3 Passive Income Streams That Can Make You Money Every Day
Passive income streams should be part of your business goals. Certainly, learning how to make passive income online is an ideal situation in terms of finances and business.
Working online increases your freedom greatly because it allows you to choose how and when you work. However, if you are providing services to clients, then you're not experiencing true freedom.
As a result, if you take time off, you lose money. And that's not good.
But, with passive income, you get to experience true freedom. Therefore, you can choose to take the entire day off or refrain from working for the next week, and there will be no financial repercussions.
Subsequently, no income is truly one hundred percent passive, to begin with. Tracking, tweaking, seeing what works and what doesn't work are all part of the learning curve that every online entrepreneur experiences. It will take time and work to get those income streams set up, but afterwards, it's smooth sailing.
How to Make Passive Income Online
#1 The Affiliate Program Passive Income Stream
There are two types of affiliate passive income streams. The first type is setting up an affiliate program where someone will promote and sell your products for you. For every sale they make, they earn a commission from you.
The second type is you become the affiliate to other people's products. You receive a commission for every sale you make.
Your Affiliate Program (People sell your products)
In a nutshell, this is how it works:
Someone signs up to become your affiliate (essentially your sales force).
You create the marketing materials for your products in the form of blog posts, banners, emails and even landing/sales pages, social media posts and anything else they may need in order to make sales on your behalf.
They use your high-quality promo materials for their blogs, on their websites, their email marketing as well as using other techniques to attract an audience interested in purchasing your products or services. They earn percentage of the sale price or a set fee for each sale, depending on how you set it up.
Can you see how having an affiliate army out there promoting for you is super beneficial for your business?
You are the Affiliate (Selling other's products)
The second type of an affiliate relationship is by swapping places where you promote other people's products and receive the commission for each sale you make.
There is considerably less work when you are the affiliate since you don't have to create the marketing materials.
Either way, when executed correctly, you win either way.
#2 The Membership Site Passive Income Stream
Are you working long hours or do you feel like you aren’t reaching your potential?
The temptation to switch to a more “passive” source of income is bound to intrigue you to make a change on how you run your business.
At some point, you think about additional or alternative forms of income outside your core services. A membership site might be just what you're looking for.
Actively marketing your products and programs is vital to your financial success. Don't wait for Google to send you organic traffic! That's just wishful thinking that someone will magically find your program.
A lucrative way to get consistent passive income is by having a membership site. It's important for you to understand that it will take a lot of time and content to build and execute a membership site.
These steps include:
Planning: You decide on the niche and topic for your site, as well as picking your membership site model and starting to plan your content.
Production: Begin producing/gathering your content.
Preselling/Persuasion: Create materials to presell prospects and persuade them to join your membership site.
Profits: Seek out strategies and best practices for boosting your membership site profits.
Participation: Get members active and participating in your site is the key to member retention, which is why you’ll want to put these participation tactics to work for you.
#3 The Evergreen Products Passive Income Stream
Evergreen content is the content that can withstand the test of time due to its timeless relevance. The content is practical and seeks to give real solutions to real problems.
If you’re burning the candle at both ends trying to grow your business as well as your product library, it’s time to implement some evergreen “passive” income streams.
Even though passive income involves plenty of work upfront, once you set it on autopilot, you’ll spend a minimal amount of time each month monitoring its success.
Your evergreen content is information in the form of text, video, or any other form of media that does not go out of date and is always relevant to readers.
Be proud of your programs. Tell everyone about them. Share on your social platforms or with your email subscribers.
By the way, you can promote other people's evergreen content, too. See how you can weave these types of passive income streams throughout your marketing plan?
Just as you have a set plan for your content, you need a plan for marketing too. No more winging it! Approach each day knowing what you’ll do to market your programs and TAKE ACTION!
Finally, don't forget to cross-sell and upsell at every opportunity. Every thank you page, thank you note, and interaction you have with a customer is a chance to recommend one more thing to your audience.
The point of the passive income stream is to push them towards your most lucrative product. That product is you. Time with you, one-on-one should be only earned by paying a premium. You can only afford to do that if you have a well established passive income stream to fall back on.
There are so many ways you can create passive income programs that will not only add to your bottom line now but will increase the number of clients who are willing to pay top dollar for your exclusive, limited, one-on-one coaching and consulting.
What if you could begin to invest your time into your passive income plan to achieve a growing degree of freedom as it begins to work for you?
Join us this month for our Found Money Challenge and get your passive income streams set up just in time for the holidays. Learn more below.
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.
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