Turn What You Know Into Cash - Bernadette Doyle

Copyright 2012, Juniper Pond Media, LLC. All rights reserved. The SpendLessTV.com Web Site is 100% free to users. Unless otherwise specifically noted, we receive no compensation for content, reviews or blog content. The Site may contain advertisements and affiliate promotions. The contents of the SpendLessTV.com Site are for informational purposes only and are not intended to be a substitute for professional financial, money management, or health advice. Contact us at: info@spendltsstv.com.

---

Transcript of video: "Turn What You Know Into Cash" by Bernadette Doyl, clientmagnets.com

Hi. I'm Bernadette Doyle. And you're watching Client Magnets TV. Feel free to share your thoughts on our episodes. And also if you've got a question feel free to post it here. I would love to feature it on an upcoming episode.

In fact this week's topic comes from one of our Client Magnets TV viewers. She's a freelance make-up artist who's asked "I'm currently, I'm making money from my time but I'd really love to know, how can I turn what I know into passive income?"

That is such a great question. Because the truth is, if your current business model is based on you trading your time for money, you don't have a business, you've got a job, you've got a job with less security than most jobs. Because it's up to you to provide all the perks and all of your benefits. So one of the things to make your business stronger is you really need to start to look for those opportunities, where you can generate income, even if you don't physically turn up.

Now I sometimes think people can take this a little bit too far. They're like, well okay I want the passive income but I want to be on the beach and making money. And the truth is, you can get to that point. This year I've had some amazing vacations with my children and I'm thrilled that the money's kept rolling in. But it didn't just happen like that, let's face it. You know, you have to put in some effort to create those systems and those structures to make those happen.

So this week I thought it might be helpful to share with you some of the things that I did that helped me make the transition from someone who was trading my time for money as a consultant. Maybe to give you some ideas on some of the avenues and some of the opportunities for you to create those passive sources of income.

So one of the things that I did, was I started to look for, is there a way that I can leverage what I'm currently doing and turn that into a product. None of us has a month or two weeks, or three months to take off, to go and write or create that product. You have to be smart about this. You have to look at, is there a way I can turn what I'm currently doing into a standalone product.

And in my case, what I did was, because I was running training courses, I simply had one of those training courses recorded. Was it perfect? No. Did I think it could be improved? Yes, absolutely. But you've got to be really careful that you don't let your inner perfectionist take over here. This is a place where it's important to remember that good is good enough. I've often seen people pour hours of their time into perfecting something that did not need to be perfected. You're not going to make any income, let alone passive income, until you get that product out there.

So what you need to look at, how can you take what you're currently doing, and turn it into a product. So going back to our make-up artist, one idea, she might just have someone come and film her, as she's making people up. And she could share her make over tips and her make-up techniques just in that. So that's something she's currently doing. All she has to do is add the element of it being filmed, and then suddenly that's the start of a product.

So you want to start looking at what you're currently doing, and what are the quick and easy ways to turn that into something that could be of value to another person. That was the first thing I did. And it's from there that I'm now sitting in front of you as the owner of a multi million dollar plus business. And it all starts with how you think. And you've got to remember, there's no magic wand that's going to suddenly transport us into this new place. The journey to where you want to be starts exactly where you are right now. So just take a look at the things that you're currently doing and start to think about how you can leverage that.

I hope you enjoyed this tip and I hope it's inspired you to take steps to passive income of your own. And remember to leave your comment, and I look forward to seeing you next time.