Best Source of Passive Income - Digital Products

In today’s post, I’m going to cover what I think is the best source of passive income in your online business or side hustle.

In fact, in the last year, I’ve made $363,024.

And this was mostly passive through digital products like eBooks, courses, memberships, and more.

There are so many reasons why digital products make for what I think to be the easiest form of passive income.

You don’t need any product samples and there’s no shipping costs,

And you can create your digital product one time and then sell it over and over again.

Did I mention digital products have about 80 plus percent profit margins?

This is just one reason why they’re the best source of passive income.

In this post, I’m going to share with you:

Different types of digital products
How much you can make from them
How to sell them
The platform that I use to sell my digital products

But before we dive in, making passive income is easier when you have an email list. Download my free email list-building toolkit below completely for free!

Now, I have sold lots of digital products,

but there is one that stands out from the rest. I have found it to be the simplest and quickest digital product to get started making money with fast.
Which is what makes it my favorite source of passive income!
And no, it’s not e-books, it’s not courses, it’s not memberships, and it’s not even guides.
I believe in this one so much that if I was to start my business over from zero, this is the digital product that I would start with.
So drum roll.
The digital product that is the easiest and quickest to start making money with and the one that I would use if I started completely over from zero would be an online paid workshop.
So what exactly is an online workshop and what makes it a digital product?
Now, think of an online workshop just like one that you would take in person, but instead it’s going to be online.
You can do this live or recorded or both.
It’s simply where people will go to exchange money to learn something from you in the format of a workshop.
This could mean just exchanging information or actually taking action to achieve something with them there on the workshop.
It’s completely up to you.
And you could teach this workshop using something like Zoom or Google Meet. Or any software where you could do your workshop live and also record it.
And if you’re someone who really doesn’t like the idea of doing a live workshop, you can always use a software like LUM to pre-record and sell the recording of your workshop straight away.

Now, I personally would start with a live workshop.

And the reason I like them so much is because you get to get proof of concept fast.

People will often tell you your idea is good, but you’ll never know for sure until people actually choose to start paying you for it.

Now, the reason a workshop is so great is because all you have to do is:

Come up with what is the title of the workshop,
Create bullets of what you’re going to cover,
And decide the one thing people are going to leave that workshop having solved or having reached.

It’s low risk because all you do is come up with the title, the bullets, and the pain point of what the workshop’s going to solve.

And if people don’t buy it, you simply come up with another concept.

Versus something like a course, you’re going to spend weeks, if not months, building out this online course.

And what if you go to sell it and nobody buys?

That’s why I like a workshop as a digital product. And why I think it’s the best source of passive income.

Now you can teach that workshop over and over again or record it and sell the recording.

Now let’s break this down further into five exact steps that I would take if I was going to start over completely from zero and launch with a paid workshop.

Where do I find buyers for my online workshop?

I have the answer for you!

Enter your information below and download my freebie email list-building funnel completely for free.

This is going to allow you to move your followers to email subscribers so you have people to mention your workshop to sell them into your workshop.

And if you’re thinking, well, I don’t even have a following, some of my other content on how to grow a following on YouTube will help!!

Step 1: Survey Your Audience

Start growing your email list using my free list-building funnel and once you have 100 people on your email list, send them a survey.
Ask them questions to nail down what their number one struggle and number one pain point is right now.
If you don’t have your followers on an email list yet, put a poll on your most active social media channel.
You don’t want to create a product based on what you think, you want to do it based on what people want.
You want to have cold, hard data based on what their number one pain point is.

Step 2: Create Bullets Of What To Cover

Next, create your title and bullets of what I’m going to cover in that workshop.

Use a tool like ChatGPT to drop in title ideas and see what else it can come up with! Don’t spend more than one hour coming up with a title. Choose something that speaks to their pain point. And describes the outcome they will get by coming to your online workshop.

Remember, you’re helping them overcome that pain point on your workshop.

So you want to look at where they now and where do they want to be at the end of the workshop? What’s one tangible result you’re going to be able to promise them?

Step 3: Create a Checkout Page

Now that you have your title and bullets, create a checkout page so you have a way for people to pay for your workshop.

If you don’t have something that you’re already using, I recommend using the Systeme.io software that I use (it’s free to set up an account and an affordable alternative to most of the marketing systems out there!)

Step 4: Promote Your Online Workshop

See how easy and fast this is?

You just have to:

Come up with your concept
Choose your title and bullets
Create a checkout page
Promote!

And this is the best way to start a business and make sure that you get the right product market fit.

Start promoting this to your social media followers and to your email list. (Remember to snag my FREE email list-building toolkit below:

And if you don’t have followers yet, go watch this video on how to grow your YouTube following from zero.

You only need maybe a hundred people on an email list total to start doing the survey and start getting your first workshop.

Step 5: Host Your Online Workshop

Finally, you’re going to go live, teach your workshop.

Just don’t forget to record it!! This is how you’ll make it into a passive income digital product that you can sell over and over again!!

Now an online workshop is awesome and I find it to be the easiest and fastest one to start with.

But if it doesn’t sound like it’s for you, you can check out my list of 54 different types of digital products in this free guide.

Now that you know what I believe to be the easiest form of passive income, you might want to learn more about how I sell digital products and how I got to $8 million in digital product sales to date.

Check out my YouTube video here because when you pair what you just learned in this post with what’s in this video, it’s going to be so much more powerful.

This post was all about the best source of passive income.