Passive income is a bit of a buzz word thrown out in the online world. Most of us like to picture sitting on a beach somewhere drinking a beverage while money just rolls into our account. While I won’t discount that possibility, my definition of passive income is slightly more practical; it’s a sale I can make without being present. Here are 5 ways that you can begin making passive income and have dollars flow into your bank account while you sleep, or maybe just maybe when you are on the beach too!
Out of all the options, affiliate income is probably the most “passive”. You are essentially using your platform and authority to promote something else, to benefit you and your business.
There are many types of affiliate programs out there – Amazon is a popular choice but you will find many programs and you may need to weigh out the pros and cons of important factors like commission percentage, the time before a payout is made, and cookie length.
P.S. we are not talking about chocolate-chip cookies: we are talking about those things in your browser that track web behavior. Cookies for some affiliates track that you sent someone to a product or service and can last from a few hours or several months. This is important!
Between planning and create your content a course can be a big undertaking. However, once you’ve created a course, selling it can be a passive action. If you’re thinking…I don’t have anything to teach though, I will challenge that. There are numerous examples of courses on very bizarre topics that have brought in passive income for people across the world. Underwater basket weaving anyone!? My favorite platform for course creation that is the most user-friendly is Podia.
I remember years ago wondering just how the heck bloggers were making money. It’s not like they are paying themselves to write? Ah but then it clicked after getting the big picture on online business. Blogging helps people find you and your services through search engines (let’s be honest just Google) and from there they can find your services as well as click on affiliate links and maybe even view a few ads if you chose that route.
4. Creating and Selling a Membership
Memberships and monthly program sites are also popular to bring in additional income. Some creators choose to do this through a program called Pateron to provide exclusive content there. This model is similar courses except that you would provide new content every month which could range from music and meditations, to trainings, to planning pages, etc – whatever it is that you create and offer. While there is an element of consistent creation, it also provides a way to bring in income each month. A great example is my friend Lisa Pulley’s monthly fitness program The Persistence Project which she also built using Podia. You can choose to keep the program open for sale all year long, or like Lisa, you may choose to open and close doors at specific times to keep the community enrollment exclusive to those who take action.
Sponsorship is usually paid content from a brand sponsor. This can be cultivated through YouTube, blogging, social media and in any other way you show up online. When someone buys the product or service from the sponsorship, or finds you and view the content, it is not only helping your bottom line but the company doing the sponsorship as well. Sponsorships can come organically or you can pitch to brands. Larger companies may have a specific number of followers they require while other smaller brands may be happy to partner with you because your audience is aligned with their target consumer.
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