Passive income is the online holy grail. Here are 3 passive income ideas that will help you increase your household revenue, giving you more time and freedom to do what you want when you want.
Even if you don’t have any experience in running a business.
Almost all businesses can generate some passive income streams. It’s a matter of figuring out what works for you, your lifestyle and your audience. In my opinion, if you aren’t reaping the rewards of passive income, you’re leaving money on the table. Just saying.
The below income ideas are passive, or close to it. Some of the business models do require some work but once they’re set up they will continue to give you a passive income without much additional work.
This post contains affiliate links, meaning when you click through and make a purchase I receive a commission. This occurs at no cost to you.
Affiliate marketing is probably my favourite way to earn income online. The best bit about it is is that it’s passive. Once you’ve set it up and created content around the product that you’re promoting, it will keep giving you a nice passive income stream.
The Inspired Boss generates most of its income from affiliate marketing. When I started it I had a basic knowledge of it but didn’t know much. I took Michelle’s Making Sense of Affiliate Marketing course and started to earn income the very next month. It’s been the best course I’ve taken when I look at it in terms of return on investment. I made my money back very quickly!
If you’re not sure what affiliate marketing is, then check out this post but in a nutshell, affiliate marketing is when you share other people’s products with your audience and if they use your link to click through and make a purchase, you’ll receive a commission. This commission varied a lot but could be anything from 3-75% of the price of the product.
Even if your business isn’t based on affiliate marketing, it’s something that you could add to increase your passive income streams. For example, if you’re a web developer you might want to help others create their own websites using the Divi Theme. That way you are still helping others and receiving an income but it’s not you doing the work.
To start, think about products or services that you’re currently using that you often mention to others. Those products are a good place to start. Once you have a list a few things, you need to see whether they have affiliate programs. When I look into a business, I start by googling ‘program + affiliate program’. If nothing comes up, I’ll have a look at the footer of the website. If there’s still nothing there, you can email them and simply ask. So many businesses are using affiliates as part of their marketing strategy and if they aren’t, they should be!
Recommended course: Making Sense of Affiliate Marketing
Network Marketing is something that I would have scoffed at in the past. I’ve since realised that network marketing businesses are just another business model. One that can give you the opportunity to start earning passive income.
I used to think that you had to go all in to reap the benefit. I can’t tell you how wrong I was! I realised I could start earning some income just by using products that I love and ordering every month.
I had already been purchasing from an essential oils company and realised that if I had it set up the right way, I would start earning commissions. And have my monthly order paid for plus a bit extra.
I couldn’t believe it.
And it really got me thinking about how I can leverage this idea and give other women the opportunity to benefit from passive income with minimal work.
I created a system that once set up, will continue to give you passive income as well as benefiting from using essential oils in your life without having to sell ongoing. You simply share the products with a few friends have them create monthly orders and they share it and so on
If you’d like to know more, then feel free to email me at email@example.com.
Of course, if you want to go all in and create a thriving business, that’s possible too! Network marketing is a great low-cost way to start your own business and you generally have the support of other business owners in the same company. It’s all about what works for you and how you can make your money and time work for you.
Sell Digital Products
A very popular passive income idea is creating and selling a digital product. They aren’t completely passive but they’re close enough to include them here.
If you’re not familiar with them, then check this post out for ideas. The most common products though are e-books and e-courses. Both are excellent options and both can help you increase your income without too much more input from you. They are both able to be used in any business as well. There are courses and ebooks about anything these days!
To learn more, I’d highly recommend the courses below. The Create a Kapow Course course is on the expensive side but it’s been invaluable as I build and create my own online course!
Recommended courses: Ebook Bestseller Bootcamp by The She Approach – this course is currently $147 but will go up to $197 on the 8th Agust 2019. Use the code EBB20OFF for an additional $20 discount!
There you have it, 3 passive income ideas that you can add to your life and business today.
If you have other passive income ideas, then pop them in the comments below! We’d love to hear!