As a business owner, it’s easy to fall into the trap of working time-for-money. So, when it comes to growing your business, you may struggle to work out how you are going to grow it when you have no more time to give (other than using a VA obviously!) …
You could just keep increasing your prices and slogging away each and every day to meet your growth demands. Or, you could look at other avenues to generate income, including passive income.
Hmmm, I’ve heard of it but what exactly is passive income?
Passive income is a way to generate income that requires little or no daily involvement in the management of the revenue stream. It does require time and investment upfront to set it up, but after that, a good passive income stream will manage itself on a daily basis and may only need an occasion intervention or update.
What it isn’t…
It’s not a get rich quick scheme or something that can just replace your normal and regular income at the snap of your fingers (don’t deflate just yet!). You aren’t going to be able to just sit back and watch the money rolling in straightaway. However, it is an easy and steady profitable income stream if you find something that works. With time, it could become a bigger income stream for you.
So, why should you build a passive income?
Time is one of the biggest things that many entrepreneurs struggle to find more of even though many want to upscale their businesses and increase their income. Not only can passive income help to increase revenue without regularly stealing more time from you, it can also increase your visibility, be used as an opportunity to upsell other more expensive products and services, and ultimately provide a valuable additional source of income.
What could you use to create a passive income stream?
There are so many different ideas and resources available but the key is to work out what will work for your particular business. Selling things like courses, training and digital products are a very simple and effective way to create an additional income stream. Here are some examples of how we’ve helped create passive income streams for our own Clients:
Webinars are a great way to share your knowledge and expertise on a particular subject. Many entrepreneurs offer these for free to then upsell their services. However, depending on your subject, you could charge a small fee for signing up to the webinar to give a mini session of your services. After the webinar has then run, you could sell the recording of the video.
An online course is an effective way of reaching out to your target audience, without restricting yourself on geographical location. You could create training modules and materials, or even record a series of videos, packaged up as an online course. Students could then purchase the course and learn from the comfort of their home and at their own pace.
Paid Email Course
This is a similar concept to the online courses with regards to sharing your knowledge. However, instead of using an online course platform, the information is shared via a series of emails that are automatically triggered and sent out. They are short and simple to set up but could create a very easy and effective income stream that doesn’t need any intervention once set up!
It doesn’t matter what industry you’re in, you can create some sort of template your Clients would love! Maybe its an example nutrition plan, a template graphic for a social media post, some affirmations great for motivating Clients or even a spreadsheet to help your Clients keep track of their expenditure. There will be something you are using each and every day that someone would pay you to use.
There is a huge demand for easy to follow tutorials that walks viewers through step by step instructions on how to do something. How many times have you ‘Googled’ how to do something or headed over to YouTube for a tutorial video? It’s another one that doesn’t matter what industry you’re in, how basic or technical the tutorial is as there will be a demand for your expertise.
We all get tired of seeing the same old stock images over and over again. So, if you’re someone that enjoys photography, or maybe you’ve hired a photographer to take pictures of you in action, why not sell them on? There are so many sites out there who will pay and charge their subscribers either a monthly fee or a pay-per download fee.
At some point you’ve probably come across an eBook (ie an electronic version of a book). They are a great way to reach your ideal audience and share some of your expertise and wisdom. Many entrepreneurs will offer these for free in exchange for subscribing to their marketing lists. But you could also create and charge for the download.
Are you someone that finds yourself spending a lot of time talking with your Clients? Well maybe an audio recording could work well for you. If you’re a therapist for instance, perhaps you could record something about a particular topic and then sell the download to those who might not be in a position to have sessions with you. Or perhaps you are a coach and you want to record something encouraging, inspiring and motivating to help your Clients to take action. These, again, can be used to then upsell sessions with you.
Maybe you’ve got lots of videos, audios, workbooks, blogs or tutorials that you could turn into a membership site? You could charge a monthly fee for access to the library of information you hold. This does need more maintenance with ensuring new content is added, as well as encouraging people to keep using the resources. This will ensure they keep up their monthly membership. If they don’t make use of it, they’re likely to cancel their subscription.
If you’re looking for help to create a passive income, we can help you to make the dream a reality. Whether you need help creating the content, setting up the automation side, or promoting your passive income stream, we can help you to start earning from your content. Email Tiffany at firstname.lastname@example.org to find out more.