If you're looking for a great way to branch your ideas and business out into multiple passive income streams, a fantastic way to do that is by recording webinars. Webinars are unique in passive income businesses because they not only allow you to earn an active one-time income during the broadcast, but also setup lucrative passive income streams that keep earning for days, weeks, months and years to come.
One of the webinars that I always point to when discussing passive income streams is the Costa Rica Initiative from the Empower Network. This is a webinar that took place in Costa Rica almost a decade ago and while it's generally considered outdated now, it still rakes in cash. Plus, it was so full of groundbreaking material when it came out, people are sitting on their hands to keep from showing their excitement that a new Costa Rica webinar is being filmed soon.
Webinars Create Passive Income Streams for Years
That alone right there should tell you the selling power of webinars—if you really nail down a good one, you can earn residual, passive income for years to come while having your fan base salivating at the mouth for a new webinar. Can you imagine what's going to happen to sales once the new Costa Rica webinar comes out? Through the roof!
And that's exactly why you should create your own webinar. There are a number of different ways to do it, but the most successful require you to have a list already built. Then, just email your list and invite them, give the webinar, record it, package it, have it transcribed and sell it online as either MP3 downloads or CD packages. Make interactive workbooks, create forums—the sky is the limit. The more you set up in the beginning, the longer running and more successful the passive income streams will be.
How to Create a Successful Webinar and Generate Passive Income
There are a number of things that you need to take into consideration while planning out your webinar. The more pre-planning and preparation you make, the more successful and lucrative your passive income streams from your webinar will be. Here's what to keep in mind:
- Meeting the demand for information. First and foremost, nobody is going to come see your webinar on how to flip over a couch cushion, let alone buy it later down the road. You need to identify a compelling topic, likely a problem in the industry you are in, and then have a surefire way or product to fix it. Solutions to challenging situations and business problems do very well at webinars. Teaching someone the ropes of a business by giving them an insight into your successful strategies is another great way to generate passive income streams with webinars.
- Decide on the best vehicle for your webinar. Webinars take many shapes and forms, so figuring out the best way to effectively communicate your point to your audience is key. For some topics, a simple lecture will do just fine. Other webinars do better with a Q&A session (either scripted or not), call ins, surveys, PowerPoint presentations, etc. One of the most popular forms of webinars today are interactive, where the audience will email in or “chat” in a question. Once again, this can be scripted, but it's even better to have a webinar where you are actively answering questions live, this way more viewers will tune into the initial webinar. This will also ensure the market's questions are answered, giving you a measurable metric as to whether or not the webinar will generate passive income streams moving forward.
- Finding your connection. There are many services out there that provide you an excellent and reliable platform to host your webinar on, including Adobe Connect, MegaMeeting and Infinite Conferencing. Finding the right one for you—paid or free—will ensure that you have the connection, speed and features to pull off your webinar without any costly errors.
- Provide a way for your viewers to register. There are many different ways to do this, from having an email signup to using a solutions shopping car system to automate your webinar registrations. You can have people RSVP to your mailing list or head to your website to register. If you use an automated registration process, you'll be able to setup autoresponders to ensure the proper information about the date and time are conveyed. You can also set up login names and passwords, plus shoot reminders out when the date approaches.
- Record, host and transcribe. Depending on the site you choose to host your webinar, you'll either have the option to have it recorded or record it yourself. Either way, this is probably the most important step if you want to create passive income streams for years to come. If you don't have it recorded, you have no product to sell. Simply upload the webinar onto your site for instant download upon payment, or take it a step further and create DVDs, CDs and workbooks. Whatever you put into the planning and packaging of your webinar is what you can expect to pull out in profits via the passive income streams. Spring for a packaging design or logo if you can't create one yourself. Having the transcribed script is helpful as well since some people do better with visuals rather than audios for any number of reasons.
- Keep building your list. Finally, don't stop at just creating passive income streams with your webinar. You should be building a list of everyone who attends the webinar or downloads the sessions at a later date. These clients are perfect for your mailing list, either alerting them to products you suggest (thus earning affiliate commissions) or even future webinars. The bottom line is that once you strike the connection, keep it lit, even if you're using automated responders.
As you can see, creating a webinar to generate passive income is actually a lot easier than it sounds, especially with all of the free software out there to help you along.
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