This is a quick ‘Passive Income 101′ lesson for Dentists.
As marketing in today’s dental world becomes more and more ‘online’ focused, creating passive income streams should be one of your main focuses when building your practice through online media – whether you’re doing this on your own, or with the help of an internet person that handles your websites & blogs – you’ve got to love making money while you’re laying on the beach!
This doesn’t mean that you abandon your traditional dental practice. It simply means that you can probably capitalize on the way that consumers are purchasing goods and services online.
For example as a dentist you have a certain skill-set and knowledge – why not create an eBook, audio guide, or YouTube Video on marketing and promoting your dental practice in your local city?
The possibilities for creating passive income streams are endless – especially if you know what you’re doing.
The ability to create numerous money-making vehicles, switch them onto auto-pilot and then reap the financial benefits is paramount to living a successful entrepreneurial life in the modern world. There are many people doing it successfully, and there is no reason why you can’t join them!
Passive Revenue Stream #1: eBooks & eCourses
In today’s online world everyone has something passionate to say. For instance, some Dentists and team members are passionate about dental blog-design. Maybe you’ve designed your own dental blog and you can compile that information in an eBook titled “Dental Blog Design” and sell it to other dentists who are interested in making their own blog design.
The niche of dentistry that you’re passionate about might be virtual assisting. You can make an eCourse about “how to set up your own virtual assisting business.”
Possibly the best example of this is Fred Joyal, the founder of 1-800-Dentist. Fred marketed his book online “Everything is Marketing” to the tune of over 25,000 copies at a price of $24.99. If you do that math, that’sover $624,000 in sales. That’s some serious passive income!
Passive Revenue Stream #2: membership sites
What do Tom Orent, Wendy Briggs, and Jay Gier all have in common? They make a large portion of their income in running membership sites for revenue. These guys have all figured out the value of providing REALLY VALUABLE KNOWLEDGE in exchange for a fee.
Tom Orent is the ULTIMATE example of someone who cheated failure and ended up extremely successful! He took himself from the brink of bankruptcy to making a healthy 6 figure income by just doing dentistry 40 days per year! He did it partially by creating a membership website where he shares some of the most valuable FREEDOM BUILDING information he compiles from his mastermind of successful peers and clients! If you haven’t had a chance to check him out, here is a link to his story: http://www.gemsgolddozen.com/306454
Passive Revenue Stream #3: Affiliate Marketing
What is affiliate marketing?
Affiliate marketing is a type of marketing where a business rewards you for each visitor you refer to that business’s website. It’s really quite simple…
You make website –> You attract visitors to your website by providing good content <– Big company gives you money when your visitors click on an ad banner on your website.
Here is a great YouTube link that explains this process:
It is estimated that the affiliate marketing industry is a 3 billion dollar per year industry. I have personal friends who are not dentists who are getting $3000 per month in passive revenue just from affiliate marketing. It is a great opportunity for dental-bloggers because if your target audience is other dentists, big time supply companies would love to advertise to your audience.
Makes you think twice about wanting to enjoy a Corona on the beach right about now!
Thanks for dropping by, and feel free to share with your friends if you think this stuff will help them.
I appreciate your support.
If you have had success with your own passive income streams online then please tell us all about it in the comments section below. Don’t keep it to yourself, share the wealth! Find your beach! Cheers!