This month we’re talking about passive income. If you missed our earlier post, check it out to learn 7 reasons you need passive income.
This week, we’re going to share 10 ways to generate passive income:
- Investments – Wise investments can provide passive income for years to come. It can be challenging to know where to start, so if you want to go this route, contact us today for a referral to a financial advisor who can help you decide where your money is best invested.
- Create an e-book – Choose a topic you already know a lot about, write a book and publish it as an e-book through Amazon (or just sell it as a downloadable PDF on your site!)
- Create a digital product – As technology advances, more and more people are searching for the trainings they need on the internet. Whether it’s for DIY marketing or in-home workout routines, people are paying for the ability to access these trainings from the comfort of their own home. Again, you’ll want to pick something you already know a lot about, and something there is a high demand for. Next, create a series of training videos, upload them to your site and charge people a monthly membership or a one-time fee to access them.
- Invest in real estate – Flipping houses is a huge income source for a lot of people. But it can also require a significant amount of work! Even if that’s not an option for you, real estate may still be an option to look at. Say for instance, you own an office space that your business has outgrown (or that you’re just not using because working from home makes more sense). Sure, you could sell the space and make a one-time profit. But you may also want to consider keeping the property and renting it out to another business owner (or more than one if the space allows for it). Boom. Passive income.
- Monetize your blog – If your blog is getting high volumes of traffic, you may want to establish a relationship with Google AdSense, which pays a monthly rate in exchange for the right to place ads on your site.
- Become a silent partner for another business – Do you know of another business that needs money to expand? Do you have the money available to make it happen? Rather than offering them a loan, you can treat this as a business opportunity and take an equity position in the business. The business owner will maintain control and responsibility for the day-to-day running of the business and you will receive a percentage of the profits. Think Shark Tank, your style.
- Become a referral source – Every business, especially small businesses, depend on referrals to bring in new clients. Make a list of businesses you use on a regular basis and would happily recommend. Then contact the business owners and see if they offer any type of cash bonus for referrals. If the businesses relate to what you do, even better.
- Build an app – No matter what you do, I almost guarantee there is some way to turn it into an app that your audience will want. Find a developer to help you with the tech side of things, get it in the iTunes and Google Play Stores, and watch the money start rolling in.
- Share affiliate links – This is especially easy for those with blogs with large audiences. Sign up as an affiliate for a product or service you use, then write a review on your blog and link to your affiliate sales page.
- Utilize YouTube Ads – Especially if you are already using YouTube for your training videos, look into Google AdSense (that’s where the ads at the beginning of videos come from!). They’ll pay you for the ability to place their ads before your video.
As you can see, there are a lot of options when it comes to passive income. Be sure to do your research before you make any decisions to make sure you make the wisest choice possible for your business.
Be sure and check back next week; we’ll be sharing important tax info you’ll need if/when you decide to invest in real estate.
