Alright, beautiful soul, let’s dive deep into some updates about my newest venture, and oh, it’s all about passive income. But to truly paint the picture, I’m rewinding the tapes and letting you in on some personal I wasn’t entirely sure I’d ever share online.
The love and warmth I felt from your responses about diving deep into passive income while still in your cozy pajamas was so overwhelming! Picture this as the first episode of our “Passive Income Chronicles” that’ll land directly in your inbox (or in this case, on the blog).
The past few weeks have been a whirlwind of brainstorming sessions. How do I serve you best? The answer felt clear as day – give you an unfiltered, VIP access into the process. It’s like baking a cake. You could tell someone the recipe, or you could invite them into your kitchen and bake it together.
So here’s my puzzle: What magic can I craft that not only gifts me with passive income but also takes you on the entire rollercoaster from the first brainstorm to the final result?
Here’s a confession: When I pressed ‘send’ on that first email, it was like jumping off a cliff not knowing if I’d fly or fall. But isn’t the thrill of creation so much more electric when you’re not alone?
And that’s why I wanted to start this journey with YOU.
With a head bursting with ideas, it felt like picking a flavor at an ice cream parlor.
The real challenge?
Deciding which idea gets the golden star. Whether you’re a dreamer like me with a myriad of thoughts, or you’re at a crossroads, I suggest this: jot down your thoughts, let them simmer, and then pick what feels right in your gut. The most important piece to choosing the *right* thing is choosing something you’re excited about. It doesn’t matter what your best friend, sister, mom or anyone thinks about the idea. If YOU have a vision for this idea and are excited about it that’s the thing you gotta go for.
When I dream of crafting something that trickles in passive income, here’s my checklist:
I had that ‘aha’ moment when one idea, shining brighter than the rest, called out to me. But before I unveil, let’s take a quick detour.
Remember The Essential Studio Manager? Our labor of love that we poured our hearts and souls into and then, with mixed emotions, handed its reins over, hoping it would soar to greater heights? Well, life threw a curveball.
Instead of the anticipated growth, the new owners not only let it slide but went MIA on our beloved community. This heart-wrenching turn from a glittering accomplishment to a bittersweet memory was tough. After an intensive 6-month handover, seeing our creation wither was a pill hard to swallow.
Plot twist: The company was sold again. Our hopes? CRUSHED.
My husband, Jon – the genius who dived headfirst into the world of coding to build the ESM – and I often talked about how to salvage this one day. We knew we could craft a better CRM system, but going up against industry mammoths felt like David against Goliath. Honeybook who’s latest funding round of $250 million, led by investment giant Tiger Global Management, had valued it at $2.4 billion. And being in the same industry is TOUGH when you’re just a one or two person team.
We’ve had countless late nights talking about what this CRM would look like and the features it would have, how we’d build it and make it easier to use than so many other tools out there. Having stepped into the world of CRMs we also know what a huge, long-term project this would be. As the weeks went by I asked myself if there was not something a little more simple I could build that focused on something specific. (Tip: Sometimes, when you have a BIG idea, there are a few smaller, simpler ideas you can get started with first and a great way to get something good going.) It’s always a good idea to try and build something simple to prove it’s something that’s a good fit before investing so much time and energy.
You see, with a CRM (the big project idea) you have a whole lot of different aspects to it. Customer communication, contracts, questionnaires, invoicing, finances, etc. All these pieces to a larger CRM could also be great stand-alone products.
So that’s what really got my wheels turning. The more I thought about it the more I loved the idea of focusing on the invoicing and financing aspect of a CRM. But take it one step further and build something to help with selling not just services but also digital products. The more I thought about it, the more perfect it got. Sharing the process of how to generate passive income while at the same time building a tool to make it possible for others to jump into creating and selling products and generating passive income.
But, here’s a thought: What if I take you on this exhilarating ride of crafting passive income, and in the process, together, we create this tool together?
Hold onto your seats because here’s the twist – I want this tool to be freely accessible. No monthly subscription tags. While I’ll need to put on my thinking cap to weave in the passive income magic, the core idea is clear: serve our community and reveal the magic behind the scenes while building a tool that makes generating passive income a breeze.
Having built a similar tool once that not only ensured a monthly passive income but also led to a $90,000 acquisition would be the perfect way to teach more about passive income. If I could do it, so can you for any digital product or service.
So, beautiful soul, strap in. This is our journey to crafting passive income.
The blueprint is ready, and my heart is set on it. Prepare to be taken on a behind-the-scenes journey of every intricate detail that breathes life into a passive income avenue.
Stay tuned for more updates to land in your inbox. I’ll also publish everything to the blog so you can easily find the information there and cover it as many times as you need.
I’ll be sharing the good, the bad and everything in between. You’ll continue to get emails about the process and I’ll publish all the content over on the blog so it’s easy to find. The content will be free for you to view and will remain on the blog as free content.
Ready to keep reading? Continue reading and find out what we’re calling this new tool, what inspired me, and what I’m doing first to get the ball rolling.
If you’re feeling stuck on an idea, head on over to THIS blog post to get your creativity flowing. I listed out all the ways I’ve generated passive income (and even gave some insight on how much $$$ I’ve earned from some of these ideas).
Ready for more? Join my newsletter and be the first to know about new articles published on the blog, business tips, and of course, all the best strategies and free resources. There’s a reason this list is 70,000 strong!
Pin this post to Pinterest so you have it saved for later.
ABOUT THE AUTHOR
I'm Elena, your
Multi-passionate, CEO of multiple companies, mama of four, obsessed with all things business and marketing, ready to help you attract your ideal client and customer. My goal is to give you the strategies and tools to grow your business so you can save time, get real results and focus on what matters most.
Want to know more about me and how I got here?
The official Business Planner every business owner needs to have.
Snag these professionally written captions for the whole month.
Film-inspired Lightroom presets to help you bring your vision to life.
Get these done-for-you social media captions and learn about how we can help you with your social media strategy & content creation.
Yes, I need this!
If you're ready for resources that lead to more profitable, sustainable business growth, you're in the right place. Join my email list so I can send you my favorite tips, strategies and advice!
Ready for more?
©Modern Market 2023. All rights reserved.
Weekly Business Tip
You might know me as the CEO behind Modern Market & Wordsmith, but more than anything, I love sharing my process, resources, and knowledge with those who want to learn more.