I was recently interviewed for the Tips & Tools for Virtual Assistants Telesummit, hosted by Tracey D’Aviero, on the subject of creating multiple streams of income for your business. You will find a transcript of that interview below.

How Did You Get Started in the VA Business?

I have always been entrepreneurially curious and at the age of sixteen I had this vision of providing administrative services to the businesses in my local area. However, I ended up getting a job at an ice cream store and well… my mobile admin business dream got replaced by a ice cream scooping muscle.

Fast forward to the early 2000s and I had just finished school and I was in a career job doing public relations and teaching the Business Administration Diploma Program at a private college. I still had that urge to figure out a way to work for myself so I went online and revisited my idea of a mobile admin business. It was through a simple Google search that I found someone doing virtual assistance work and believe me, if I could remember who it was, I’d be sending them a very sweet thank you letter.

Two weeks after finding that VAs website, I launched my own site and had my first paying client not long after. Six months after launch, I had a full practice so I quit my full-time teaching gig and jumped into virtual assistance. I haven’t looked back since.

How Has Your Business Evolved Over the Years

My VA business started as a solopreneur setup but is now a 23 person creative, outsourcing agency. I was only doing one-on-one service style support but I now have an active library of information products and I have a website that provides tutorials and support called EntrepreneurDIY.com.

I am the type of entrepreneur that is multi-passionate. I enjoy the VA side of things but I also enjoy strategizing with my clients about how to build, manage and grow their businesses using the Internet. I also love to speak and I love to create information products as I am a natural-born teacher. Because of these various areas of interest, my business evolved to rise up and allow me to diversify what I do.

When Did You Learn About Multiple Streams of Income / Passive Revenue?

When I started my business back in 2004, one of my very first clients was in the business of selling e-books. Before I opened my own virtual doors and met him, I had never heard of an e-book. The concept was foreign to me but once I saw the success he was having selling this e-book, I knew that I needed to jump on the passive revenue train and figure it out for my own business.

With this same client, we did so well with the e-book that we caught the attention of another company who was selling a complimentary product. We merged our companies and later, sold the newly formed company for over $15 million dollars. Yes, we went from a $47 e-book to a multi-million dollar exit strategy.

Needless to say, I became VERY interested in creating alternative revenue sources for my own business.

How Does Earning Passive Revenue Affect Your Business & Your Life?

Earning passive revenue allows you to free up your time and leverage your expertise and knowledge to earn more while working less. It truly is one of the best ways to own a business without the business owning you.

On the business side of things, passive revenue allows you to create one-to-many opportunities. What this means is that instead of answering questions or providing solutions on a per person basis, you can reach more people using the same amount of effort. There is only one of you but many, many customers so you need to leverage that.

On the personal side of things, it frees up your time so you can work less and spend more time with your family and friends. You can actually take up a hobby – even as a busy entrepreneur!

What IS Passive Revenue?

Passive revenue is loosely defined as income that you earn inside of your business that you aren’t trading time for money for. This means that you can generate the revenue while you sleep, while you are on vacation or while you are working on other income generating projects.

However, the big myth that I need to dispel is that passive revenue does NOT mean that it is income you don’t have to work for. The difference between passive revenue and regular revenue is that you only need to setup a passive revenue stream once and you can benefit from it for a long time to come. Usually, passive revenue streams are also streams in which you can earn on-going, recurring revenue.

The most common passive revenue streams include things like information products (e-books, audio programs, e-courses, etc.), affiliate programs (referring other people’s businesses / services / products for commission), online training, group coaching programs which are turned into self-study programs afterward, membership programs, virtual events (teleseminars) and service-based income (sub-contracting, private labeling, etc.)

How Do You Know When You Are Ready to Implement Passive Revenue?

Everyone is ready to implement passive revenue. Every single entrepreneur can and will benefit from setting up multiple streams of income. The difference between the person that does it and the person that doesn’t is simply action. The person who takes action will make more revenue from different sources than the person who doesn’t.

You don’t need to have lengthy education or special knowledge of the industry. You simply need to know how to solve your customer’s problems. You simply need to be able to provide real solutions in real time.

How Do You Get Started with Passive Revenue?

The easiest form of passive revenue to start with is the information product. Information products are e-books, audio programs, e-courses, online training, etc. Any product that you are setting up that is delivering information to your target audience is an information product.

The end product may be different, ie: e-book, audio program, etc., but the process to get there always starts with the same piece of information: the idea. You simply need to have an idea and that idea is going to come from one of your customer’s problems. You need to ask yourself, “What does my client struggle with and how can I help?” as it is in that, “How can I help?” part that you will find the idea for your information products.

Once you have your idea, you simply need to create the information product, setup your website to sell the information product and setup digital delivery to deliver the product to your paying customers. Once you have that in place, you can stop answering questions one-on-one but rather say to people, “I have just the product for you” and point them in the direction of your newly created information product.

How Do I Implement Passive Revenue Into My Regular Marketing Plan?

Implementing passive revenue, by way of information products, into your regular marketing plan starts with taking a good hard look at your current processes. Where, in these processes, do you see clients asking you the same questions over and over? Where, in these processes, do you see room for an alternate option?

Once you analyze your current process, you may see room for an information product versus a typed response. You might also determine that your customers need more information or support on a particular topic. For example, let’s say that you build WordPress blog sites for your clients yet once it is done and they have the site for awhile, they often complain about not getting comments, etc. to their blog posts. You may want to consider putting together a blog visibility guide that walks them through that process and you can decide whether or not you’ll give that to your clients for free, make them purchase it or package it with your blog design setup.

One of the early business lessons I learned is that not everyone wants to consume information in the same way. Some people are auditory learners where others are visual. Some people like to learn on their own whereas some people prefer the group format. The key to creating a successful business is to tap into each of your customer’s learning styles.

Let’s use my outsourcing company, BSETC (www.bsetc.com) as an example. I start potential customers off with our 30 Days of Delegation Workbook as a free, PDF download. This e-book contains various resources inside including a couple of pre-recorded teleseminars on outsourcing and delegation. We upsell a few of our a la carte services and we upsell our hourly packages. For those customers who don’t actually want to hire a team, we also upsell our membership program at Entrepreneur DIY (www.entrepreneurdiy.com) where they can learn how to do everything we would do and do it themselves.

We have visual options, audio options, we’ll-do-it-for-you options, do-it-yourself options and we have various price ranges for all of those items. The key is to offer a diverse enough portfolio that you will have something that appeals to each potential customer.

For all other forms of passive revenue, such as advertising or affiliate programs, you can easily implement those onto your site without the need to tie it into your marketing plan or get too analytical about it. It just takes knowing how to use them and how to set them up for your particular website.

What is the One Thing You Wish You Knew About Passive Revenue When You First Got Started?

I wish I knew just how easy it was to start setting up multiple streams of revenue for my business. It would have generated me more business income much more quickly. A lot of people develop fear over adding passive revenue because the process of doing so seems difficult or above a particular skill level but that isn’t true. Anyone can implement passive revenue streams if they have a plan and some ideas on what to offer.

I know you asked for one but I’m going to throw out two, I also wish that I had known that even if something was already created, it was totally okay to make my own version for my clients. People often tell me that the reason they aren’t moving forward with passive revenue is because “all of the good ideas are taken” and I say, “Yes, but are those ideas written or executed from YOUR perspective?” Everyone brings something different to the table so I always encourage people to go forth and do it anyway as it will always end up being different than what is currently out there.

How Can I Learn More About Passive Revenue?

Since starting her business in 2004, Erin Blaskie has earned multiple six figures by using passive revenue and multiple streams of income. She has blogged about some of the ideas behind passive income before but has never compiled all of the information into one e-book until now.

“How to Become a Passive Revenue Powerhouse: The Online Entrepreneur’s Guide to Creating Viable Revenue Streams” is chock full of tips and tactics on how to create multiple streams of income for your business. Whether you are a coach, an author, a speaker, an online retailer or a medical professional (or anything in between!), you will benefit from the wisdom shared within the pages of this e-book.

Learn more and grab your copy here.

I was having a conversation today with one of my team members, Jeff, about the reluctance we sometimes see in people wanting to give free content away.  Some schools of thought are that you should charge for everything and not let anything go for free.  I have one thing to start this conversation off with:

If giving away content for free will cause your knowledge well to run dry… you may want to re-think the business you are in.

You should be in a business where you can create content like nobody’s business.  You should be a never-ending resource or supply of information in your area of expertise.  If you don’t feel this way, it means that you may not be stretching yourself far enough, researching your industry enough OR (and here’s the BIGGIE) listening to your customers.

So, that is the first part…  Understanding that you need to go outside of yourself to create fabulous content and stretch the creative mind and the listening mind.

Here is the second part…

Nobody will buy from you if they haven’t experienced you in some form or another.

You need to allow your prospective customers the chance to sample your information, expertise and build up that know, like and trust factor.  If you hoard all of your information to yourself and slap price tags on everything, people aren’t going to buy your products.  They want to experience the product, the service, the program, etc. to make sure it’s a good fit for them.  So, give TONS away!

Think about free trials at Costco. I was there last night and had THE best spinach dip there.  Now, if it wasn’t so fattening (I’m training for a 5K race at the moment), I would’ve bought it but I never would’ve thought about it if I hadn’t had the sample.  Walking through the aisles I also tried these delicious mini pizzas.  Again, not what I want to eat right now but STILL – I hadn’t heard of the brand or considered buying them before.

Don’t give away the same garbage that everyone else does.

Browse around a few websites and you’ll see that a lot of people give away the same types of freebies.  E-books that are simply upsells into the *REAL* information.  Instead, give away a really solid product that someone can use to solve a problem they are having.  Then, the person feels like you’ve actually helped them.  When they encounter a similar problem in future, they’ll remember how you helped.

Customers are smart. They’ll see fluff for fluff and quality for quality.  Let them try everything to see if they like it and you’ll convert many more sales.

Question for you: what is your favorite way to give away content?

(If you want any of our free content, see the Downloads section on our Support Site — not even an opt-in required!)

Okay.  If you know me, you know I write in two ways… (1) In real-time and (2) Honestly.

There are benefits to this…  I get to be present, in the moment and writing about things I’m actually going through and in being honest, I help out other people or at least let entrepreneurs they are not alone.  There are also downsides.  Generally, when I write about an issue I am going through, the person reads it and thinks, “That’s about me!” and is either right and gets to learn about my way of thinking or is wrong and hates me for having an opinion about them when it was never about them in the first place.

Luckily, I’m willing to take that chance and write honestly.

Way back in the day when I was struggling for new clients and prospects, I used to bend over backwards like crazy for clients.  If they wanted me to fly to the moon, jump through five hoops of fire and walk across coals while eating cockroach legs, I would… and I did.  Now, I still love and cherish and honor the process of getting a new client and I still stand in the place of gratitude of receiving this new, awesome business but I no longer compromise my own needs and my desired lifestyle to do so.

Case in point: I have a 100% virtually based business. I don’t have an office, I don’t have a physical space, I tried to do co-working once (even bought a certificate at a Twestival) but they never opened their doors so even that failed.  I have a love / hate relationship with working from Starbucks (love – coffee… hate – people who bring their babies into Starbucks and the babies cry and I can’t write a sentence with words let alone anything intelligent… just sayin’.. Mommas, don’t be angry – it’s just the crying ones that force me to do that!)

I also have zero local clients. Well, I have one but we’ve never met in person so it’s almost like she’s virtual too!  I’d say I was sad about this but I’m not.  I like to live my life online…  I like being on the Internet.  I get more done. In-person meetings are ineffective for me because of the time it takes to get dressed up, drive, find parking, get to the location, etc., etc., etc.  In fact, the minute someone suggests meeting in-person, I immediately realize it isn’t going to work.

I’m not trying to be mean to the people who like in-person meetings, it’s just not my style.

Ya... So! I Live Online!

So, what do I do?  Well, I could compromise my working habits but that’s not me. I am the kind of person who, when she realizes that travel puts a damper on her creativity, cancels a fun trip to San Diego.  You might say fun police, I say honoring what I need as a business owner and as a person.  Maintaining happiness and sanity.

So instead, I just don’t do it. I’d rather take the chance of losing business than do something that goes against my own beliefs, needs and standards of work.  It’s me and I need to honor that.  Most of my clients are fine working virtually.  We do great work, they are millions of miles away, some are in other countries and it works out great.  I get more done, I can stay in my pajamas and do what I do best…  Building kick ass online businesses.

What do you do when faced with something that compromises your beliefs and needs?

How do you best like to do your thinking and planning?

For me, I love to get my hands dirty with a box of markers and some big, white post-it notes. I love the scent of the Mr. Sketch markers and I love the vibrant colors that exude from my walls. In fact, it’s one of the few things that just lets me release into this feeling of both nothingness and creation all at once.

I made this YouTube video to show you how I do cluster thinking. It’s one of the ways I mind map without using those boring software applications (yes, I find them boring and honestly – I stare at the computer enough already!) and so that I can create decorative art for my office walls. The video will demonstrate for you what materials I use and how I do it so that you too can copy what I do!

The coolest part is once you are finished a bunch of cluster thinking post-it notes, you can tack them up on your office walls which really helps to cut through the stark white of the walls, etc. I love the look of my office when it gets “busy”… In fact, the picture in this post is my office walls taken a few weeks ago!

When my Build & Grow Your Online Business mentees and I meet, I talk about things by throwing up the large post-it notes and drawing live on camera. It’s great and tangible… Plus, provides something different than the “sit at your PC and stare at me staring at my PC.” I’ll do a quick demo on this Friday’s Ask Erin Live!

So, watch the video and then let me know — do you do the same? Something different? How do you organize your thoughts for maximum success and efficiency?

[tags]Erin Blaskie, cluster thinking, creative mind mapping, business processes, map, strategic thinking, strategic visioning, graphics, doodling, drawing, markers, Mr. Sketch, internet marketing[/tags]

So, I’m a bit late in doing this but you know what they say… Better late than never!

We’ve only done one kick-off video so far to explain the program but today is our first REAL class for the Build & Grow Your Online Business Mentorship Program and I am giving Satya Colombo of iEnvision Media a free spot in the program… Why you ask? Well, I had a contest that I ran where I asked people to explain their life purpose and Satya’s video was inspiring, motivating and fit in exactly with my own philosophies on life.

So, Satya will be able to join us for free for the entire year and attend the events to find out what resonates with him, what can push his own business forward and he can network with the other group participants. If you’re reading this and this piques your interest, it’s not too late! In fact, I’ve left the early bird pricing up but do plan on taking it down this week. You can also join in on specific months when you want to as well! There is a yearly fee and a monthly fee. Click here for details.

Watch Satya’s video here:

Thanks to all of you who submitted entries and while I’d love to choose all of you, there can only be one winner (as Tyra Banks says on America’s Next Top Model! LOL)

[tags]Erin Blaskie, Satya Colombo, iEnvision Media, Build and Grow Your Online Business, mentorship program, business mentorship, business coaching, business training, online business, internet marketing[/tags]

So many videos on YouTube…  Did you know that there are thousands and thousands of instructional videos on YouTube for just about anything you may want to know?  The business section is also chock full of videos and what you’ll see a lot of are MLM schemes, pyramid schemes, get rich quick schemes and so many more similar videos.  To help you cut through the crap and get to the good stuff, I wanted to write a little post here with my must-see Internet Marketer on YouTube.

Eben Pagan

This guy is just pure genius.  My very first client when I started my business was a mentee of Eben’s.  This means that I was able to learn a lot of Eben’s techniques via my client.  Let’s just say I couldn’t have had a better initiation into the Internet Marketing world.  Eben is not just another Internet Marketer.  He is absolutely brilliant and he knows the Internet inside and out in a way that is absolutely cutting edge.

There are two videos I recommend watching of his on his Get Altitude YouTube channel.

Marketing Tips – Part 1 of 3 with Eben Pagan

(Watch 2 and 3 too!)

Eben’s Speed of Implementation Contest

[tags]Eben Pagan, Get Altitude, internet marketing, internet marketer, Erin Blaskie, marketing tips, speed of implementation, YouTube[/tags]

What’s in a name? Well, when it comes to Twitter a whole lot is in a name. So many people using Twitter make this one simple mistake that could be simply avoided (and takes three seconds to fix…) What is it? Well, watch the video to find out.

[tags]Twitter, Erin Blaskie, internet marketing strategy, internet marketing, name on Twitter[/tags]

Today’s Ask Erin Live was FUN as usual! We had lots of great guests, lots of people show up with questions and as always, we had lots of laughs too! The thing I love most about Ask Erin Live is that it is the one place where I can just be me… It doesn’t matter if I’m wearing a button up shirt or a t-shirt. It doesn’t matter if I sit upright and completely professional the entire time. I can be me. It’s what I like to call the corporate office’s “Casual Friday”. The cool thing is, it attracts people who are just like that too! Register for future updates by going to www.askerinlive.tv.

You can catch the replay of today’s event below. The music at the beginning of the show (if you weren’t there live) was by a band called Crush Luther who you can follow on Twitter here or follow on MySpace here.

[tags]Erin Blaskie, internet marketing, Ask Erin Live, internet marketing strategy, Crush Luther, MySpace, Twitter, casual Friday[/tags]

I know I Tweeted about this a few times but I am in Chatelaine Magazine and I FINALLY did a video so you could all see the article.  Since Chatelaine is a National Canadian magazine, my colleagues in the US may not be able to grab a copy.  Here is the video I did about the article.

I bought four copies of the magazine, my grandmother bought a copy, my parents bought eight copies, my best friend’s mother-in-law shipped her the article (my BF lives in the Caribbean right now) and I’m sure any store that is within reach of my family has been rummaged through for their copies… It’s too funny!

[tags]Erin Blaskie, internet marketing, internet marketer, internet marketing strategy, Chatelaine, Chatelaine magazine, maternity benefits in Canada[/tags]