If you’re looking for ways to add more income streams to your business then listen up, this blog post is for you. Passive income is a great way to add revenue to your business, purely because it’s easy to scale and doesn’t depend on time for money. So you can grow this income stream without running yourself into the ground.
So what are the best passive income ideas for your business? Let me tell you…
Ebooks & online courses
This is probably the most common, but everything you need is already up there in your head. So, getting is down into a format that’s suitable for an ebook or online course would be your only hurdle here. But luckily there are already so many great platforms to help keep this process as low tech as possible, such as Teachable.
Many companies will have affiliate programmes to entice you to recommend their wares in return for a small commission. Again this is easily scalable. But even if you don’t have a large audience, you can still direct people organically via Pinterest, or through paid ads to your blog post that includes affiliate links. You obviously just have to keep an eye on your ROI (return on investment) to ensure you’re making a profit. There’s many highly successful entrepreneurs who have affiliate links as quite a large percentage of their overall earnings.
Templates or stock images
If you have the skills, then you can create templates, such as website themes, social media graphics, Canva or Photoshop templates and even photography and videography presets and project files. I have my very own template shop, called The Content Shop, where I sell ebook templates, social media graphics & Story prompts.
If you’re a photographer or videographer you can also sell stock images or footage for other creatives and entrepreneurs to use in their projects.
The best things about all 3 of these ideas is that you can set it up and, within reason, forget about it. Or as I mention before put some ad spend behind it to really get it seen. Meanwhile you’re working away on something else… It doesn’t get much better than that.