Today’s social media tips are going to focus on passive income. Passive income is income received on a regular basis with little effort to maintain it. This doesn’t mean it doesn’t take effort to create it, because it absolutely takes effort. It’s not for everybody, but if you have an interest in creating income that streams into your bank account any time of the day you need to explore passive income.
There are several ways to create passive income. If you follow my Facebook page Carol Lawrence you may have seen a series of posts I did on creating passive income. I thought I’d turn that series into a blog post for anyone who missed it. Passive income is a great way to supplement the income you have coming in now and it’s also one way you can start to build your multiple sources of income. There is added peace of mind and security when you have multiple sources of income streaming in vs one, such as a job. A very popular source of passive income is rental properties, but this post is going to focus on passive income you can create online in the digital world.
There are multiple ways to create passive income. In this post I’m going to focus on three. The cool thing about passive income is you do the work once, but the product is available as long as you want it to be. You may however want to go back over time and update your product to keep it evergreen.
I myself have been running a virtual company for several years now. I’m working hard on transforming it gradually into a passive income company combined with my virtual company.
Tip #1. Sell Digital Products. The cool thing about having a lot of digital products is once you put in the time creating each product they are done. Then you list them for sale on your website, Amazon, Ejunkie, etc. They are available for sale 24/7.
Examples of digital products:
* Software & Apps
And let’s not forget about music. You can create and sell your tunes on itunes.
The first digital product I created is my ebook: Working From Home As A Virtual Assistant: Real opportunities for people who are serious about working from home. It is listed for sale on Amazon.
You can also sell digital products off of your WordPress website using the plug-in Easy Digital Downloads. You can see how I use this plug-in here on my website selling my guide: 100 Tips For Marketing Your Book.
Tip #2. Create and sell your own courses! You have a wealth of information inside of you that many people can benefit from.
Think about what you know the most about, what you like helping others with and turn it into a course.
I’ve began building my course related to teaching social media to newbies. Sort of a social media for dummies.
My first course teaches newbies how to set up their Facebook business page. My second course teaches them how to manage their own page. I include step by step tutorial instructions. I used Camtasia to record my tutorials and I use the plug-in Zippy Courses to sell my courses on my website.
You can see my first two courses here.
Two of the top teachers of creating courses are Eben Pagan and Pam Hendrickson.
Tip #3. Teach through Webinars and live trainings. Do these live, then use the replays for list building or sell them in your online store.
You probably watched this in action. You receive an email about a really fun upcoming webinar, you click the link and it takes you to a landing page. Once you get there, you read over what the webinar will be about and you sign up. Sweet! You are now on the host’s newsletter list. At the time of the webinar you receive another reminder notice, you watch the webinar and participate in the chat. The host then takes the recording of the webinar and uses it in a number of ways. He/She may repurpose it and run the recorded webinar a few more times to bring in new people to see the main offer or they might add it right to their product pages. Kimra Luna has a really great program that teaches you how to use webinars.
Webinars can be recorded with Google Hangouts, Zoom, Go To Meeting and many other webinar hosting platforms.
No matter which direction you choose to go in, the key is to get started. Over time the amount of products you have will add up.
You can sell them individually in different places online or you can group them all together and package everything you teach into one big offer. That’s exactly what Leonie Dawson did with her Shining Biz & Life Academy. She took all her courses and turned them into one big academy. She has become a multi-millionaire teaching other women how to succeed in business and life. She has thousands of raving fans and one of the funnest workbooks I’ve ever purchased.
I hope I provided you with some inspiration and resources to explore the idea of creating passive income. Thanks for stopping by and reading my blog posts. I appreciate your time. If you have any feedback on this post or some ideas on what you’d like me to write about next be sure to leave them in the comments.
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!