When it comes to adding passive income to an existing business, many creatives get all giddy and want to create new things right off the bat! What we fail to remember is that sometimes what we’ve already created can be just as lucrative for us in the passive sense than developing something brand spanking new. If only we leveraged what we’ve already created. I’m going to teach you about 3 passive income streams that you can use immediately!
Creating a new passive product or service for your business does not mean you need to down-tools in all other aspects of your business life. It doesn’t necessarily mean that you have to go back to the drawing board and start hashing out new ideas either (although you can!). What it does mean is that you should look at your business and your customers from a new angle, and figure out how you can serve them in new and passive ways – while earning even more in your business. Here’s are 3 passive income streams to get you started:
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Affiliate Marketing
It’s human nature to make recommendations. And as a good business-person, you should be leveraging your knowledge and those recommendations by adding affiliate links to your repertoire. There are loads of places you can share these links including social media, blog posts, on toolkit pages on your website, within your existing digital products (ebooks and courses) and to your email list. I think you’ll find if you look back over some of that content, you’re already making recommendations and raving about a product or service you love – you’re just not getting paid for it! Talk about leaving money on the table!
Affiliate marketing isn’t hard and doesn’t have to be icky or salesy – it’s just leveraging what you already know, like and trust, and gaining returns from those recommendations. I recommend having a look at Awin (my favourite affiliate platform) and check out all the wonderful brands that they have in their ranks. There’s sure to be a brand in there that you already know, like and trust; that you’d be crackers not to promote to your customers because it’s in-line with your business.
eBooks, Printables and Publishing
You don’t need to be the next poet laureate or booker prize winner to share your knowledge via the good old fashioned medium of words. Your business already has a message, and condensing that (or expanding on it!) is a great way of generating additional income for your business whilst also demonstrating your expertise in the field. Have you written a shed load of blogs, emails or social media posts around your topic? If so, repurpose those and pull them together to create an eBook, useful printables or self published paperback! There’s nothing nicer than seeing your books on Amazon, there for all to purchase, knowing that when you do make those sales, you don’t need to create, produce or deliver anything! Once the work is done and the content is out there, all you have to do is market it!
Repurposing Audio and Video Content
In fact, on the topic or repurposing content – do you make video or audio in your business? Maybe to drive traffic via YouTube or to teach people in your Facebook Group? Well all that content is golden! Why not pull together a paid course with all that lovely stuff, or release a podcast that educates the world on your topic?
You don’t need to be a tech whizz or a writing genius for your existing business to benefit from the internet today. All you need to do is think about how your business could benefit from introducing new income streams, consider what your customers want from you and boom – you’ve nailed it.
A great read and has really hit me thinking. Thanks for sharing