Ever wonder how a business can be so successful with just one stream of income in place? Chances are they don’t just have one, but many streams of income that contribute to the success.
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 any income received on a regular basis, with little effort required to maintain it.
For example, we are all familiar with 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.
Creating Passive Income Streams
Let’s look at a few of my favorites. 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.
Blog Posts With A Strong Call To Action
Successful bloggers may often write about how their monthly income was comprised of that month. Just because they made $5,000 with their blog doesn’t mean the just had one stream of income. In most cases, they have some sort of evergreen content.
Evergreen content is search engine optimized content that stays relevant over long periods of time. These can be in the form of a blog post, an ebook or an online course.
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 affiliate products, one of your own products, or even better, to a list that you can then monetize further.
Monetize 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. Heck, you can even send your readers to more free content on your blog that has AdSense ads on it.
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 a 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.
While publishing a book is excellent you can also create an ebook that you sell on your webpage related to your niche.
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 Google and Apple App stores. The beauty of digital products is that you create them once and can sell them over and over again.
Yes, there is 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.
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 is 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.
These methods of passive income are easy to integrate into what you are currently doing. And are a great way to add to your business income. What are some ways you bring in passive income?
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This is currently an area I am trying to work on with my blog, so thank you for the tips! One of my biggest struggles is staying consistent as a blogger and mom of three. Just finding the time to work right now is tough, but I love what I am doing so I will keep plugging away! 🙂
Excellent Jessica! As long as you do a little when you can you are making progress. Good luck.
These are all great ways to make passive income! I’m hoping to make my own digital products in the near future — just need to find the time to make them!
Yes! Get those digital products out there. You just have to work on it a little at a time each week. You will get there.
Really helpful post. I’m newer to blogging, so I appreciate that some of these are doable more in the short term.
Lisa, yes these are such easy ideas that you can start today.
These are great ideas. I’m still trying to master the affiliate marketing concept while growing my readership.
Affiliate marketing is huge and can really bring in a significant amount if done properly!
These are such great ideas!! I’m in the process of creating an ebook. Fingers crossed 🙂
Yes, I am creating an ebook and a course as well. Good luck!
I need to get on more of these streams! Must diversify! Really helpful advice thanks!
Yes Rach, there are so many ways to make money in your sleep that are easy to set up. I would love to hear the outcome from anything you try.