The pursuit of passive income and the community creator economy
The pursuit of passive income and the community creator economy. The struggles of a creator community entrepreneur are real in 2023, and the shiny new things that had drawn them in with the promise of “passive income” haven’t kept their “forever promise” so many had hoped for, leaving them feeling overwhelmed and confused.
Recently, I spoke with a client who frantically booked a call with me for a strategy session to set up her online community with a course three days before her planned launch. She had the “course” set up but was utterly confused about the steps and the time required to provide a great member experience. Clients repeatedly come to me and seem to think they are “missing” something others have figured out.
I tell them the truth: It takes time to set this up, and there are steps. Slowing down and finding ways to prioritize your launch will help you find calm. It’s not hard to see how she got there; I was there not too long ago. I thought a community would be so easy to run that it could sustain itself, but I learned that it is anything but passive.
In a world where entrepreneurs compare themselves to mega influencers with a 20K following, see that they have a perfect website, and think that it all happens within a short period, it leaves us feeling that sense of “not ever good enough.”
No one says that a “passive income” comes from setting up systems and processes, building relationships, developing partnerships, and building trust. That’s the work. That’s what we don’t discuss because no one wants to discuss how hard things are. But what’s crazy is that that work is some of the best stuff because that’s when you learn what you want and don’t want to spend your time doing.
Skipping it by hiring people to do things for you (if you are lucky enough to be rich) doesn’t help you in the long run because they still need your direction, and you still make all the decisions.
If you have found yourself in a situation where you resonate with this, I will give you this gift: you can pause and do whatever you want to – no matter what. Tell them you told the world you would launch in 3 days, but you don’t feel ready. Being honest with your audience will give them more reason to believe in and support you because you are being “real” and not trying to be “perfect.”
The pursuit of passive income and the community creator economy. The pursuit of passive income
The pursuit of passive income and the community creator economy.
When I started my first community, I kept hearing messages from platforms, social media, and industry leaders about how easy it is to build an online community. They pushed the idea of passive income and discussed how a community “runs itself.” Reality check. I’ve since worked with–and interviewed–dozens of community builders. Those who found quick and easy community success already had a team and an audience built over time, often a decade.
During a conversation with author and business coach Pamela Slim, she said there are two ways to think of your community as you build it. One is to see it as “building an empire.” This is a more hierarchical approach, and it portrays a community’s leadership as an all-knowing authority. The other way she and I prefer is to see your community as an ecosystem. Like in nature, an ecosystem exists because all its parts have an important role. Each part helps the others grow.
In my early days, I based my online community launch on a model I’d seen work for others. But these people had existing audiences that I did not. What I hadn’t yet done was build an ecosystem. As a result, my messaging was one-sided, and I didn’t convert anyone into my community as a paid member. After spending almost $5,000 and hours of time, energy, and effort, I had nothing financial to show. The notion that anyone can quickly build an online community and make a living doing it is unrealistic and, in my opinion, dangerous.
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The power of community as an ecosystem
The pursuit of passive income and the community creator economy.
In community building, an ecosystem model encourages community members to share and support each other, recognizing that we all have value. There’s no authority with all the answers. Instead, there’s a “facilitator” who helps guide individuals during times of challenge. I want to be a part of this kind of community, and it’s the kind I’ll encourage you to build.
A community based on shared wisdom means that while a community host provides the education, tools, and resources, the ultimate goal is to encourage members to share how they are implementing what they’ve learned into their lives.
The challenge–and the joy– of building an ecosystem is that you’ll need to work extensively with ideal members from the beginning. You’ll need to seek out founding (or beta) members to hone in on a common problem they face.
From here, you’ll develop content and experiences. This could include sharing books, a course, or coaching around a specific topic. When positioning this to members, it should be clear that the focus is to help them. If your concept isn’t well developed, your building process may require serving the group for a free or low cost until you figure out how best to meet their needs.
Showing the value of community is a complex challenge in the community industry. So many companies understand the “idea” of a community but don’t know how to reap the benefits financially. Many new community builders I work with want to launch their community as a paid offer before validating their community concept.
I spoke at a conference for podcasters in Orlando called Podfest to promote the Community Strategy Podcast and find new clients. During my 5-minute talk, I shared the benefits of talking to ideal community members before launching an online community.
Afterward, I was approached by a woman who wanted to speak with me about her community concept. She mentioned that she had an active Facebook community, and she planned to launch a daily motivational podcast as she paid an offer to members. “Do you think I can convert members into the paid group with this private daily motivational podcast?” she asked me.
I stood there and said, “That sounds like a lot of work. Did they ask you for a daily motivational podcast?” She looked at me and said, “Deb – they didn’t. But I thought they’d want it.” I told her that it’s more important to ask them first and validate it first, and she thanked me for potentially saving her lots of time, energy, and money that could lead her to feel like she’s failed just because she didn’t ask her members what they wanted.
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The pursuit of passive income and the community creator economy.
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