What if you could step away from your business, and…
💭Spend more time with your family
💭Take some extra trips up to the mountain this winter
💭Sign-up for that weekly class you’ve been eyeing
… and still be making a little extra moolah while you relax & rejuvenate?
That’s the dream, right?
To be able to step away from your business, take time to enjoy life & still be generating revenue. 🙌
Does it sound too good to be true?
Well, I’ve got good news my friend!
It’s 2022, and passive income isn’t just some pipe dream.
In fact, I think every doctor & health practitioner should be creating passive income streams in their wellness practice.
But, what exactly IS passive income?
“Passive income” refers to income that doesn’t require action from you. For example, when a patient books an appointment, that generates income, buttt you have to show up for that appointment in order to officially earn that money!
Now, there’s nothing wrong with booking out your practice, but building in multiple revenue streams strengthens your business, while creating more freedom for you.
There are lots of ways to make money, but today we’re focusing on three types of passive income for doctors & health practitioners:
- Online Courses
- Affiliate Products, and
Let’s get started!
Passive Income Through Online Courses
Unless you’ve been living under a rock, I’m sure you’ve noticed that the online course industry is BOOMING. And if you’re thinking it may be too saturated, think again!
The global online learning market is expected to reach 374.3 billion by 2026.  😱
That’s a big number, and as a private practice clinician, YOU are a prime candidate to capitalize on this growth.
What’s so great about creating an online course??
Lots of things!
As a doctor, creating an online course allows you to:
- Continuously earn $$ on course sales, after a single upfront energy investment
- Scale your earnings – without a cap on how many students you can accommodate, your earning potential is limitless.
- Serve more people! Especially if you decide on a lower / more accessible price.
- Easily introduce people to your biz so they can decide to invest at a higher level.
- Collaborate with other experts. Reach out to other experts & see if they’d like to contribute a bonus module in your course.
To give you a quick idea of what goes into creating an online course, here are the general steps:
Step 1: Pick a Profitable Course Topic.
As a doctor or health practitioner, you can likely help people solve alllll sorts of problems, but your course will be more successful (e.g. easier to market) if you choose a very specific problem, and get clear about exactly who your course is designed to help.
Do some research before locking down your topic.
Do a Google search and see what other online courses are available, and what might be missing (hello business opportunity 👋). And don’t be afraid to run your ideas by current patients – they usually love to help!
Step 2: Outline Your Course.
Next, it’s time to hit the whiteboard!
There is something about physically writing things down in the brainstorming stage that gets my creative juices flowing. Post-it notes can be nice here too because you can shuffle them around as you map out your content.
Questions to get you thinking:
- What is the main objective (or desired transformation)?
- What are the main modules that will help people get there?
- What order should you deliver the content in?
- What are the subtopics within each module?
- Will students need a course workbook?
Once you have a rough sketch on the whiteboard, it’s time to move things into Google Docs (or something similar). This is where you’ll “bulk-out” your course outline with much more detail.
Step 3: Create Your Content
Now that you know what you’ll be teaching, you want to decide what the best format for teaching this information is. Chances are it’s a mix of presentation slides, video, audio & printable materials.
Canva.com is great for creating high-quality presentation slides, and loom.com is a great recording platform that allows you to screen share while also showing your face in the bottom corner of the screen.
To get organized, go back to your course outline, and list out how many videos & workbooks, etc..you’ll need for each module.
Step 4: Pick a Platform.
Next, it’s time to choose where you’ll host your course!
This is where you’ll upload all the course videos and materials, and the place students will go to access your course once it’s live.
Step 5: Launch Your Course.
The last step is to launch & sell your course.
This is where I see things fall flat for many practitioners. It’s easy to think you’re done because your course is finished. Buttt the truth is, you need a marketing plan if you want to reap the benefits of all your hard work.
So don’t stop here!
My top tip at this stage is to find a great copywriter! They can help you come up with a launch plan & write promotional content. Building out a sales funnel will help you automate the sales of your course.
Your sales funnel might include:
- Scroll-stopping paid ad copy
- A high-value “Lead Magnet”
- Engaging social media posts
- Sales emails that can be sent out on autopilot
- A high-converting sales page w/ checkout link
And FINALLY, sit back & watch those Paypal or Stripe notifications roll in while you hit the slopes, bask in the sun, or hangout with your kids! 👏
Now… I know what some of you are thinking:
“Okay Ronda, maybe next year, but that’s just too much work right now.”
Luckily, I have two more options for passive income that require significantly less effort. 🙌
Ready for them?
Passive Income Boost With Supplements
As a health practitioner, you’re already recommending supplements to your patients to help them heal & thrive. So why not mix a little strategy into this part of your business? 🤔
When your patients buy through your online dispensary, you earn a chunk of change.
And this “chunk” isn’t so small…
If you use a platform like Fullscript, for example, you actually make 35% of every sale that goes through your dispensary.
That can add up quick!
Here are just a few benefits of selling & promoting supplements:
- It’s easy to do.
- It costs you nothing.
- It benefits you and your patients!
So, how do you increase your supplement sales?
Use these creative ideas:
- Dedicate a page of your website to your Full Script account and promote it in blogs, emails, and social media. ← This is how you sell in your sleep 😉
- Offer seasonal discounts, like “Back to School”, “Winter Holidays”, & “Flu Season”.
- Set up fun & bright product displays if you have a physical office.
- Get into the habit of making recommendations at the end of each appointment.
Optimizing supplement sales is a no-brainer way to bring in extra revenue (and keep your patients healthy & happy!).
Passive Income Through Affiliate Products
This next idea works similar to supplements, except this is about a whole lot more than just supplements.
You can earn a commission by promoting all kinds of affiliate products! These can be almost any wellness product you’re a huge fan of, including (but certainly not limited to) water purification systems, non-toxic mattresses, and even in-home saunas.
Here’s how it works:
Once you find a brand/product you can whole-heartedly get behind, head over to the company’s website and see if they offer an affiliate program!
If they do, they’ll usually have a quick online application to complete. Approval is oftentimes instantaneous, and you can begin earning a small commission every time someone purchases that product using your special code or link.
Since these are products you believe in, you’ll naturally find yourself recommending them to patients. It’s helpful to send a follow-up email with your affiliate link, or to direct them to your website if you have the links listed there.
Other ways to get the most out of affiliate product income:
- Create a “Favorites” page on your website with all your affiliate products in one place
- Post about the products on social media, sharing success stories
- Create a blog post for each of your affiliate products that includes your unique link
The bottom line?
If you already know of a brand you love, why not earn extra income promoting it?
Word of Caution:
Don’t be overly promotional or pushy with your affiliate products. Doing so can leave a bad taste in people’s mouths, and give them the wrong idea about you and your practice.
Passive Income for Doctors 👏
At the end of the day, passive income = more freedom.
And that’s exactly what I want for you!
A profitable practice that takes care of your patients AND YOU.
If you have any questions about passive income for doctors, or would like to learn about working together, feel free to schedule a free 15-minute strategy call with me!