Passive income streams
Being a business owner, entrepreneur, or influencer is exhausting. There is a constant state of hustle that makes us feel like there are no breaks.
Rest assured, there aren’t many.
But there are ways that you can create passive income streams, so you can find a bit of calm in that steady hustle.
About passive income streams
Passive income is simply income that generates while you do very little. However, that’s not to say that passive income isn’t work. Most often, passive income uses the skills, processes, and products that you already have, and you create something that sits steadily in the same place. You usually have to do some work in the beginning to create that passive income stream, but then, it sits there with very little work on your part.
Below are 6 great passive income streams.
Digital products
Digital products range from templates to how-to guides. You may have created some of these for your current clients, but by making these available for sale, you’re doing two things.
- Increasing your passive income
- Increasing the likelihood that someone will find your resource so valuable that they’ll actually contact you for a service
Protip: Make sure you have a disclaimer about using your digital products so you are free of liability and so no one steals your work
Affiliate marketing
Affiliate marketing is a simple and easy way to share products and services that you love while generating income. You can often work with clients or others to share their products or services directly from your website for a small profit. If it’s sitting on your website, you’re not doing any work. But the moment someone clicks on that affiliate link, you create income for yourself.
Protip: Check on your affiliate links every so often to make sure nothing had changed and the links are still active
E-books/E-guides
Much like digital marketing materials, e-books or e-guides take what you already share with others and puts those ideas out there for the world. The biggest difference is that an e-book or e-guide takes more time to create in the beginning, but they also create a larger passive income.
Protip: Paying someone to put together an e-book or e-guide makes your work a lot easier and you’ll usually recoup what you spent in a few sales
Subcontractors
Subcontractors are another easy way to make passive income. Perhaps you are great at playing matchmaker or working directly with clients, but you are not interested in doing the work itself. You can maintain a fee for coordinating between the client and the subcontractor. This passive income stream takes a little more work, but it can generate multiple streams.
Protip: Prepare yourself as the knowledge base and make sure your subcontractor contract is perfect to minimize issues
Membership programs
Setting up a membership program means that you have a service, product, or offering that adds value to members. Creating exclusive membership can also mean that you have member-only specials or deals.
Protip: Considering adding a component to an existing offering that you cut off and only allow for members to entice membership
Courses
If you’re offering something great, you should consider sharing that with others. Consider creating a course offering for a service or product you have. If you make jewelry, create a course to teach others how to make it. If you are a photographer, create a course to teach others how to take better pictures with their phone. Take a skill or service you already have and make it into passive income.
Protip: Courses are extensive to create and to set up, so don’t hesitate to reach out to a specialists to help make your course a financial success
There are other streams of passive income like side hustles, e-commerce, and more, but these 6 streams of passive income will help get you started.
Not sure what works best for you? Give us a call at Avrah Virtual, so we can help you figure out your next steps!