5 Ways to Earn Passive Income in Your Business!
Have you heard of the term passive income? It can also be called residual income and it’s the kind of income that makes money while you’re not working. I know it sounds great, right? Nothing like sipping long island iced teas on the beach somewhere hot and still making money. How lovely. But, passive income isn’t quite like that. I mean, it kind of is, but before you can be carefree on the island, you have to do the work upfront. But, once the bulk of the work is done, you’re only required to do occasional updates, and you’ll be making money while you sleep.
Let’s get into some great examples of how you can earn passive income!
1. Create a workbook/e-book. A workbook or e-book is a great way to make some passive income. It’s something that can be a lot of work upfront, but you can easily generate money from it. You can also revise and edit it to create new additions or add sequels. One great product can lead to another great product. Workbooks and e-books are also easily accessible from anywhere in the world.
2. Create a blog. Although it might take a bit of work to get a good blog up and running, it has helped so many entrepreneurs making passive income through sponsored posts and affiliated links. Most bloggers start off with one area of interest, but they can very quickly add many, and increase their potential to make passive income.
3. Create a course. In what, you ask? Whatever you want! It can be something specific to your business or just something you’re really good at. Maybe you want to teach people your tips and tricks for using your favourite app. Or, maybe it’s a course on finances. Whatever it is, take your time, and be the expert!
4. Create YouTube videos. Share your expertise on YouTube. People love watching videos and it’s free for your viewers. Sponsored videos and ad revenue will have you reaping the rewards long after your video is viewed. But, like blogging, it can take a while to build your audience. You need to stick it out for the long haul and be consistent!
5. Finally, if you’re the outgoing type, hop on all the social media outlets, find your niche and become an “influencer”. I know it sounds cliché, but with enough followers and consistent content, the request for sponsored posts will start coming in. Annnnddddd, sponsored posts are what will make you money on social media.
There’s plenty of other ways you can make passive income if our suggestions aren’t your thing. Rental properties, Airbnb’s, freelance writing, investing in stocks, and selling items (your clothes, your home décor, digital photographs, videos, custom products, and much much more), are all ways where you can earn income outside of your typical 9-5 day.
Are you making passive income? Are you interested, but don’t know where to start? We can help! (Well, we can help with our top 5 suggestions, but we leave the investment stuff to the pros). Get in touch with us today, so you can be sitting on the beach sipping mojitos in the future!
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