If you missed the first post in this series go read it here. This is the second and final part in brainstorming ways to add more passive income streams into our businesses. Let me know what what ideas you have in the comments below!
1. Create an Online App or Resource and Turn it into a Membership Site
Have a really unique talent or idea? Leverage it into an app or online resource site. Then sell memberships.
Even if you outsource app creation to a top notch app developer, the expense should be well worth your while, if you really are providing a unique service your target market has been crying out for.
2. Develop a Plugin!
Again, you don’t need to be a brilliant WordPress developer to create a plugin. You simply need to hire the right developer who specializes in plugins.
You can risk trying a new developer in absurdly cheap markets such as Fiverr.com; or hire someone who has been recommended to you. (Ask the Tech at any forum you belong to for recommendations.)
Or you can post a proposal in job marketplaces such as oDesk.com.
The key is to get a plugin developed that people in your market need/want to use. In other words, it makes their life so much easier!
3. Buy an Established Website
Of course, this only works if you have cash to invest! But if you do, looking for a reliably-listed blog that already has some traffic and a decent history can be a way to fast-track Passive Income – especially if it needs cosmetic clean up.
Just be extremely careful that it hasn’t already been Penguinized by Google. (If it contains a lot of exact-match anchor text and heavily repeating keywords, it probably has.)
4. Build A Team of Affiliates
Set up an affiliate program such as the PLRalacarte Affiliate program and use contests to motivate your affiliates.
Mix-and-match your cash or material-goods bonuses with contests. Why? Some affiliates who will give up at the idea of being “good enough” to earn a substantial reward will go into overdrive for a contest – it provides the right sort of stimulus for this type of affiliate!
5. Use An Ad Campaign
Let your money make you money: Invest in a Google AdWords campaign to drive sales very quickly to your eProduct or new blog or website.
Check out Facebook Ads too – as with AdWords, you can set your limit and run your campaign for as short or long a period as you like.
6. 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?)
Once you start brainstorming you’ll find there are plenty of ways to earn a more passive income! Download this checklist (no opt-in required) to make sure you are on the right path! Need some support? Join us in the Project: Freedom Facebook group!