely true, if you are savvy enough to set your business up to create passive income, you could have paid maternity leave.  When we decided to start a family I became very motivated to have a passive income stream.  As I prepare for taking two months off completely from my business to be fully present as a new mom, I am taking some time to review my financial situation.  I have not quite reached my passive financial goals, but what I have created makes a difference!

Is it time for you to focus on passive income? If you are self employed why not incorporate passive income into your business plan.  Let’s first look at what is Passive Income? Passive income is money that comes in after you have completed working to get it.  It is income from work you have already performed versus work you are currently doing. Therefore, a passive income stream is a continued flow of income from a completed task.

One obvious source of passive income that illustrates the idea behind a passive income stream is a savings account.  You open a savings account with a certain amount of money, and that money gains interest as it sits there.  You never have to deposit any more money in order for that initial amount to continue earning interest for you.  Obviously the more money you deposit into the account, the more money you will make on it.

With access to the World Wide Web it opens up many options of passive income streams you can include in your business model.

Here are a few.

1. Affiliate Programs – passive income is derived from setting up a web site that pre-sell companies’ products or having other companies sell your products.

2. Information Products – ebooks, CD’s, books, ecourse, etc

3. Advertising commissions – on your website, newsletters or ezines.

4. Pay Per Click Campaigns – you can make money instantly by setting up a Google AdWords campaign for your product or affiliate program.

5. Referrals – create a network of people that offer services or products related to your business, set up an alliance where you receive a commission every time you refer someone.

6. Create a membership site – if you are an expert in your field and can provide the resources, knowledge and support, you can charge a monthly fee to gain access to your membership site. Because you are an expert in your field, you can also recommend other products and services to your members, from which you earn commissions.

7. Have associates – having a team of people working for your company that you receive a percentage of their service fee. If you are a coach or a self employed professionals check out our Creating your own coaching company ebook on how to incorporate associates as part of your business.

These are just some ideas of possible passive income streams.  Get together and brainstorm with your mastermind team (you have a mastermind team – right? If not read our blogs on the power of being part of a mastermind team) and decide which passive stream would best compliment your business and enjoy the benefits of this extra income.

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