If you’ve been looking into creating passive income streams for your business, then keep reading. We’re going to discover a few ideas on how to go about it.
It’s no secret that every business should diversify their income source. After all, none of us want to be left high and dry when there’s a change made that you have no control over. Relying on one income stream for your business could put you at financial risk.
It’s also wise to ensure that your business can stay profitable no matter what happens. One way to do this is to make the best of your business website and its content to build in an alternative income source. However, there are plenty of other ways to enjoy profits that are derived from outside of your core business. Building passive income streams pays off and it will mean that you will enjoy income on a regular basis, without needing to work on it daily.
An example of passive income is the internet earned on your savings or other investment account. To earn it, you don’t have to do anything other than allow that money to sit in your bank account. Even a rising property price can deliver passive income. Fortunately, there are many other ways to create streams of passive income for your business online.
Here are a few ways that you can earn extra money. This list does not contain the only ways that you can build your passive income, but it should definitely set you onto the right road and may even inspire a few other ideas.
Website content and blog posts
Sit down and write some content for your blog post. Optimise it well and you could enjoy free traffic from search engines. Add a powerful call to action at the end, and you could influence readers either to purchase an offer or you could direct them to an affiliate product that is relevant to your business. The most beneficial approach is to get your readers to sign up to your email list so that you can then communicate with them regularly and tell them about other offers.
Emails and Free Reports
There’s no doubt that building email address lists and sending emails to your list is one great way to make money. Of course, you wouldn’t write to them with an advert to buy something every day, but you could send them perhaps one email out of every five that is monetized. You may even direct them back to your blog site and put some AdSense ads on it, so that you’re making money from any clicks they make.
A powerful way to start building your list is to give away some free reports. Ask your contacts to share your report, in addition to taking steps to share it yourself across the web. As your report finds it’s way to more people, they will come back to your site and the offers that you sell will perform better.
If you don’t want to sit down and write your own free reports, you may find something suitable here that will save you needing to start from scratch. PLR offers a fast and easy way to deliver a report. You buy the rights to brand it and market it as your own and many business owners turn to it to save time and money.
Here’s an example of what you could use on your site if your business offers business services or financial services. Click here to see pre-written reports that you can offer free to your subscribers on the topic of Business Strategy Exits.
Write Books for Passive Income for Your Business
A great way to build traffic on your site whilst making money is to write some books. These could be either Kindle ebooks or physical books. With the arrival of self-publishing by companies such as CreateSpace, you can easily get them published and up and out for sale. The good thing is, is that you get to keep the majority of the income from the books.
As they generate passive income for your business, they will also help build your authority and build your traffic. Years back now I even wrote my own book and put it up for sale on Amazon. It’s a very simple book on marketing, but it has still brought me hundreds in terms of passive income.
Create Your Own Digital Products
Digital products offer an excellent source of passive income for your business. You can promote them through your own marketing systems and on your website in addition to promoting them on sites such as Google and Apple App stores. The great thing about them is that once you’ve made them, you can sell them over and over.
You won’t need to do a lot of customer service work with them, although you may need to update them once in a while. Fortunately digital products can be very much hands-off once you’ve create them.
Setting Up Your Own Affiliate Program
Get others to put the hard graft into marketing your products for you through your own affiliate program. You’ll share a percentage of your profits with them, and you can enjoy extra time to work on other products, or your business.
Recommending Other People’s Products
Of course, you can also sit on the other side of the fence and sell products for other people for a commission. Affiliate marketing is a great way to increase profits.
As you can see for yourself, there are so many different ways to create passive income for your business. It’s all about creating or selecting relevant products for your customers, and then putting feeding your marketing channels to make the best of your collateral. Keeping an open mind and staying creative in your approach is what makes all the difference with building a successful passive income for your business.
Let me know how you get on.