Passive Income: Ideas & Execution
In an ideal world, each one of us has a passive income stream set up to maintain our business and sustain our lives. For those of you who aren’t quite sure what the definition of passive income is, it’s regular cash flow received even after the work has been done — essentially, requiring minimal effort managing it and often without needing any communication with the buyer.
Aside from it being seemingly *easy and potentially endless money, having a passive income stream will give you the freedom to work on other areas of your business without the stress of not making money between launches or offering new services. Having a solid passive income also gives you a greater opportunity to continue building a brand that moves with the times and is continually growing and being refined. Not only that, but it can also act as an insurance if for whatever reason you cannot work for a while e.g. you get sick (us self-employed hustlers don’t have the luxury of holiday/sick pay!)
So, having understood just some of the many benefits of why you NEED a passive income stream— especially if you are a service based business that requires clients in order for you to pay your bills, lets get into some ideas that could help you obtain one:
Are you an expert in your field? Do you have lots of tips and tricks to succeed in something you know your audience would be interested in learning? Why not make an e-book or downloadable guide — it might take a lot of preparation and work to create initially but once it’s on sale, it could continually keep making you money without you needing to do anymore work.
If you write amazing and valuable content with killer SEO, there’s the possibility that you’ll be reaping the rewards from blogposts you wrote even years ago! The only problem when it comes to blogging for passive income is that it’s an incredibly slow burner at the beginning and takes a while to gain momentum. The same goes for YouTube tutorials and vlogging.
Are you a web designer or have impeccable coding skills? Instead of sitting around praying that clients continue to come your way, why not create a passive income stream through selling website templates? You’ll only have to write the site once but the template could be purchased an endless amount of times if you stick it up for sale on somewhere like Etsy. People are always on the hunt for gorgeous website and blog templates as it saves them forking out thousands for a web designer to work on a custom job.
If photography is your thing, you could spend some time shooting content for stock websites such as Shutterstock and generate money whenever somebody pays for or downloads your image! It does mean losing control of who is using your work and in what context, but it’s definitely a great idea for generating income passively if you’re a whizz behind the lens.
Digital Versions of Any Physical Product
If you’re an artist that sells prints, why not offer a digital version of your work that allows customers to access the artwork instantly, print themselves or use for digital purposes like as phone and laptop wallpapers. This also means you won’t need to worry about packaging and shipping an item, and the idea could be implemented for multiple types of products, e.g. if you produce a print magazine, why not consider offering a digital version too!
Online Courses and Workshops
Online courses, classrooms, workshops and webinars are another way you could create passive income. You only need to write and film the class once, but could have it on sale for as long as you like and thus make money from it passively, but most importantly, consistently!