Posted by Matthew Loop | 2 Comments
In chiropractic, one of the things I’m most proud of is being known as the guy that helps other chiropractors create 5 figure passive income streams from the internet. My life has literally been transformed by the worldwide web, which is a big reason I’m passionate about empowering other doctors with the knowledge I’ve discovered.
The internet levels the playing field. It provides MASSIVE opportunity for those that want it bad enough.
Just over a decade ago in 2005, I was over $140,000 in student loan debt with my credit cards maxed. I recall having less than $200 in the bank with about $1,300 that was due in bills by the next week. It was such a low point in my life.
I had stomach ulcers from the stress and was so mentally out of it. To top everything off, my ex-girlfriend’s father found-out my financial situation.
He actually took me out to dinner and surprised me with a $2,000 check afterward.
Have to admit, this was a humbling and humiliating experience at the time, but I couldn’t refuse his offer.
I felt like a total failure.
That day, I vowed to myself that I was going to do whatever it took to turn the situation around to avoid the pain and agony of ever having to be at that point again.
Also, during that same time period, I began to read self-help and personal development books.
One of the big epiphanies and mindset shifts I had was that I WAS RESPONSIBLE for my current results whether I liked it or not. I wasn’t the victim. This was a bitter pill to swallow at first but I knew it was the truth.
On a side note, how many times do we convince ourselves that failure is acceptable because “we have a good story.” Or, that it wasn’t our fault.
I used to be guilty of this.
That all changed when I realized how powerful thoughts were. You see, thoughts dictate how you feel. Your feelings then determine whether you become inspired to take ACTION or not.
What you focus-on expands and what I was previously spending most of my time thinking about was the “lack of money” in my bank account. I was operating from a state of desperation and limitation.
It was an undisciplined scarcity mentality.
Right around the same time my mindset started to transform, social media was in its “embryonic” stage. At first I was using it to connect with friends, then I began to see HUGE potential in building my chiropractic practice.
As I began to get kinetic and take massive action, it was almost as if the flood gates had opened. Sure, there was a period of trial and error BUT when it clicked, it clicked big!
The rest is history, as they say.
I built a wildly successful practice with social media when everyone else in the profession was calling it kids stuff. Then, I had friends and colleagues ask me “Dude, what the heck are you doing to drive-in all of these new patients? Can you show me?”
That’s when the initial idea for Social Media Elite, my flagship chiropractic internet marketing program, came into being. It was really my first REAL experience developing an information product.
I had no freekin clue what I was doing either… lol. This wasn’t something they taught you in chiropractic school. I also spent a lot of time and money learning how to create the training system, how to professionally package it, and then how to market it to chiropractic colleagues.
I had a good strategy, though.
Not to mention the timing was perfect.
Social Media Elite became an almost INSTANT success and spread virally throughout the chiropractic profession. Nothing like it had ever been created in our industry because no one was using social media for aggressive new patient generation.
Students, doctors, and many recognized coaches / consultants you know were picking-up copies left and right. It was very surreal to see the volume of sales coming-in each day. That’s when I got a taste of just how powerful internet marketing could be at generating passive income.
I still remember the first time I made sales / income while I slept. I woke up, walked over to my computer to check my inbox… then BAM! Two orders from the night before, one from Australia and the other from Canada. I was absolutely blown away.
I simply created a valuable product that filled a HUGE need in the marketplace. Social Media Elite solved a problem faced by countless chiropractors on a daily basis.
And, I was being rewarded handsomely for it.
There’s an old saying that goes something like this. “When you help others get what they want, they’ll help you get what you want.” It couldn’t be more true.
So, with that said…
Here are 5 easy, lucrative, and fun passive income sources for chiropractors:
1) Coaching Programs
I’m surprised more chiropractors don’t think out-of-the-box with their practice. Coaching programs can provide a high degree of value for patients and also provide an additional stream of revenue for the practice with little work. You’re an expert and people would GLADLY pay you for information if you package it correctly.
These can be one-on-one or group coaching calls. It’s your preference really. This type of service also has a high perceived value. You could offer a recording and transcript of each call to stack the value of your offer, too.
Here’s an example of my coaching program at this link. If you scroll down on the page, you’ll see all of the value and resources that are offered.
2) iPhone / Android applications (not talking about simple practice apps here)
Apps allow you to reach a GLOBAL audience. The great thing about iPhone or Android applications is that there’s a huge “perceived” technological barrier. What does this mean to you? The market and competition is way less than the internet because people have the notion it’s hard to bring an app to market.
Let me put it in perspective. iTunes has around a million iPhone apps for download. Over two BILLION people have iPhones! There’s nowhere near enough apps for the consumer demand. What if the internet only had one million websites for the billions of people on this earth that surf it daily?
Competition would be close to nothing and everyone online would be RICH.
I launched my first iPhone app, Puppy Treat, a few years ago and my second should be live in less than two weeks! Sales come-in daily on auto-pilot since the market is so small. I’ve also discovered how to create and effectively market apps like the top grossing companies on iTunes. You can grab the blueprint in my #1 best selling book, Social Media Made Me Rich.
3) Affiliate Marketing Opportunities
Affiliate marketing is basically where you take a company’s product, market it online, and receive a commission each time someone purchases. These can by physical or digital items. In my opinion, it’s one of the BEST business models in the world!
The wonderful thing about affiliate marketing is that there are no products to stock, nothing to ship, no payments to collect, no customer support, and no recruiting new members. Yes, you did read that correctly.
Most major corporations use this model to drive sales. Amazon and Best Buy are two companies that come to mind off the top of my head. They gladly pay you a percentage of sales for referrals.
I’ve promoted some affiliate products that have paid me a whopping 75% of the sale price before!
It’s not uncommon to send an email and generate an EASY $5,000 or more from a few minutes of work. I’ve spoken about this a lot in my book and on this blog. It really doesn’t get much better than this.
In 2009, I started the DCincome Club for chiropractors to teach them how I was making a small fortune with affiliate marketing. No other program had ever taught doctors to create passive income like this. That training eventually evolved into the information now found in Social Media Made Me Rich.
The information contained in the book is timeless. There are over 500 pages of actionable content and it’s hands-down one of my best products, helping to create life-changing automatic income for chiropractors and entrepreneurs.
4) Audio courses and/or DVD trainings
Social Media Elite was a great example of this before it became a digital download servicing a global market. I have have easy to follow modules along with to-do lists. SME started off as a physical product, then evolved into a digital, downloadable product where chiropractors get instant access.
Most doctors have specialized knowledge or passions that can help others on a worldwide scale. However, many think too small and impact only a local market.
It’s about leaving a legacy you can be proud of and reaching the most people. Why limit yourself to location? Knowing how to create (and aggressively market) audio / video training courses can help you serve more than you EVER thought you could and net you an extra 4-5 figures / month in revenue.
I have an exclusive application-based program at this link where, for those accepted, I share everything I’ve learned about creating successful information products that can be sold online. This business model has helped my companies generate millions.
Contrary to what many marketers have stated, ebooks are NOT dead. You’ve heard of Amazon Kindle, right? They serve-up downloadable electronic books all day long. In fact, many bookstores are going out of business because people are consuming so much content online these days.
Don’t fight the trends. Put yourself in a position to capitalize on them! You can write a digital ebook yourself or pay a ghostwriter do it for you. Once completed, now you’re ready to market it to the world.
Let’s say your goal was to make an extra $1,500 / month to start. If you priced your ebook at $9.97, you’d only need to sell 5 per day to realize your goal. That is super simple if you have the right guidance, my friend.
This blog post turned out to be quite a bit longer than I originally intended it to be. However, hopefully this opened your eyes to how important PASSIVE income is at allowing you more impact, flexibility and freedom in your day-to-day.
Having the five income streams above consistently pouring into my bank has DRAMATICALLY changed my life and it will do the same for you. When set-up correctly, you couldn’t turn them off even if you wanted to.
Yes, there’s work to be done initially, but you can also implement “systems” to set-it and forget-it.
Ready to make it happen together?
Did you like this post? Click the Facebook “like” button below and share it with your friends.
Related Blog Posts: