Passive income – is there any such thing and is it possible? Well, there are plenty of people online telling us we can earn big money while we put our feet up by the pool in some exotic location. The vision sounds positively dreamy. But what these self-styled gurus fail to explain is the how. Manifesting alone won’t cut it.
This is why I was excited to be given a copy of Six Figures While You Sleep (SFWYS) by Kate Toon to review before its official release. Like its predecessor, Six Figures in School Hours, it’s a refreshing departure from the usual business books that often overpromise and underdeliver. And having been part of Kate Toon’s community for a number of years, that came as no surprise. Not only is she a wildly successful business owner, SEO and digital marketing expert, but she’s also adept at breaking huge challenges into doable steps, and the queen of getting it done. Kate’s not one to sit on top of the mountain talking down to her community. She’s in the trenches with us, telling us exactly what we need to do and how to do it, while cheering us on. This book is no different.
SFWYS is not a guru-style manifesto filled with vague advice and lofty promises. Believe me when I say I’ve read enough business books and online articles to know the difference between substance and fluff. This book provides a practical, step-by-step blueprint for creating and selling digital products. And there are no magic wands or delusions about how much groundwork is required. If you’re looking for a get rich quick scheme, this isn’t it. But if you’re a determined, hardworking business owner who wants to step away from the traditional model of exchanging time for money, then this book is filled with actual advice you can implement.
5 Key Takeaways
Here are 5 key takeaways that you can read about in more depth in the book.
1. No 100% passive income
SFWYS dispels the myth of entirely passive income. While digital products can (and should) reduce your workload, they still require some level of ongoing effort. And at the very least, a substantial amount of time to set up properly. This ain’t a 5 minute job.
2. More than one path to passive income
The book explores various methods to achieve passive income. But I love that it deep dives into four of the most popular ones considered by service providers – digital downloads, courses, memberships and masterminds. Each method is broken down with actionable steps, making it easy for readers to understand and implement.
3. The importance of audience building
There’s no Field of Dreams “Build it and they’ll come” Hollywood scenario here. Toon emphasises the necessity of building an audience before launching what she calls an Automated Digital Passive Income Product (ADPIP). Without a dedicated following, even the best product can fail to gain traction. Don’t worry, you’re not left stranded at this point either. SFWYS also provides tips on how to grow and nurture an audience efficiently.
4. Brand awareness and lead generation
You can’t have an engaged audience without developing brand awareness and effective lead generation. Toon again leads you step by step through these themes to get you thinking and motivated. And I love that she explicitly details her own lead generation funnel from top to bottom, showing how potential customers move through each step. There’s no gate-keeping which is what sets this book apart from others.
5. Maintaining human connection
This is possibly my favourite take away from the book because it aligns with my own brand values. Despite the focus on passive digital products, Toon stresses that human connection remains crucial. Engaging with your audience and providing value beyond the digital realm is key to long term success. There’s no set and forget.
What sets this business book apart
Real-life experiences
Business advice is more useful when it comes from someone who has done the do – and Kate Toon clearly has. SFWYS is filled with real-life experiences, including Toon’s own journey and those of other business owners who implement her advice throughout the book. These case studies provide valuable insights and demonstrate the practical application of her strategies. Toon even shares actual income figures, offering a transparent look at what’s possible with digital products. I don’t think I’ve seen that in any other business book. People often share big, rounded-off figures but with no breakdown of expenses and profit. Toon shares the highs and lows in a very vulnerable and relatable way.
Practical tips
The book is littered with practical tips and anecdotes in Toon’s trademark affable and quirky style. And each chapter ends with a summary and a list of actions to take. You’ll forget you’re reading a book, and feel like you’re receiving a one-on-one session with Toon herself. Which is kind of a masterclass in passive income generation (human connection for the win).
Workbooks and community support
Kate Toon also provides a raft of options for readers who want further support. Everything from a free Facebook group (The Misfit Entrepreneurs) to a paid membership group (The Digital Marketing Collective), as well as a workbook and mastermind specifically created to help readers set up their ADPIPs from start to finish (Six Figures While You Sleep: The Program). More information about these can be found on the katetoon.com website.
My next steps
I’ve officially been in business almost 7 years, but the lead generation and passive income part of the jigsaw puzzle has always been missing. I think I’ve done some things well like building a personal brand and becoming known as The Construction Copywriter, but there are other parts, like building and understanding my audience that I could do better. And while I’m travelling along well at the moment, it would be nice to inject some passive income into the mix. Who wouldn’t love that? So I’m going to go back and re-read the chapters about ‘Understanding your customers’ and ‘Coming up with your big little idea’ and map out a plan, before I deep dive into ‘Creating digital downloads’ (my chosen passive income path to begin with).
Whether you’ve been in business for a while or just starting out, I think Six Figures While You Sleep is a great asset. Even if you’re not ready to dive into the world of ADPIPs, it’s a great roadmap for laying the foundations. So, go buy the book and let me know what you think.
P.S. If you get stuck on the writing, design, or tech parts, I have heaps of contacts across different industries so please ask for my recommendations.