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Creating 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 (though it now depends on the banks…). 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.

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 products, 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. 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 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.

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.

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.

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.

 

When you enjoyed this article, please share it with someone in your life who could benefit from it!Also, when you enjoyed this article, you’re going to love these two courses:

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What's Next?

 

Step 1: Revise Your Expectations And Expect Resistance

If you’re familiar with the principles for successfully growing an online business, then you know that Step 1 of successfully pulling out a strategy to optimise and grow your business is to shift your mindset. I share through this blog and social media channels some tips and tools to help you with that. Yet, we all know that it takes more than just knowing what to do to actually do it.

That’s why I want to invite you to revise your expectations. Know that there will be resistance along the way. You might say to yourself “I’ll have a look tomorrow again”, “that’s not so urgent”, “I’m not sure that’s for me”, “I don’t think this will work for me”, or many other things. Often when we’re stepping out of our comfort zone (a.k.a. what we’ve been doing until now) we’re finding excuses to keep on doing what we’ve always done. The first step in success is acknowledging that. So… acknowledge where you’re at. Then…

Revise your expectations bearing in mind your goals AND your life. Not everything that I’m sharing will resonate with you. Not everything will be applicable to you either. And that’s alright! But you’ve got to start somewhere.

So, as long as you’re clear on your goals and on your vision, take a conscious decision of what you want to apply starting from today. And if you are not clear on your vision, here are a few resources you might find helpful:

 

Step 2: Carve Out Time, And Make A Plan

That’s where carving out time, and making a plan comes in. You know yourself at that stage better than I do. Use that knowledge to implement a plan of action that will help you start making positive changes into your life, that will soon bring positive changes in your business and in your life.

If you're stuck wondering what to do next, I invite you to join the FREE Optimised Business Membership.

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Step 3: Just start

There’s no tomorrow in success. Any successful path starts today, with a small change that you keep on building onto. Commit to starting today with ONE small thing, and share with me in the comments what it is. This commitment will help you start – and keep – taking action!

 

Step 4: Get Support!

We tend to want to do things on our own. I’m not stranger to that either. But I’ve learnt over time, and I’ve seen both with my personal coaching clients and professional mentoring clients, as well as with myself, that getting support helps to really create the change we’re after. So, if you’re stuck wondering what’s next, and you know you need help, I invite you to check out the many online resources I have created to help you save time and achieve faster growth in your business: Free articlesonline membershiponline books and courses. If you’d like private mentoring for your business strategy, you can also book a call with me to discuss the different mentoring options that are available for your special needs.

 

Step 5: Please Share!

If you like what I'm sharing, please do me a favour and share it with friends or colleagues you know would benefit from it! The more we are on this journey, the greater the collaborations, co-creation and achievements!

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