2021 has started, and you are at home due to the pandemic, making it challenging to work with your 1:1 clients and meet them. Are you ready to create passive income for your business?
The pandemic made me rethink my business model to devote myself more to passive income… Are you overwhelmed with client work? Do you want to generate revenue other than billing by the hour or on a flat-rate basis? You will have to put in some time, in the beginning, to get everything set up, but it is worth the investment!
Here are passive income ideas for an online business.
If you want to help many people and stop working with 1:1 clients without creating new work for yourself each month, creating an online course is a good option.
Remember that you need to build the course and record it. After 2 or 3 launches, your course can be on an evergreen (an evergreen course is a type of online course that’s automated — so whenever anyone signs up, they receive the online course without you having to be actively involved).
With an online course, you can reach more people, use it to upsell other products and services, and build authority.
Memberships are all about relationships – and giving meaningful value to members, which usually includes providing them with education, information, and resources… such as a VIP group.
You give access to your membership and provide members with webinars, coaching offerings, video tutorials, courses, workbooks, community forums…
By adding value to your membership program, you create a loyal customer base! And if you have 100 members paying $100/month… you can generate $10,000/month!
Remember you have to get presents for your members and create new exclusive content each month.
You may start creating website templates or custom graphics templates for social media and sell them on various platforms (Etsy is one of them).
Passive income is popular with web design themes as many users can buy one theme and customize it for their needs.
Remember, you will have to create tutorials to guide them as they customize their templates.
Digital Downloads can include Printables (planners, stickers, invitations), Graphic Files, Patterns, Excel Spreadsheets, Meal or Training Plans, Budget Templates, or Art And Decor Printables! Create them and sell them on your website or through a platform such as Etsy!
The idea behind an Affiliate Program is that you promote other people’s products, often through an affiliate network, earning a commission if people end up buying thanks to your marketing.
It’s based on revenue sharing… but it can give you interesting revenues by doing some promotion. Amy Porterfield’s Affiliate Program related to her Digital Course Academy program gives 50% commission, and the average commission is $30,000+.
If you love to write about a specific topic (travel, food, lifestyle), you can write the blog post one time (initial work), and then when someone reads that post and buys that product you recommend, you earn money from it!
E-book or audiobook
Are you not ready to create a course on a specific topic? Why not create an E-Book or Audio Book for your potential clients interested in learning more about a specific topic but not seeking a step-by-step video training experience?
Do you have a Podcast, or are you ready to start one? Create interviews with experts and give away a lot of the content for free to your audience, and then sell the premium products. You can also have sponsors – identify the products and services your audience needs the most, then reach out to those companies and get your podcasts sponsored!
Do you like taking pictures? Why not turn your hobby into passive income… Photography websites such as Shutterstock provide you with platforms to sell your photos… In this way, a single photo could represent a residual income opportunity since it can be sold again and again.
So, why should you add a passive income stream to your business? I did it to get more freedom and be able to travel more often (well, I’ve been in Montreal since March – thanks to the pandemic, but I can’t wait to get back on a plane)… and because I want to work smarter, not harder.
What about you? Are you planning on creating a passive income stream in 2021?
Ready to create passive income for your business?