There’s a great conversation taking place in several Facebook groups I’m in about passive income. I think passive income is a great idea. It often seems unobtainable to many. I myself have a goal of creating more passive sources of income. I’ve been working on this goal this past year but really plan on ramping it up in 2017.
Let’s break down it a bit.
If you had a variety of passive income sources and you were able to bring in $20 a day 365 days a year you would add an additional $7,300 to your income. What would an extra $7,300 do for you and your family? Provide a few extra vacations a year? Pay off some debt so you can breathe easier? Make your financial life easier?
So what exactly is passive income? It’s basically income that comes in from something you put the time and money into setting up once. Or another example is, it’s money that comes in from another source other than an employer or contractor. The trick is to have multiple passive income streams. Income that rolls in 24/7.
In my list below i’m focusing on digital/online streams.
Here is a list of 10 potential passive income ideas. Some will have examples linked to them.
1. Write an ebook. It doesn’t have to be a giant novel. Most ebooks are between 60-80 pages. List if for sale on Amazon, other book selling sites, your website and on Facebook. You can see how I’ve listed my ebook Working From Home as A Virtual Assistant on my website. http://bit.ly/2ioYb1N
“Fathom is excitement from beginning to end. Join Demo as he travels into dark caverns of the psychopathic human mind to stop the ongoing chaos unraveling around him in the real world. Within the realms of Fathom, anything the mind can create becomes a reality. It’s an impossible race against the clock that will push the limits of what your mind can fathom.”
3. Create your own course. I started creating my own courses last year. Since a lot of clients are social media newbies I started with beginning Facebook courses.
My first course teaches them how to set up their Facebook page.
My second course teaches business owners how to manage their Facebook page. How to schedule content, write notes, create graphics, engage from page to page, hashtag marketing, boosting posts, setting up ads and more! http://bit.ly/2ioWFga
4. Create your own Card Deck. Nadine Nd Cns did this. She first started out by creating an app called Soul Food. She started out on iTunes http://bit.ly/kqnLcG and has recently created a physical product – SOUL Food deck one by Nadine, N.D., C.N.S – I love this deck by the way!!
5. Affiliate marketing. Here’s an example of how I promote affiliate products. I’ve started creating my own courses but haven’t had the time to make all the ones I want to create to cover all the social media platforms. My friend Laura Rike has created some courses I like to share with my tribe. She has three excellent courses. The first one shows you how to repurpose your Facebook live streams, including on how to add them to your Youtube channel. The second course shows you how to grow your traffic and email list with Pinterest. Her third course is full of bite sized marketing tips. You can see them all here http://bit.ly/2ip7u1w
6. Create a PDF checklist, guide or tip sheet. Type up your document, save as a PDF and sell it. MaryEllen Tribby has been doing this for years!! You can see a list of her products here, also if you scroll down her page you’ll see the line that says, ‘My Approved Business Resources’, all tried and true resources with (affiliate links) http://maryellentribby.com/products/ Bonus tip: You can add clickable links into your ebooks and guides. Just be sure to be up front you are sharing affiliate links. If you are using affiliate links on your website add a notice to your disclosure policy.
7. Create a video training series related to your niche.
8. Create an audio training series.
9. Create a webinar. Run it the first time for free, jam pack it full of great training/content. Turn around and sell it.
10. Create printable meal planners, recipes, goal sheets, content calendars, daily affirmations, the sky’s the limit!!
What other passive income ideas can you think of? Come on over to my Facebook group and share!
Carol Lawrence is the owner of Social Media Help 4 U, a virtual based business that supports authors and businesses based on integrity. Social Media Help 4 U offers conscious business services, providing intuitive and skill based social media management & consulting. Looking for social media assistance to grow your online presence and provide top notch customer service? Have a marketing budget? Look no further. Multiple packages available. Perfect for for the company who knows the value of a marketing budget and needs help putting their company on the social map! Contact her today! Want to learn more about Carol? Check out some of her references here and her packages here.