If you have an online business, then you should be looking at the different ways to diversify your income, because really one of the main reasons for starting an online business in the first place is to have more freedom and flexibility to allow you to serve more people, and the only way you can realistically do this is by having multiple income streams – preferably as much passive income as possible, so in this post we’re going to share with you the best passive income ideas for your online business.
E-books are one of the best ways to create a form of recurring and passive income in your business, and although they may take a while to put together, they also don’t have to take forever, so it’s not unheard of to know people who have created an e-book in around 30 days or less. Probably one of the best things about e-books in your business is that they truly do become a form of passive income because you only need to create them once and you make money from them on repeat.
Whether you choose to go with someone like a Novel writing mentor or prefer to go with the self-publishing route and figure everything out by yourself, e-books are a truly great way to reach more people in your business and also be able give great value at an introductory price that everyone will be happy with, so even if you’re completely unkown in your industry, you’re going to be able to position yourself well and start getting people to pay you quite easily with an e-book.
Online courses are similar to e-books in that you only need to create them once and then you can sell them on repeat so they become a form of passive income compared to other services and products. They’re also a lot quicker to create than e-books and can be sold for a much higher price point. However, they do require a good bit more work in terms of things like launching and making sure they’re going to be giving the amount of value that people expected when they paid for the course.
If you’re interested in creating an online course for your business as a way to be more accessible for people at different price points, but you have no idea where to begin with them, then you can find plenty of resources and help online and even products and programs that will show you step by step how to create and launch your online course.
If you run a service-based business of any kind, such as coaching then having a membership site for your clients to access your content at a lower price point and potentially introduce yourself to new clients is something you should absolutely consider. Although membership sites are a source of recurring income, they’re not going to be as passive as some other options since they do require a bit of ongoing upkeep, but of course it’s entirely up to you how much of this is necessary, and you don’t have to be in the community all the time or give any 1:1 support if you don’t want to – for example, you could create a digital download vault and just have people pay to access content without any access to you.
Again, although these are not completely passive ways to earn money, they are recurring which can also take a lot of the stress away from you as a business owner and give you the creative freedom you need to be able to do the things you really want to be working on and focusing on instead of just having to do anything that will make some money.
If you run a service-based business, then digital downloads are a must. Of course, you’re probably already creating these for free if you do online marketing of any kind, but you can also create paid digital downloads that you can use to boost your passive and recurring income streams. Things you could potentially create are PDFs that people can print out, checklists, templates, scripts, planners, and so much more. When it comes to the many ways you can add passive income and recurring income to your business, there’s so many options that it’s almost endless.
If you’ve been in the online business/marketing space for any length of time, then you already know that webinars and masterclasses are a huge thing already, and whilst most people do give them for free, you can definitely monetize them if you’re offering good value. Either you can use the free ones you’ve created and add them as individual products to purchase, you can put them into a membership site, add them as bonuses to a course or program, or you can even just create paid ones that basically work the same as mini course.
We hope that this post has really helped you see the potential available within your business to create sources of passive and recurring income that you may not have been taking advantage of until now.
If you do plan on growing your online business to the point where it gives you a lot of time and financial freedom, then it’s really important that you’re looking at the different sources of income you could create and how to create more of them or market them more effectively if you already have some in place that perhaps aren’t performing so well.
Of course, these are just a few of the ways you can create passive income in your business – there are literally endless ways you can do it, so if you’re stuck for ideas, then you can always look online or join some Facebook groups to get an idea and some inspiration for what people are doing to add to their income in their business and see how you can use their tips and strategies to make it also work for you.
There’s certainly no right or wrong way to approach creating passive income as long as it works within your business.