How to Create Passive Income and Recurring Revenue For Your Career Services B

46 Pages·2012·3.39 MB·English

by  Bridget Brooks

How
 to
 Create
 Passive

Income
 and
 Recurring

Revenue
 For
 Your
 Career

Services
 Business

Transcript
 from
 Video
 Recording

Friday,
 October
 12,
 2012

Presented
 by
 Bridget
 (Weide)
 Brooks

www.BeResumeWriter.com
This
 Transcript
 is
 for
 BeAResumeWriter.com
 Bronze
 Members
 Only

You
 Do
 NOT
 Have
 the
 Right
 to
 Reprint
 or
 Resell
 this
 Report.
 You
 Also
 MAY
 NOT
 Give
 Away,
 Sell

or
 Share
 the
 Content
 Herein

If
 you
 obtained
 this
 report
 from
 anywhere
 other
 than
 http://www.bearesumewriter.com,
 you

have
 a
 pirated
 copy.

ALL
 RIGHTS
 RESERVED.
 No
 part
 of
 this
 report
 may
 be
 reproduced
 or
 transmitted
 in
 any
 form

whatsoever,
  electronic,
  or
  mechanical,
  including
  photocopying,
  recording,
  or
  by
  any

informational
 storage
 or
 retrieval
 system
 without
 express
 written,
 dated
 and
 signed
 permission

from
 the
 author.

DISCLAIMER
 AND/OR
 LEGAL
 NOTICES:

The
  information
  presented
  herein
  represents
  the
  view
  of
  the
  author
  as
  of
  the
  date
  of

publication.
 Because
 of
 the
 rate
 with
 which
 conditions
 change,
 the
 author
 reserves
 the
 right
 to

alter
 and
 update
 his
 opinion
 based
 on
 the
 new
 conditions.
 The
 report
 is
 for
 informational

purposes
 only.
 While
 every
 attempt
 has
 been
 made
 to
 verify
 the
 information
 provided
 in
 this

report,
  neither
  the
  author
  nor
  his
  affiliates/partners
  assume
  any
  responsibility
  for
  errors,

inaccuracies
 or
 omissions.

DISCLOSURE:

I
 may
 be
 an
 affiliate
 for
 products
 that
 I
 recommend.
 If
 you
 purchase
 these
 items
 through
 my

links
 in
 this
 document,
 I
 will
 earn
 a
 small
 commission.
 You
 will
 not
 pay
 more
 when
 buying
 a

product
 through
 my
 link.
 In
 fact,
 you
 may
 pay
 less
 —
 or
 receive
 a
 free
 or
 discounted
 trial
 —

when
 using
 the
 affiliate
 link.
 Plus,
 when
 you
 order
 through
 my
 link,
 it
 helps
 me
 continue
 to
 offer

you
 lots
 of
 free
 stuff.

LOVE
 THIS
 CONTENT?
 TELL
 A
 FRIEND?

We
 get
 most
 of
 our
 new
 members
 on
 BeAResumeWriter.com
 because
 they’ve
 heard
 about
 it

from
 a
 résumé
 writing
 colleague
 or
 on
 a
 professional
 association
 E-­‐List.
 If
 you
 like
 what
 you
 read

in
 this
 report,
 please
 encourage
 them
 to
 sign
 up
 for
 a
 membership
 on
 BeAResumeWriter.com

(Free
 members
 can
 listen
 to
 this
 teleseminar
 recording
 in
 the
 Free
 Level
 Resources
 section;

Bronze
 members
 get
 access
 to
 the
 recording
 and
 the
 transcript.)

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  2
©
 Résumé
 Writers’
 Digest
HOW
 TO
 CREATE
 PASSIVE
 INCOME
 AND
 RECURRING

REVENUE
 FOR
 YOUR
 CAREER
 SERVICES
 BUSINESS

Hi!
  This
  is
  Bridget
  (Weide)
  Brooks
  from
  Résumé
  Writers’
  Digest
  and

BeAResumeWriter.com.
 On
 September
 21,
 2012,
 I
 presented
 this
 program,
 “How
 to

Create
 Passive
 Income
 and
 Recurring
 Revenue
 for
 our
 Career
 Services
 Business”
 at
 the

National
 Resume
 Writer’s
 Association’s
 15th
 annual
 conference
 in
 Charleston.
 It
 was
 a

breakout
 session,
 so
 some
 of
 my
 fabulous
 career
 industry
 colleagues
 at
 the
 conference

missed
 out
 on
 the
 workshop.
 I’ve
 recorded
 this
 video
 to
 share
 this
 valuable
 information

with
 those
 colleagues,
 as
 well
 as
 my
 fellow
 resume
 writers
 and
 career
 coaches
 that

weren’t
 able
 to
 join
 us
 in
 South
 Carolina
 this
 year.

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  3
©
 Résumé
 Writers’
 Digest
There
 are
 18
 pages
 of
 handouts
 that
 accompany
 this
 presentation.
 You
 can
 download

them
  right
  now
  on
  the
  BeAResumeWriter.com
  website.
  Go
  to

www.bearesumewriter.com/nrwa.
 They’re
 fill-­‐in-­‐the-­‐blank
 worksheets
 and
 will
 help
 you

follow
 along
 to
 this
 presentation.
 So,
 if
 you
 don’t
 have
 them
 yet,
 go
 ahead
 and
 click

“Pause”
 on
 this
 video
 and
 go
 get
 them.
 Print
 them
 out,
 and
 then
 we
 can
 get
 started.
 Ok.

Ready?
 Great.

I’m
 thrilled
 to
 share
 information
 with
 you
 on
 a
 topic
 that
 I’m
 very
 passionate
 about.

When
 I
 pitched
 this
 topic
 to
 the
 NRWA
 conference
 organizing
 committee,
 I
 mentioned

that
  this
  is
  a
  unique
  angle
  that
  hasn’t
  been
  covered
  in
  recent
  conferences.
  Most

conference
 sessions
 are
 focused
 on
 résumé
 writing
 principles
 or
 general
 marketing
 and

business
  management
  topics.
  My
  session
  is
  going
  to
  teach
  you
  how
  to
  generate

alternative
 income
 sources
 to
 smooth
 out
 the
 peaks
 and
 valleys
 of
 résumé
 writing.

Many
 of
 these
 same
 techniques
 can
 also
 be
 used
 to
 boost
 the
 visibility
 of
 your
 résumé

writing
  services
  as
  well
  as
  lead
  generators
  to
  attract
  prospective
  clients.
  Today’s

information
 will
 offer
 tips
 for
 both
 beginning
 and
 veteran
 résumé
 writers
 and
 career

coaches
 on
 how
 to
 generate
 passive
 income
 and
 recurring
 revenue.
 All
 of
 these
 are

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  4
©
 Résumé
 Writers’
 Digest
strategies
 I’ve
 used
 in
 my
 own
 résumé
 writing
 business,
 and
 you’re
 going
 to
 get
 the

benefit
 of
 my
 trial
 and
 error.
 So
 let’s
 get
 started!

While
 the
 Internal
 Revenue
 Service
 has
 a
 specific
 definition
 for
 “passive
 income”
 that

limits
 it
 to
 rental
 income
 or
 income
 from
 “trade
 or
 business
 activities
 in
 which
 you
 do

not
 materially
 participate,”
 what
 we’re
 going
 to
 be
 talking
 about
 today
 is
 how
 to
 make

money
 in
 your
 career
 services
 business
 without
 trading
 your
 time
 for
 dollars.
 After
 all,

for
 most
 resume
 writers
 and
 career
 coaches,
 you’re
 only
 making
 money
 when
 you’re

billing
 a
 client
 for
 work
 you’re
 producing,
 whether
 that’s
 writing
 a
 résumé,
 cover
 letter,

or
 LinkedIn
 profile,
 or
 conducting
 individual
 or
 group
 coaching
 sessions.
 Trading
 time
 for

dollars
 is
 classified
 as
 “active
 income”
 —
 meaning,
 when
 you
 stop
 doing
 it,
 or
 being

active
 in
 it,
 the
 money
 stops.

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  5
©
 Résumé
 Writers’
 Digest
With
 active
 income,
 in
 order
 to
 increase
 your
 revenues,
 you
 have
 to
 do
 one
 of
 two

things:
 bill
 more
 or
 charge
 more.
 You
 either
 have
 to
 do
 more
 work,
 or
 charge
 more

money
 for
 the
 work
 you
 already
 provide.

With
 an
 active
 income
 method,
 you
 hand
 over
 your
 work
 product
 once
 and
 get
 paid
 for

it
 once.
 With
 a
 passive
 income
 method,
 your
 work
 product
 is
 delivered
 multiple
 times,

and
 you
 get
 paid
 multiple
 times.

Today,
 however,
 I
 want
 to
 talk
 to
 you
 about
 the
 kinds
 of
 things
 that
 you
 can
 do
 within

your
 resume
 writing
 or
 career
 coaching
 business
 that
 you
 can
 produce
 once,
 but
 that

that
 will
 earn
 you
 money
 at
 all
 times
 of
 the
 day,
 even
 while
 you’re
 sleeping,
 or
 even

while
 you’re
 sitting
 here
 in
 this
 conference
 session.

When
 you’re
 generating
 active
 income,
 you’re
 serving
 one
 customer
 at
 a
 time.
 With

passive
  income,
  you’re
  doing
  one
  of
  two
  things:
  serving
  multiple
  customers

simultaneously
 with
 one
 product
 (like
 with
 an
 ebook
 or
 online
 training
 program)
 OR

providing
 a
 series
 of
 products
 to
 the
 same
 customers
 over
 and
 over,
 but
 without
 having

to
 individually
 create
 or
 customize
 the
 product
 (like
 with
 a
 membership
 program).

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  6
©
 Résumé
 Writers’
 Digest
Now
 that’s
 not
 to
 say
 that
 it’s
 completely
 hands-­‐off.
 Many
 passive
 income
 programs
 still

require
 daily,
 weekly,
 or
 monthly
 maintenance
 —
 such
 as
 answering
 questions
 from

buyers
 or
 some
 ongoing
 updating
 —
 but
 it’s
 a
 small
 amount
 of
 time
 compared
 to
 the

financial
 return
 overall.

A
 question
 I
 get
 a
 lot
 is
 about
 recurring
 revenue.
 Specifically,
 what’s
 the
 difference

between
 passive
 income
 and
 recurring
 revenue.
 The
 answer
 is:
 Not
 all
 passive
 income
 is

recurring
 revenue,
 but
 most
 recurring
 revenue
 comes
 from
 passive
 income.
 Let
 me

explain.

Passive
 income
 can
 come
 from
 a
 number
 of
 sources
 —
 we’re
 going
 to
 talk
 about
 four

separate
 income
 streams
 today
 —
  but
 some
  of
 those
 are
 one-­‐time
 payments.
 For

example,
 if
 you
 buy
 one
 of
 my
 Resume
 Writers’
 Digest
 special
 reports,
 that’s
 passive

income
 for
 me,
 but
 it’s
 a
 single
 purchase
 for
 you.
 You
 may
 buy
 more
 of
 my
 special

reports
 in
 the
 future
 —
 especially
 if
 you
 like
 the
 one
 you
 bought
 to
 start
 with
 —
 but

there’s
 no
 guarantee
 of
 that.
 But
 it’s
 not
 like
 writing
 a
 résumé
 for
 you,
 where
 I’m

completely
 customizing
 the
 content.

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  7
©
 Résumé
 Writers’
 Digest
On
  the
  other
  hand,
  if
  you
  sign
  up
  for
  one
  of
  my
  membership
  programs
  —
  like

BeAResumeWriter.com
 —
 you
 can
 provide
 your
 credit
 card
 information
 to
 PayPal
 so

that
 you
 receive
 an
 uninterrupted
 membership
 from
 month
 to
 month,
 until
 you
 decide

you
 don’t
 want
 to
 be
 a
 member
 anymore.
 That’s
 recurring
 revenue
 for
 me.
 I
 sign
 you
 up

once,
 and
 as
 long
 as
 I
 deliver
 value
 to
 you,
 you’ll
 stay
 a
 member.
 It’s
 still
 passive
 income,

because
 the
 member
 benefits
 I’m
 creating
 each
 month
 aren’t
 customized
 specifically
 for

you,
 but
 for
 all
 the
 resume
 writers
 and
 career
 coaches
 who
 are
 members
 that
 month.

It’s
 that
 “one-­‐to-­‐many”
 model
 I
 talked
 about
 earlier,
 but
 it’s
 an
 ongoing
 product
 or

service.
 We’ll
 talk
 in
 more
 detail
 about
 some
 recurring
 revenue
 models
 later
 in
 today’s

presentation.

Next,
  let’s
  talk
  about
  what’s
  possible,
  and
  what’s
  realistic
  for
  passive
  income
  and

recurring
 revenue
 in
 your
 career
 services
 business.
 Instead
 of
 serving
 between
 2
 and
 10

clients
 per
 week,
 you
 could
 have
 100
 customers,
 or
 1000
 customers.
 If
 the
 idea
 of

serving
 1000
 customers
 a
 week
 scares
 you,
 don’t
 be
 afraid!
 I’m
 not
 talking
 about
 writing

100
 résumés
 a
 week.
 I’m
 talking
 about
 serving
 a
 higher
 number
 of
 customers,
 but
 with
 a

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  8
©
 Résumé
 Writers’
 Digest
low
 level
 of
 interaction.
 You
 could
 sell
 100
 ebooks
 in
 a
 week,
 and
 not
 even
 talk
 to
 95
 or

99
 of
 the
 buyers!

Let’s
 talk
 some
 numbers
 here.
 Each
 year,
 I
 conduct
 the
 Resume
 Writers’
 Digest
 Annual

Industry
  Survey
  to
  get
  an
  idea
  of
  what’s
  going
  on
  in
  the
  career
  services
  industry.

Extrapolating
 from
 the
 2010
 survey
 results,
 which
 found
 that
 writers
 averaged
 four

résumés
 per
 week
 at
 an
 average
 of
 about
 $500
 per
 project,
 that’s
 $2000
 per
 week.
 But

you’re
 also
 only
 serving
 four
 clients.
 If
 you
 created
 a
 $20
 ebook,
 and
 sold
 100
 of
 those

per
 week,
 you’d
 also
 generate
 $2000.
 How
 much
 time
 would
 it
 take
 for
 you
 to
 sell
 the

100
 ebooks,
 compared
 to
 how
 much
 time
 it
 takes
 to
 write
 four
 résumés?
 I’m
 guessing
 at

least
 16
 hours
 —
 and
 more
 likely,
 25-­‐30
 hours,
 especially
 when
 you
 consider
 the
 client

management
 details.
 Ebooks,
 on
 the
 other
 hand,
 require
 very
 little
 interaction
 after
 the

sale.
 You
 might
 have
 to
 re-­‐send
 a
 download
 link,
 or
 answer
 a
 question
 via
 email.

Is
 it
 reasonable
 to
 sell
 100
 ebooks
 per
 week?
 Probably
 not
 right
 away.
 But
 you
 could

probably
 sell
 10
 —
 and
 that
 would
 be
 $200
 per
 week,
 and
 you
 could
 sell
 those
 week

after
 week,
 without
 a
 lot
 of
 additional
 work
 on
 your
 part.

We’ll
 talk
 in
 the
 next
 part
 of
 the
 presentation
 about
 how
 to
 develop
 and
 sell
 information

products,
 like
 ebooks.
 But
 first,
 let’s
 talk
 about
 setting
 some
 goals
 for
 your
 passive

income
 and
 recurring
 revenue.

There
 are
 three
 factors
 when
 deciding
 which
 direction
 to
 go
 with
 your
 passive
 income

program.
 The
 first
 is:
 How
 much
 money
 do
 you
 want
 to
 earn
 each
 month
 from
 your

passive
 income
 program.
 This
 is
 a
 specific
 dollar
 amount.
 Maybe
 your
 goal
 is
 to
 generate

an
 additional
 $100
 a
 month
 for
 the
 next
 12
 months,
 so
 you
 can
 attend
 next
 year’s

NRWA
  Conference.
  The
  average
  cost
  to
  attend
  a
  conference
  is
  $1200
  (considering

registration,
 travel,
 hotel,
 and
 food),
 so
 $100
 a
 month
 for
 12
 months
 would
 get
 you

there.
 Just
 having
 a
 simple
 dollar
 goal
 in
 mind
 is
 also
 going
 to
 give
 you
 some
 good

insights
 into
 what
 type
 of
 passive
 income
 program
 you
 want
 to
 put
 into
 place,
 because

some
 programs
 are
 better
 at
 generating
 $1,000
 a
 month
 than
 others.

Second,
 you
 want
 to
 consider
 how
 long
 you
 expect
 your
 passive
 income
 stream
 to
 last.

Again,
 there
 are
 programs
 that
 are
 better
 than
 others
 in
 terms
 of
 creating
 long-­‐term

passive
 income.
 Some
 programs
 are
 time-­‐limited
 —
 for
 example,
 if
 you
 have
 a
 LinkedIn

training
 program,
 that’s
 a
 hot
 topic
 right
 now,
 but
 your
 current
 program
 might
 only
 be

usable
 for
 6-­‐9
 months
 before
 you
 either
 have
 to
 revamp
 it
 to
 keep
 up
 with
 LinkedIn’s

changes,
 or
 because
 there’s
 something
 newer
 or
 more
 effective
 for
 jobseekers.
 On
 the

other
 hand,
 a
 special
 report
 outlining
 12
 tactics
 for
 effective
 networking
 in
 a
 job
 search

is
 something
 that
 will
 sell
 month
 after
 month
 for
 years
 and
 years.

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  9
©
 Résumé
 Writers’
 Digest
Finally,
 you
 need
 to
 set
 a
 deadline
 for
 receiving
 your
 first
 month’s
 income
 from
 that

stream.
 This
 is
 very
 important
 because
 the
 sooner
 you
 get
 started
 implementing
 your

passive
 income
 program,
 the
 faster
 you’ll
 start
 getting
 results.

I
 also
 want
 to
 point
 out
 that
 your
 first
 passive
 income
 stream
 isn’t
 likely
 to
 be
 a
 huge

success.
 The
 point
 is
 to
 learn
 how
 to
 create
 your
 first
 passive
 income
 product
 so
 you
 can

get
 better
 at
 it.
 We’re
 not
 looking
 to
 replace
 your
 active
 income
 —
 we’re
 looking
 to

supplement
 it.
 And,
 you’ll
 also
 likely
 find
 that
 your
 passive
 income
 stream
 can
 produce

prospective
 clients
 for
 your
 traditional
 career
 services
 —
 someone
 who
 buys
 an
 ebook

on
 résumés
 might
 become
 frustrated
 with
 the
 do-­‐it-­‐yourself
 approach
 and
 decide
 to

hire
 you
 to
 write
 the
 résumé
 after
 all.

So
 let’s
 talk
 about
 four
 specific
 ways
 you
 can
 add
 passive
 income
 to
 your
 career
 services

business.

Transcript:
 How
 to
 Create
 Passive
 Income
 and
 Recurring
 Revenue

For
 Your
 Career
 Services
 Business
  10
©
 Résumé
 Writers’
 Digest