Liz Wilcox, a 36-year-old teacher-turned-entrepreneur, has found a way to work just four hours a day while still maintaining a successful business. In an interview with Business Insider, she shared her secrets to creating passive income and achieving a work-life balance that allows her to take extended breaks throughout the year.
Wilcox’s work schedule consists of responding to her assistant’s needs, conducting interviews for marketing purposes, and assisting her customers. She mentioned that some months are lighter than others, with her working only 10 hours in the last 30 days. She has structured her business in a way that allows her to take extended breaks, such as the entire month of December, Thanksgiving week, and even five weeks off to film “Survivor” in 2023.
One of the key strategies Wilcox uses to generate passive income is through a subscription model for her coaching services. By charging $9 a month, she has created a steady stream of recurring revenue. The membership includes newsletter templates, live Q&As, and a library of training videos. While creating the initial content required energy upfront, the ongoing maintenance is minimal, allowing her to earn money from her digital product for years to come.
Before launching her membership, Wilcox made sure she had customers lined up. She leveraged her existing email list from her previous business, an RV travel blog, to gauge interest. By offering a sneak peek of what the membership would include, she was able to secure 30 customers within the first 24 hours. Setting a goal of reaching 100 subscribers in 30 days, she used strategic messaging to create excitement and hit her target in just 28 days.
While Wilcox acknowledges that there is always upkeep involved in maintaining passive income streams, she has found ways to outsource tasks as her business grows. Her medium-term goals include reaching 10,000 members in the next two years and licensing her content to larger organizations. By achieving these goals, she aims to scale her business from six figures to multiple seven figures in revenue.
To achieve her big goals, Wilcox follows a two-question framework: What would the process look like if it were easy? And, what would it look like if it was fun? By simplifying her approach and adding elements of enjoyment, such as contests and personalized touches for affiliates, she is able to make progress towards her targets while enjoying the journey.
In conclusion, Liz Wilcox’s story serves as an inspiration for aspiring entrepreneurs looking to create passive income streams and achieve a better work-life balance. By leveraging a subscription model, setting clear goals, and focusing on simplicity and enjoyment in her business, she has been able to work less while earning more. Her journey from teacher to successful entrepreneur showcases the power of strategic planning and perseverance in building a thriving business.
