Need some passive income ideas to help increase your revenue?
We’re talking about 7 ways you can add passive income it to your business.
Passive income is the holy grail of the online biz world. We all know it and aspire to it! Sometimes though, when you’re head down in your biz, it can be hard to create the time and space to get those ideas of passive income streams off the ground.
I’ve always been fascinated by it, creating income whilst you literally sleep, play with the kids or go on holiday. There’s nothing better in the business world!
My biggest motivator to create a business that has multiple income streams, including passive income, is to have the freedom to be able to travel with our kids and create a living in the meantime. Over the years, I have watched others create and grow amazing businesses. I love watching what they do and figure out how they’ve done it.
There are many ways that you can create this style of income and I believe that they can be applied to almost any online business out there. There’s always something that can be highly automated and passive within most niches.
Here are 7 passive income ideas to get you started!
This post contains affiliate links. This means that I receive commissions when you purchase through some of the links in the post, at no extra cost to you.
1. Digital Downloads
These can include workbooks, printables and ebooks.
Downloadables are great in that they are easy and inexpensive to make. Once they’ve been created, you can sell them over and over again without too much effort on your part. Also, your customers that purchase don’t need too much support afterwards and they can be highly automated (you don’t have to lift a finger to get them to the customer!).
Creating downloadables is where you can really dive deep into your creativity! There are products for every niche and something that would fit perfectly in your business!
If you’re wanting to create digital downloadable products, I highly recommend this course, Ebooks That Sell by Blogger Jess.
2. Affiliate Marketing
Affiliate links are when the blogger promotes other other people products and receive some commission for doing so. The amount earned for each product is highly variable, it can be anything from 5%-50% or a set amount per lead or sale.
If you have any kind of website and online business. There are probably affiliate marketing opportunities out there! Seriously! Check out this post if you’re a beginner and need more info on the basics of affiliate marketing.
To be honest, affiliate marketing is my favourite way to earn passive income. It’s a very passive model and it’s really a win-win-win type of situation. It’s a win for the reader, the blogger and the product owner.
If you’re wanting to add affiliate marketing to your business, I can’t recommend this course from Michelle at Making Sense of Affiliate Marketing enough. It’s the course that I got my initial investment back the quickest out of all the courses I’ve taken. No brainer really!
E-courses have been incredibly popular in recent years! Everyone’s creating them, and with good reason! They are profitable and scalable, win win really!
They involve business owners creating a course within their niche. You can literally create a course about anything, from cake decorating to growing your Pinterest account. If you have something you can teach others, you potentially have an ecourse just waiting to be created.
Other examples might be if you’re a service provider and you can bundle up what you do to teach others to do it DIY, that’s a brilliant product for your business. Not only is it scalable but it also gives those people that can’t afford to work with you 1-on-1 an affordable option. You could create something that’s purely for fun, like teaching art or how to play the guitar.
It’s no secret that I love them and have created a business around them!
If you think an ecourse would suit your business, then this course is a must. Liz Benny’s Create Kapow Course is the course where she shows you exactly how she creates her courses. It’s a step by step guide, so practical and actionable. Click here for more information on Create Kapow Course.
4. Create a Directory
Directories are where you have other business pay you to list their business on your website. You can create a directory in almost any niche, from freelancing mums through to eco products for the family.
Natasha at Business Jump is the queen of directories. Nat and her team work with you to create a concept and get your business up and running. She also has an ecourse that’s included in her program or you can purchase it as a stand-alone course.
5. Join an Ad Network
I have to be honest and say that I’m not a huge fan of ads on websites but when your traffic is up there, they are a very profitable form of passive income.
I would recommend holding off until you reach 25 000 monthly sessions and then apply to Mediavine. You can control where and how many ads are being shown on your site.
In terms of being passive, it’s the most passive form of income. Once you’ve applied and accepted, ads will appear and hopefully, you’ll start generating an income!
6. Sell Your Art
This is when you create art in some form or another and then either have it listed on a site like Creative Market, your own website or to a third party, like fabric or stationery companies. This can include fonts, graphics, vectors, invitations or fabric design.
Other options are selling your art on Etsy or Printful. There are loads of companies in this space now so ask around!
7. Sell Your Photos
If you’re a photographer (or on your way) then you could create your own stock photoshop. You may have seen these around recently, they are becoming popular and I love them! As a business, it’s a great way to get a range of photos that are aligned with your brand. They are usually cohesive and really give your brand a very defined look.
This is a fantastic way to sell your own photos. Customers are able to purchase one-off photos or sign up for a membership style option.
There you have it, 7 passive income ideas that you can use within your business to increase your revenue and profitability.
I’d love to hear what’s working in your business!