Interview with Colleen Arneil with Hanan Awaad
As we embark on a journey to explore the business world of e-commerce and e-entrepreneurship, I have contacted Colleen Arneil (AKA: Passive Income Queen) to learn more about this world and help our readers get some insider information. Colleen and I had a long conversation over the phone, where we discussed many of the industry trends. I hope you find the interview informative.
Colleen Arneil has her Ph.D. in Psychology and supports entrepreneurs in creating and launching profitable online courses using simple, systematic methods rooted in real human psychology. Her research and work have been featured in Harvard Business Review, Huffington Post, Psychology Today and more.
After building (and selling) a multiple six figure e-commerce company, she now supports her clients along their journey to turn their smarts into profits so they can create the impact and income they dream about.
Colleen, thank you for having this conversation with us. Let’s start with the fundamentals, what is passive income? And how it is different from actual income?
The word I always link to passive income is leverage. There are a few ways passive income creates leverage for you.
First, you are not operating by the dollars for hours model. So instead of earning pay only for the specific hours you work you can earn around the clock. Yes, that means you can earn while you are watching TV, baking cookies with the kiddos or grocery shopping.
Second, you have a much bigger impact. If you work with people 1:1, there are only so many hours a week you can do so. When you add passive income streams to your business through selling packaged programs or e-books, all of a sudden you can serve others on a much bigger scale. It is kind of like cloning yourself!
Third, you earn handsomely for the work you have already put in. For example, let’s say you spend 20 hours creating an online program. You can go on to sell that program over and over again with minimal updates. So your earning potential is no longer capped.
The word “passive” gives a perception of something easy, not requiring much effort, and anyone can do it? Is it true? Alternatively, maybe there is some effort that one should exert upfront?
This is such a great question! As with anything new, there is always a learning curve. If you could earn passive income with the snap of your fingers, the 9-5 office towers would be a ghost town. Everyone would work for themselves!
It takes the time to learn how to create and market your offerings and build a tribe of followers. As with everything in life, it is a skill set, and we do not all start off riding a bike effortlessly from day 1. There are some stumbles and falls but if you persist and believe in yourself it will happen.
While we consciously may want our own business we often also hold a lot of subconscious beliefs and fears about what is really possible. These can show up in the form of resistance such as perfectionism and procrastination. So aside from the effort to learn the strategy, there is also an effort to work on the mindset to clear the path for success.
How about renting properties and intellectual work royalties, how your method differs from these income streams?
My approach primarily focuses on teaching people how to leverage their own passions and skills into online programs. That means creating digital products like e-books, online courses, seminars, etc. that are information based. Everything you need to monetize is inside you already – it is simply a matter of learning how to package it and market it so others can actually see the value of support you deliver.
When it comes to creating online programs it can feel really scary and vulnerable as you are essentially marketing yourself alongside your expertise. I often joke you are not selling pre-packaged Kraft Dinner. You are selling your own unique spin and approach to your topic. And for many people it is terrifying to think, “But what if others do not like what I say?” or “What if people judge me?”
Your job is not to be all things to all individuals when you teach online. Your job is to show up and be of service to the people who will deeply connect with you. Just like all people you meet in life do not become close friends, it is okay that you will not be everyone’s cup of tea!
Originally posted 2017-01-06 00:49:19.