So many women dream of being self-employed and working for themselves but don’t know how to monetise their skills to make it happen. Then once they do have a business, creating a passive income stream is the dream of most savvy entrepreneurs. ‘Making money while you sleep’, it sounds like the ticket to financial freedom, right?
Passive income is when you create a revenue stream into your business by putting in some upfront effort and then reaping the rewards. It sounds simple enough, but there are literally hundreds of ways to create passive income streams into your business, and so you need to ensure that the method you choose is going to work for you. If not, you could end up spending a lot of your precious time developing something, for very little return.
Decide what you could sell to make a passive income
There are so many ways that you can make passive, or semi-passive income in your business and the question isn’t ‘What works’, but more ‘What will work for you’?
The type of passive income that you pursue can depend on things such as:
- Where are you in your business journey
- How much time and money do you have to invest in getting your income stream set up
- How big is your audience and how much do they know, like and trust you
- What skills you have
Types of passive income
Once you have asked yourself the above questions, you can start to work out what kind of passive income would work for you and your business.
If you are an online business, memberships or group programmes can be a fantastic way to bring additional income into your business.
Some of the benefits of these are:
- You can set up a lot of the content and resources in advance and utilise automation
- You do not always have to be present for things to keep moving
- You are moving away from trading your time for money, and the work you do can be accessed by an unlimited about of people meaning uncapped potential earnings
- You can utilise content from other people, get experts in to share their skills and resources and use pre-recorded material
Although memberships and group programmes can be very lucrative, they do still take work, and you have to continue to nurture your member’s to ensure they feel supported. Creating passive income streams in this way may not necessarily be the best option for a new business because a lot of their success is built on the know, like and trust factor you already have with your audience. Another disadvantage is that you cannot always rely on this as a sole income as membership levels and sign up can be unpredictable.
If you have a skill set in a particular area, an online course is an excellent way of making some passive income in your business. People love to learn new skills, and an online course can be something straightforward, to an accredited course and qualification – it is up to you. There are so many ways you can host an online course, through your website or a third party platform and once they are set up you can leave them to run and watch the extra money roll in!
Don’t be put off by the thought of creating a whole course, you could start with something as simple as ‘how to’ videos or guides, and these can be in any subject. People are always looking for new, up to date courses and tutorials.
Not all passive income streams have to be as high level as a course or membership. Bitesize pieces of content and more low-end products such as ebooks are really popular, relatively easy to do and can have considerable benefits to your business including:
- They are a passive income stream because once you’ve done the initial work, you can leave them to sell for as long as you want (depending on if the content is evergreen of course)
- Although they are a more low-end product in term of pricing, if they prove popular, they can be a significant income boost.
- Publishing an ebook can help you be more visible
- Writing a book can help your audience think and believe you are an expert in your field
Be an Affiliate
It is possible to make serious amounts of money from being an affiliate; it depends on how big your audience is, and the brands that you are affiliated with.
Being an affiliate means promoting specific products, services or websites in exchange for payment. Anytime that recommendation or web traffic from the affiliate link, a commission is made.
- You could make money being an affiliate by:
- Reviewing products and sharing these reviews online
- Advertising products or services on your own website/blog
- Blogging about products and services
It is always best to be upfront when you are an affiliate, more often than not people won’t mind if you are genuinely recommending and talking about products or services that you genuinely love. Make sure you are mixing this affiliate work in with your other content though, if you become too salesy you may find that you start losing your followers.
Perhaps you aren’t looking for passive income at the moment, but you are at the beginning of your journey and looking for ways you can supplement your income by working from home? There are so many ways you can do this, and again it is about considering your own skills sets, the time, resources and finances that you have to help you get started.
To give you some inspiration for both passive income ideas and ways that you can make money by working from home, we’ve put together a useful guide which you can download here. Remember, the sky is your limit and the only thing stopping you, is you!
Remember, as member’s you can catch the full replay of this masterclass in your member’s dashboard. This workshop was led by award-winning Mentor and business / VA coach Katie Colella and Women in Business Club Founder and Entrepreneur of over 10 years, Raimonda Jankunaite.