As freelancers and business owners it’s important to always be on the lookout for new ways to grow your income.
Raising your fees is a good start but one way to stabilise your income is to have different sources of it. However, with limited time in the day, it’s not always possible to work on several things at once.
This is where passive income comes in. It usually involves a bit of work at the start but becomes an asset that you can consistently make money from with minimal work.
Here are some examples of passive income you could use to boost your earnings:
Write and sell an e-Book
Do you have knowledge that other people could benefit from? Why not write and publish an e-Book?
Writing an e-Book on something you’re an expert in is a popular way of generating passive income.
All you need to do is write it once, with some revisions if information changes and you’ve got a source of consistent income.
Sell an e-course
Selling a course where you share your expertise is a good way to create a loyal following and also earn some income. You could try an email course where clients receive new information and advice each week or so. Others prefer to do it via videos.
Just make sure you’re providing good value for money because there’s plenty of competition out there these days.
Similar to e-courses, webinars are short presentations and Q&A sessions that people can sign up to. Some people use them as sales tools by giving away information in exchange for a promotion in the webinar. This means you can make money from the webinar and from whatever else you’re trying to push e.g. newsletter sign ups or an e-Book.
How do you feel about recommending software or tools you love but also being paid to do it? That’s what affiliate linking is. You’ll usually write a blog post about a tool e.g. WordPress and include links so that your readers can sign up to it. If your readers go through those links and sign up, you receive a percentage of the sale. Barely any work in the beginning and you can turn this into a money maker.
Have you got any other passive income ideas? Have you tried any of the above? Let us know your thoughts on them.