Unlocking Passive Income: Service Business Strategies for Women
- (Admin) The Thrivology Company
- Oct 21, 2024
- 8 min read
Beyond Trading Time for Money: Unlocking Passive Income as a Service-Based Entrepreneur
Ever feel like you're constantly chasing your tail, trading every precious hour for a paycheck? You pour your heart & soul into delivering exceptional service to your clients (which, let's be honest, is often a juggling act worthy of a Cirque du Soleil performance, especially with kids & – in my case – two mini pinchers who think they're circus performers themselves!), but the nagging feeling remains: Is this truly sustainable?
You’re not alone. So many ambitious women, particularly those of us building service-based businesses, grapple with this. We love what we do, but the idea of scaling without burning out or sacrificing precious family time (because, let’s face it, those 12–13 weeks of school holidays aren't exactly a business owner's dream!) can feel… daunting, to say the least.
& then you hear whispers of passive income – this mythical realm where money flows in even while you’re sleeping, or, you know, actually managing to have a hot cup of tea while it’s still hot. It sounds amazing, right? But then the doubts creep in. "Passive income is for product sellers, not service providers like me," you might think. "It's all smoke & mirrors, probably a scam."
Well, lovely, I'm here to tell you that’s simply not true. Income is achievable for service-based entrepreneurs. It's not a magic bullet, but a strategic move towards greater financial freedom & flexibility. It's about working smart, not just hard, & I’m all about that. After all, doing my MBA at Cranfield with my toddler at home taught me a thing or two about smart work! It was intense, juggling lectures, group projects, and, you know, the occasional toddler meltdown (remember those?!). One particularly memorable all-nighter for an entrepreneurial finance assignment involved industrial-strength coffee, shared spreadsheets, & the dawning realization that even with a fancy MBA, true freedom wouldn’t come from climbing the corporate ladder. That experience really solidified the importance of having clear, efficient systems, a lesson that's been invaluable in my own entrepreneurial journey.
Debunking the Myth: Income Is Possible for You
Let’s get one thing straight: income isn’t about getting something for nothing. It’s about creating assets or systems that generate revenue without your direct, constant involvement. It’s about leveraging your expertise & building streams of income that work for you, even when you're not actively "working."
Remember my attempt at growing herbs? Pigeon attacks & a serious aphid infestation quickly turned my London garden dreams into a wilted reality. Turns out, even rosemary needs consistent attention! Just like nurturing a business, passive income requires smart planning & the right systems.
Planting Your Seeds: Income Ideas for Service-Based Businesses
So, how can you generate income as a service provider? If you're a Foundation Builder, here are a few ideas to get those entrepreneurial juices flowing:
Online Courses & Workshops: Package your expertise into a structured course or workshop that can be sold repeatedly. This could be a recorded video series, a downloadable workbook, or a combination of both. Think about what your clients consistently ask you for help with & create a resource that addresses those specific needs. For instance, one of my early courses focused on helping entrepreneurs define their niche, because I kept getting asked "How do I even find my thing?!?" It’s about taking something you're already expert in and making it accessible. I feel like Tony Robbins really nailed it when he said: "It's not knowing what to do, it's doing what you know." You have a wealth of knowledge within you – share it!
Juggler's Shortcut: Batch record your video lessons so you have more time for your kids! Ever tried explaining profit margins while simultaneously refereeing a Lego battle? Batching is your sanity saver!
Membership Sites: Create a recurring revenue stream by offering exclusive content, resources, & community support within a membership site. This could be a monthly Q&A call, a private forum, or access to templates & tools. Think "Netflix for your niche"—what ongoing value can you provide? One of my mentors started a membership site for female coaches, offering monthly masterclasses, hot seat sessions, and a private forum. It's become an incredible source of recurring revenue for her and a valuable hub for her community. This speaks to the power of community, just like our Femme:Connect group, where we share tips, support each other, & basically get through the entrepreneurial rollercoaster together.
Digital Products & Templates: Develop downloadable resources like templates, checklists, or guides that solve a specific problem for your audience. This could be a social media content calendar, a client onboarding checklist, or a brand style guide. A client of mine created a gorgeous set of Canva templates for social media graphics, targeted at health coaches. It's become a bestseller, and she's even created different themed packs for seasonal promotions!
Flair Tip: Make sure it’s gorgeous AND practical – brand it beautifully! Because, let's be honest, aesthetics do matter, even in the business world!
Affiliate Marketing: Recommend products or services that complement your offerings & earn a commission on sales. This is about partnering with businesses that align with your values & provide genuine value to your audience. I have a few affiliate partnerships with software companies whose tools I genuinely love and use in my own business. It's a win-win – I get to recommend products that help my clients, and I earn a commission.
Remember, credibility is queen! Only recommend what you truly love. I once partnered with a company whose values didn't quite align with mine, & it felt…icky. Lesson learned!
Joint Ventures & Collaborations: Partner with other businesses to create & promote joint offerings, leveraging each other's audiences & expertise. My journey building Cocoista – my first real foray into the world of afro hair & beauty – taught me so much about collaboration, especially the importance of finding partners who are as committed as you are. I collaborated with a makeup artist on a series of workshops for women entrepreneurs, combining my expertise in branding with her skills in creating a professional look. It was a huge success!
Pro Tip: Make sure you choose a JV partner whose values & audience align with yours. And be prepared to put in the work – collaboration isn’t about offloading responsibility!
From Seed to Sprout: Nurturing Your Income Streams
Now, remember that garden analogy? Just creating these assets isn't enough. You need to nurture them:
Marketing Your Offerings: Just like any business venture, income streams require marketing & promotion. This could involve creating valuable content (think blog posts, social media updates, or even short, engaging videos) that showcases the benefits of your offerings, engaging with your audience on social media (responding to comments, participating in relevant groups, or even hosting live Q&A sessions), & building an email list (offering a free lead magnet like a checklist or guide in exchange for email addresses). & remember Subri Suby’s golden rule: “Enter the conversation already taking place in the customer's mind,” meaning you have to understand your ideal client's needs & desires to effectively reach her.
Flow Saver: Schedule your social media posts in advance using a tool like Buffer or Hootsuite to save you time during the week! I swear by scheduling – it’s the only way I can keep up with posting while also managing four kids & a PhD!
Providing Ongoing Value: Continuously update & improve your offerings to ensure they remain relevant & valuable to your audience. This could involve adding new modules to an online course based on student feedback, creating fresh content for a membership site to keep members engaged, or updating templates with the latest industry best practices to ensure they're providing cutting-edge solutions. Remember, this isn’t about a quick win, but about building sustainable, long-term income streams.
Ask yourself regularly, 'How can I make this even BETTER for my clients?' My clients are always my top priority, & their feedback is invaluable for making my programs truly transformative.
Building Systems & Automating: Implement systems & automation to streamline processes & minimize your ongoing workload. This could involve using email marketing software like Mailchimp or ConvertKit to automate follow-up sequences, scheduling social media posts in advance (as I mentioned earlier!), or using AI tools like Jasper or ChatGPT to generate content or automate customer service inquiries. This is about working smart, so you can free up your time for strategic work & – you know – actually being present with my family. My husband, Bear, is a PhD student researching Generative AI and Micro-businesses which gives me amazing access to tools and insights, which is pretty incredible. It’s like having a mini tech consultant on call 24/7! It also means we get to attend some of the same classes together, which is a pretty unique experience. Imagine learning about the latest AI advancements alongside your partner - who knew university life could be a couple's activity?!
AI Gem: Use AI to generate social media captions, saving you hours of content creation each week! I must admit, even I was a bit skeptical about AI at first, but it's been a game-changer for streamlining my workflow!
Sharpening Your Focus: From Overwhelm to Empowerment
Building income streams requires a mindset shift. It's about:
Embracing Imperfection: Don't let perfectionism paralyze you. It's better to launch an imperfect product & iterate based on feedback than to wait for the "perfect" moment that might never come. & remember what Sue Knight always says: "There is no failure, only feedback." This is a marathon, not a sprint, so keep learning & keep going.
Quick Clarity Tip: Set a launch date & stick to it – imperfect action is better than perfect inaction! I remember launching my first online course & completely freezing when it came to promoting it! It felt so "salesy," which just isn't me. I ended up offering it to a small group of beta testers at a reduced price, which turned out to be a brilliant move. Their feedback helped me refine the course content and overcome my own mental blocks about selling, making the official launch so much smoother.
Taking Ownership: Just like any entrepreneurial venture, building income requires taking ownership of your progress. It’s about working smart, setting realistic goals, & being accountable for your actions. My journey is slower because I’ve chosen to have four kids & do a PhD, but if I don’t get there, that’s my fault, not the system’s. It's not about blaming external factors (though trust me, I get the Millennial struggle - stagnant wages and skyrocketing cheese prices are real!), but about focusing on what you can control: your mindset, your strategies, your actions. It’s about figuring out how you become unstuck.
Are you ready to step into your power & take control? I know you are! Remember, you are the author of your own story. What will your next chapter be?
Believing in Your Value: Price your offerings based on the transformation you provide, not based on your fears or self-doubt. Remember what I always say: "If you can't live, you can't make a career out of it... What's the value of it? What do you feel it's worth?" When I first started coaching, I seriously undercharged. I was terrified of asking for what I was truly worth. Looking back, it was a classic case of what Adrienne Weimer calls "The Oprah of Discounts," giving away my expertise because I assumed people couldn't afford it. But then I realized, if I couldn’t sustain myself, I couldn't serve my clients effectively. So, I took a deep breath, raised my prices, & guess what? The right clients showed up. They valued the transformation I offered & were happy to invest.
Quick Clarity Tip: Focus on the value you deliver & the transformation you create - not just the time you spend. You're not selling hours; you're selling solutions & empowerment.
Ready to Plant Your Seeds?
Building income streams is a journey, & sometimes, the support of a dedicated coach & a community of like-minded women can make all the difference.
If you're a Foundation Builder at the very beginning of your entrepreneurial adventure & craving clarity on your niche, offer, & ideal client before investing significantly, our Spark Programme is the perfect place to start. Learn how the Spark Programme can help you find your niche & validate your business idea here. It's a 4-week online group accelerator that will help you validate your idea & build a strong foundation for sustainable success. Join us, and let's build your flourishing business together!
Carlene Nisbett
Founder & CEO, Femmeprenista (Coach, Mentor, Speaker)
Wife, Mother of four, Business Owner, PhD Researcher, Pet mom, Plant mom, 5'0" tall Passionate Multitasker & Wine Lover, You get the drift
P.S. This workbook is just the beginning!
If you're looking for a supportive community of like-minded female entrepreneurs who get it, why not pop over and say hello?
We'd love to welcome you!
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