Flying Solo Wake up to wealth: Kate Toon's tips for earning six figures while you sleep
In this episode of Flying Solo, Kate Toon shares insights from her new book, Six Figures While You Sleep. If you’ve ever dreamed of making money while catching some much-needed shut-eye, Kate’s got you covered. But don’t worry—this isn’t some get-rich-quick scheme. Kate has some super practical, no-nonsense advice that will have you seriously rethinking your approach to business.
From conquering imposter syndrome to crafting content that actually connects, this episode is packed with golden nuggets of wisdom—and a few cheeky jokes along the way. So, grab your headphones, get comfy, and find out how to make your money work for you, even when you're off the clock!".
Key topics
Transitioning to Passive Income
- Challenges faced in transitioning from service-based business to passive income
- Time constraints
- Importance of perseverance and confidence in pursuing passive income
- Keeping new ideas private to avoid negative feedback
- Consistent work, even in the absence of inspiration
Building and Marketing Online Courses
- Building a sales funnel before creating an online course
- Leveraging one's network to sell initial courses
- Importance of content marketing to establish expertise
- Starting an email list early on
Pricing Strategies for Passive Income
- Logical and strategic pricing
- The "3 little bears" pricing model
- Offering choice and positioning pricing options strategically
- Pitfalls to watch out for in pricing
- Importance of retaining customers and not getting greedy in pricing
- Nurturing existing members and building advocacy
- Working with a range of clients
Mindset and Expectations in Building Passive Income
- Managing expectations and being patient with oneself
- Realistic mindset towards profits and expenses
- Importance of persistence and perseverance in business
- Stress testing an idea for long-term sustainability
- Not being discouraged by others doing similar work
- Success with small ideas and the importance of persistence
Leveraging Skills and Expertise for Passive Income
- Leaning into what one already knows and becoming a subject matter expert
- The changing landscape of online education and challenges faced by entrepreneurs
- Developing the skill of teaching and turning it into a resellable product
- Reflecting on automation through technology and streamlined processes
- Advice for freelancers in developing teaching skills
Timestamped overview
05:24 Chasing passive income requires sacrifice and time.
06:43 Consider idea, test, appeal, and long-term commitment.
12:21 Position high cost item strategically to sell.
14:44 Content marketing tips: become an expert, build list.
17:25 Fear of imposter syndrome, unknown success, doubt.
23:01 SEO courses grew, now oversaturated with options.
24:47 Test teaching what you do before committing.
27:13 Commit to action and sacrifices for success.
31:52 Be grateful, be humble, avoid greed and excessive pricing.
33:55 Others may seem similar, but don't compare.
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