5 Passive Income Business Ideas
These 5 passive income business ideas are the tip of the iceberg of the ways you can add passive income to a business. As you read through these ideas, begin thinking of how you can incorporate them into your business. It’s important to keep in mind that you select the ways that will enhance your client’s experience with you.
Create Passive Income Products for Your Service-based Business
Often clients who are currently using your services will look for companion documents and products created by you that they can augment those services with. Create a “My Products” section on your website and create products and guides you can sell.
Create a Review Blog
A second idea to increase passive income is by providing honest recommendations and reviews of products and tools you use, or have used, in your business. This technique can increase click-throughs and sales for the products you review.
Is your business service-based? If so, you can create a blog dedicated to reviewing tools you, your clients, or fellow service providers may use in their business.
Create a Review Template
There’s an art to creating a review blog. Create a Review Template you use every time you provide a review. – the format should always be the same. Only the specific information should change.
Include the Following Fields or Sections
Information on How to Get the Product (Affiliate Link)
Keep the format the same. This technique will “train” your readers’ brains to recognize and trust your reviews. They will always know what to expect, in what form to expect it, and where to quickly find the type of information they need for any product.
Public Domain
Consider re-publishing an old, public domain book that will interest your subscribers, clients, and prospects.
The key here is in the selling and promotion, of course. Let people know why revisiting old wisdom is going to be important to them – and what benefit they can take away.
You can make this process an easy learning experience and maximize your chances of making passive profits from publishing your first public domain book. Check out the Public Domain Library and do a little research to get maximum results.
Create Special Offers for the Forums You Belong To
Get more mileage out of a single product or course you’ve created with a pre-release for a select group of targeted individuals.
A closed forum is ideally set up as a strong test market – and most of them have a “Members’ Offers” section. You will probably have to run your offer by an Administrator, but if rules allow, go for it!
You will reap:
Look for Passive Income Ideas Everywhere
Have a problem with something? Create the solution!
Love a niche? Create a blog to help others who love it – and monetize it.
Be analytical. Try different formats and see what feels most natural to you – and what brings you results. A review blog? A blog that sells nothing (but that you let an Ad network or Google monetize for you with ads?)
Track your results to gain a crystal-clear picture of the types of Passive Income streams that work for you – and those that don’t.
Think about the tactics that work… and see how many more similar ideas, using that model type, you can come up with.
Conclusion
In summary, there are many ways you can add passive income as part of your other business revenue. I hope these ideas have given you some inspiration that you can follow up and begin finding new income streams.
We invite you to check out this month's MyNAMS Insider's Club Challenge called Found Money. It's all about how to create passive income streams. You can try it out for only $1.
As a coach, consultant or service provider you're used to trading hours for dollars.
Unfortunately, hours are finite. Time cannot be generated and is not in never-ending supply, it's important for you to find ways to generate passive income.
Creating passive income programs will help you create the life you always dreamed was possible. This month in the MyNAMS Insider's Club, we are focusing on passive income with our challenge, Found Money.
Our MyNAMS Insider’s Club offers multiple courses, checklists, templates, and training to help you get started faster. As an Insider, you have access to over 50 courses and training, tools you need to run your business. PLUS weekly live calls to help you progress quickly. Click now to get started.
David Perdew is the CEO and founder of NAMS - the Novice to Advanced Marketing System. He’s a journalist, consultant, and serial entrepreneur who has built one of the most successful and fastest-growing business training systems online today called the MyNAMS Insiders Club.
The Novice to Advanced Marketing System is a step-by-step system focusing on Team, Training and Tools to help novice to advanced business people build a Simple, Scalable and Sustainable business.
He took a year off in 2003 to personally build a 2200 square foot log cabin in north Alabama where he and his wife and two dogs and a cat live on 95 acres of forest with four streams and 60-foot waterfall.
The NAMS team includes his daughter, Jen, who is an email marketing and automation specialist. Jen runs the day to day business and is one of the primary trainers in our MyNAMS Insiders Club.
