From hustle to passive – The truth about creating a passive income in the dog industry
DESCRIPTION In this episode, Jo & Vicky sit down to talk about creating passive income from your dog business. They share some of the ways they have done this and explain why in most cases the income they are generating is actually semi-passive rather than being 100% hands off. But as you will see when you listen to this episode, there is still a lot you can do to maximise the amount you earn for the hours you put into your business. KEY TAKEAWAYS Regardless of whether you are creating an in-person service, or a remote or online course, focus on solving the problem for your customers. Most passive income streams are not as passive as you expect them to be. If you write a book or worksheets, you´ve got to continually promote them. Converting an audience into buyers is hard; even if they are highly engaged and motivated, only about 1 in 100 will buy, and only after you have taken the time to persuade them. Courses can generate passive income, but they are rarely 100% hands off. Business to business courses are generally more profitable than business to consumer courses, but they are still not passive. People expect some level of support. The best way to generate income, including semi-passive, is to truly understand your customer´s pain points and provide a solution that works. Doing your market research ensures that there is enough demand. Jo & Vicky share several great ways to do this. If you find a good market, go for it, get your product or service out there asap, don´t worry about it being perfect right out of the gate. Don´t try to copy what other far more mature dog businesses are doing. Putting together a decent launch programme is time consuming, but essential. Adding value to your one-on-one course can work e.g. Providing access to reminder lessons or a more detailed explanation of something you teach. Game-based, easy to consume, bite sized training is currently selling well. BEST MOMENTS “Everyone likes a bit of passive income.” “I actually feel like passive income, or semi-passive income, however you want to look at it, is harder work than just getting out there and doing the thing.” “One person out of 100 is likely to buy, and that´s the reality.” “If you are going in from scratch wanting to build that passive side of it, the work involved isn’t going to feel passive.” “You need a big audience to make the evergreen side work.” “Gamification is a big thing this year, alongside your personal brand.” “You still get an income, you still get to absorb and help as many people as possible through the business, not through you burning out.” SOCIALS AND IMPORTANT LINKS https://www.tiktok.com/@letstalkdogbusiness https://www.youtube.com/@LetsTalkDogBusiness Website www.caninebusinessacademy.com Community Facebook Group: https://www.facebook.com/groups/caninebusinessacademycommunity/ Let´s Talk Dog Business Strategy Book - https://www.amazon.co.uk/Lets-Talk-Dog-Business-Strategy/dp/1068791705 ABOUT THE HOSTS Meet Jo and Vicky! They bring a combined 25 years of expertise in the canine industry. Jo, with a background in corporate business, and Vicky, a dedicated advocate for rescue organisations, form an unstoppable team. Beyond the mic, their lives are a whirlwind – managing two successful businesses, pursuing a full-time university degree, and parenting two little ones under four. Each of their homes combined is a lively menagerie, housing five dogs and an abundance of chickens.
Ireland