Are you looking to build more freedom into your business? Smart move. Here are 7 ideas to help you get started.
- Look for Income Opportunities That Self-Renew on Residual Basis
In plain English, an example would be promoting a Membership Site as an affiliate, and collecting your commission on every sign-up to that site…
…Then collecting commission every month your sign-up candidate’s membership is active!
- Create Passive Income Accessories For Your Service-Based Business
Often clients who are impressed by your services will look for accessories and products created by you that they can augment those services with. So do create a “My Products” section, and make sure you create products and guides clients (and anyone else) can purchase via links from your website.
- Create a Course And Sell It With a Webinar
Do you have strong skills in certain areas? Then create a course in installments, record it via a service such as GoToWebinar, and create a free, live Webinar with which you can promote it.
Invite guest experts. Increase the appeal of your invitation by offering their subscribers special price (or free “early bird access”) to your course. Offer to share the recordings and transcripts with them. Create an incentive just for their subscribers.
And even if you can’t yet attract powerful guests, simply creating your course and making sure it’s consistent, professionally produced and dynamic will help attract affiliates and new buzz.
Put it on automation by using the auto feature of some webinar services like WebinarIgnition.
- Create a Review Blog
Giving honest recommendations and reviews can significantly increase clickthroughs and sales for the products you’re reviewing.
You don’t have to be a dedicated Review writer to do this, either. Even if yours is a service business, you can create a blog dedicated to reviewing tools your client or fellow service-provider base commonly uses – or is considering using.
There’s an art to creating a review blog that really works, however.
Create a Review Template – the format should always be the same: Only the specific information should change.
Include the following fields or sections:
o Unique qualities or features
o Ending containing information on how to get it (your affiliate link)
- Take your own photographs of real products
- Use sub-heads, white space, bullet points
By keeping the format always the same, you will literally “train” your readers’ brains to prefer 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.
- Create Optimized YouTube Videos
One great place to create Passive Income: YouTube.
Pick a product you’re trying to sell. Make a short video about it. Upload it, including a strong call to action.
Make sure your video…
- Says what it’s going to be about
- Lets your audience know what the product or method (or whatever else you’re demonstrating) can do for them
- Concludes by telling the viewer what action you want them to take
Your video doesn’t have to be high-tech, or feature you talking to the camera. You can use stills of cartoons, a power point presentation or demonstrate something via screen shots. Make a number of these and do a bunch with the same keyword.
- Check out YouTube for Ideas on the Next Hot Video to Make
Look at what’s trending and run searches. (YouTube provides more than one way to trigger good product creation or promotion ideas, but be sure to follow YouTube’s guidelines!)
- Get Paid for Managing Others
If you have expertise in an industry, advertise your services to match up experts your potential clients needs with their businesses – think “dating site for business” (only with no dating. That you know about, anyway…)
Think of it as picking up a “finder’s fee”. In fact, you could even become your own employment agency… then outsource it to a Virtual Assistant!
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.
Remember to have fun!
Part II will be out soon, but in the meantime let me know what ideas you have to create more passive income in the comments below!