Hands Up…Who Wants Some Steady Passive Income
17th April 2017
Nowadays passive income goes by the name of ‘recurring income’. Essentially it is ongoing income that occurs after the hard work is done upfront. Private practitioners often feel that any form of recurring income is out of their reach, that they don’t know enough and don’t have the expertise and reputation. So they default to what they know best and work harder and harder to see more clients, face-to-face. It doesn’t have to be like this, there are many ways of commercialising your knowledge and generating steady background income. Here are 4 ideas.
Develop and sell therapy materials online
Teachers Pay Teachers is a perfect example. TpT is the world’s first and largest online marketplace where teachers buy and sell original educational materials. It currently has 4 million active members and 2.4 million resources available. It is an ideal platform for selling pdf’s of worksheets, stories, play documents, handouts that you have developed.
E-books are a great introduction to becoming an author. They don’t have to be long or complex. My guess is that you have existing assignments, essays, research commentaries, book reviews and unwritten passion projects that others would love to read. Don’t be put off by the tech; agencies like bookbaby.com will hold your hand and get your ebook launched and selling.
The trend for self-paced online learning continues and is ideal for busy clinicians who are keen for niche and convenient professional development. If you can write and deliver a face-to-face workshop, then you have the goods to shape it up into an online product. Once the conversion work is done and the marketing planned, explore udemy.com, thinkific.com (plus others) to upload. Done.
Specific therapy report templates, questionnaires, therapy ideas, checklists, session note templates, games, homework sheets, information handouts…are all highly sought after. With an easy e-commerce plugin on your website, such as WooCommerce.com, you can upload the branded documents, they may be PDF’d from Word documents that are customisable. The next step is to set the price. Link with PayPal, write a description, make a few final tweaks and you are good to go.
Recurring income is literally at the end of your fingertips. The examples for commercialising what is at your fingertips and on your laptop are selling your therapy resources, writing an e-book, and developing an online course or useful downloadable or customisable documents. The tech aspect need not be daunting, there are always people to help with this part. What could you do to build an asset that generates recurring revenue?
This article featured in the February Edition of Paeds Biz.