5 Ways to Create Passive Income Streams
A good way to make sure your business stays profitable for years to come is to spend at least some of your time working on passive income streams. Passive income is an income received on a regular basis, with little effort required to maintain it.
An example we’re all familiar with is the interest you earn on your savings account. You don’t have to do anything other than letting your money sit in the bank. Of course you’re not going to get rich from having a few thousand dollars sitting in the bank. But thankfully there are plenty of different ways to create passive streams of income online.
Let’s look at a few of them. This is by no means an extensive list. I’m sure you’ll start to come up with other passive income ideas as you read through these examples.
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Blog Posts With A Strong Call To Action
Write some evergreen content. Optimize it to get free search engine traffic and then wrap it all up with a strong call to action at the end. That call to action could lead readers directly to an offer for an affiliate product, one of your own products, or even better, to a list that you can then monetize further.
Monetized Emails And Free Reports
Speaking of lists and emails… write a series of emails that are monetized, again either with affiliate offers or offers to your own things. I hear you can even send your readers to more free content on your blog that has AdSense ads on it. I have to do a bit more exploring on this particular resource so stay tuned for a post.
Build your list using free reports that are monetized as well. Then take it a step further and invite them to share the report. You of course can share it far and wide across the web as well. As your report gets read by more and more people, they will find their way back to your site and the offers you’re making in the report itself.
Write Some Books
Let’s not forget an old favorite. Write some books and publish them. These can be physical books or Kindle books. Self-publishing has made it easy to do both and it has the added advantage that you get to keep the majority of the income you make from your books.
While the books generate passive income, they also help establish your authority and broaden your reach. I plan on taking that journey in the near future. I’ll give a behind the scene look at how its going once I get started. I have to get my brain ready.
Create Your Own Digital Products
You can also create your own line of digital products and sell them through your own site or places like the Google and Apple App stores. The beauty of digital products is that you create them once and can sell them over and over again. I like the creating aspect. Just be sure you create something your target audience would find value in and not just something that is cute.
Yes, there’s a little customer service work to do and the occasional update to write, but for the most part, digital products are pretty hands-off once they have been created.
Setting Up Your Own Affiliate Program
Once you have your own products set up, set up an affiliate program as well. Others will do the marketing and selling for you for a percentage of the profits. I have this with my consulting firm with my business partners who simply share my service with their clientele.
Recommending Other People’s Products
Of course you can work on the flip side as well. Find a few related products to your own, sign up as an affiliate and recommend them to your own customer base. It’s a quick and easy way to increase your income and once those emails are written (or you’ve included the affiliate products in your own products or on your download pages), you just sit back and watch the sales notifications come in.
Hey, share your thoughts and ideas directly in the comments. You never know how your words will connect with others that visit my site. Remember, being a business owner doesn’t mean you have to do it alone 🙂