The Guava Girl Podcast #23: Passive Income With Megan Yelaney

Feb 06, 2019

The Guava Girl Podcast was created with the purpose of empowering women to think entrepreneurially and creatively so they may lead the extraordinary life they never thought possible.

Here you will find the good, the bad, and most importantly, the REAL inside looks of what it is like to work for yourself and feel empowered by doing it. We talk about growing your following on social media, building a personal brand, and what it is like being a woman in a startup culture.

Find me, Isabella Silverio, on Instagram as @isabella.guava and #GUAVAGIRL to be part of this growing and empowering community.

In This Episode You’ll Hear About:

Today we have the most wonderful guest, Megan Yelaney, business coach and passive income expert! She actually used to be my business coach in FCA and the reason why I got so into passive income.

This biz babe takes us through how her MLM experience was the beginning of it all and gave her the itch to do something larger with her business desires by going out on her own path as a business and life coach because. If you are currently facing resistance because you’re not following your true passion, you are going to continue to face this resistance, you just have to pull the bandaid off. Do whatever you want, just do it unapologetically and go after it. You need to be unapologetically yourselves because that resistance is never going to go away if you don’t itch it. It takes diligence, consistency and planning to get there but if you know what you want, you are going to go after it and you are going to make it happen.

Megan started in network marketing (MLM) which is a business where you build a team of network marketers, and then she signed up to become a coach and made a commission by selling products through Beach Body. She then went on to build and bring on a team of distributors under her and made a percentage of what they are making, which is really where the magic happens because 90% of her income by 2015 was from her team in a 6 figure business. So, that’s why she so naturally went into business coaching because that is what she was doing anyway to build and create that successful team. In 2014 she dove in deep, she then officially left her side hustles and focuses on the business in 2015 and 2016. Then 2017, something changed and she got such a craving for a chance to do her own thing focusing on others in wellness and then began taking Amanda Bucci’s program and started her own business and launched her first passive product.

Before you create a passive product, there are always 5 steps that you have to go through.

1. Market Research:

You have to do market research. You have to know what people actually want and what will they actually pay for?

    • “Ditch the Diet”, my signature diet product, I did a month of market research so that I knew whole-heartedly what women would want and need.

    • “I made 7,000 in my first week, the reason it was such a good product because I did that market research and I knew what they wanted.”

2. Pick a topic.

A product based on your market research and your expertise. This is so key because if everyone is telling me to create a workout program (I would hate it.) So make sure it lines up with your passions because that is when it’s going to make sense.

3. Create a free offer 

Create a free offer based on this topic, around what they said they want. You have to establish trust with your audience. So, create a free offer that is going to go in line with your passive product, so that the part of your audience that is interested in the freebie are the same people that will be interested in your paid product. 

“Everything I’ve done wrong I've done right.”…. So make it make sense!

4. Create content around your offer.

Become known as the solution to this problem and that go-to person for these topics. Create massive amounts of content around that offer that will pull them to it, create IGTV videos, IG lives, IG posts, FB posts, as much as you can and you will become that go to person. By the time you’re ready to launch this product you are going to have so much built up trust and your audience will be ready for you.

“January 2018 I was launching my first passive health and  product by December 2018 I was launching my first 20k business product, my life changed drastically, so never say never!”

5. Host a free challenge, free training, free webinar!

Host a free challenge, free training, free webinar leading up to training or whatever it is to lead up to your launch. Warm it up and let them know the exact thing that is coming. So, if you build it up for a little bit of time they will be ready for it so that people are asking for it and W A N T it.

Passive income requires a lot of maintenance. You have to have a team behind you to make this as successful as you want. It’s okay to bootstrap this in the beginning, but once you make a little, it is so important to invest back into this to make it what you want.

It is so important to just stay the course.

Q + A’s:

How passive is true passive income really?

“So, I am known as the Hashtag girl, from my hashtag matrix and it’s not really that passive, I am always promoting my products, like even today I was just promoting all my products. If you guys tag me using the vault, so I created awareness around that, so the awareness of your products is always not passive.” -Isa

“Doing business without knowing what you’re doing is like winking at a girl in the dark, you know what you’re doing but nobody else does.” -Stewart H Britt.

“This is so true, you can’t just expect people to know that you have this product if you don’t put it out there. Guys, you know what you’re selling, it’s not being salesy if you know you have an amazing product that helps them, you are doing them a disservice by not letting them know that you have this product, so don’t be scared about, and talk about it at least once a week if not every frickin’ day. And talk about what problem you are going to solve for them.” -Megan

Generally speaking, how should evergreen courses be priced, I know everyone has different prices so maybe like a general rule of thumb, for example, should it be a percentage of your 1:1 service?

“I’ve seen evergreen courses at so many different levels so it truly depends, I’ve bought a $997 course, I’ve bought a $97 course, they were both business, they were different people at different levels of establishment. For evergreen, it depends on what their return is going to be, so if their return is going to be massive. It’s what is their transformation worth, it’s not what you think your worth and how much they can actually make with it.” -Megan

“With the IG Vault, it's like $497 and many people are like "oh no I can’t afford that" and people land like 3, 7, 10 clients, so I know it’s worth it. And in terms of health and wellness, what’s the value of looking into the mirror and feeling good every single day and instead of pointing out their insecurities, what’s the value of them of seeing how beautiful they are every day, this is valuable, like confidence is valuable. And it should be like half or a little bit less than half and have different price tiers for people to work with you and are all scaled to fill the needs of the ideal clients that want to work with me.” -Isa

How does your passive product keep momentum after you talk about it, do you create ads for it, do you do mini launches each month?

“I personally do FB ads now, you have to make sure your product sells and make sure it’s going to sell before you pay for the FB ads, for example, I did my ditch the diet course and it kept converting over and over and I didn’t bring it to FB ads until I saw that. Don’t invest in ads until you know people will buy your product the way you’re promoting it. You should plan out when you should do mini launches.” -Megan

What if you create something, launch it and no one buys it? Do you recreate the product into something new or do you learn how to market it better?

“I think it really depends, so many people want to just put out a million products and go onto the next thing. But if you have something working, capitalize on that and market it over and over again, maybe make a higher value one and a lower value one around that same topic. I see so many people put out a million thing and they do it half-assed. And then do an evaluation, ask people, I would ask people, why didn’t you buy this. When in doubt, ask your audience, that is always my biggest piece of advice and they will tell you what there wasn’t or if there was too much. And if they are things you can switch, totally retweak it and market it again. It’s probably the marketing, either you’re not marketing it enough, or regularly.” -Megan

Megan is launching “How to Run a Bombass Free Challenge that Converts” this will be launching the beginning of February and she will be doing a free workshop leading up to it, where you’ll literally get the step by step process of running a challenge leading up to it!

You can find Megan and more about her course on her IG @meganyelaney

5 Steps You Must Take Before Creating a Passive Income Product:
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