If you’re a service-based business and want to increase your revenue, you may think the solution to that is to keep getting more clients. That will be true temporarily, but unfortunately, you’ll eventually run out of the time and resources to do that. The next step would be to start making passive income. Passive income is income you make without actually having to work.
There are many ways to make passive income, but I find that these are the easiest and most effective.
Create a product.
If there is something that you can make that people would be able to benefit from, do it. Maybe you’re a graphic designer and want to show people how to come up with their own branding. Maybe you’re a business coach and want to guide people on how to start their own business. Or maybe you’re a photographer and want to give advice on how to edit pictures to make them look professional. Whatever it is that you think you can provide people with, offer it. You can place it in a format such as a course or an ebook. You’ll have to invest time into creating it, but once it’s done, you can place it on your site and do some promoting on social media to encourage people to buy it. After doing this, people will end up buying it when you’re not even really doing any work.
Become an affiliate.
If you use a program, product, company, etc. that you love, see if the company has an affiliate program that you can become a member of. As an affiliate, you’ll receive a special generated link that you can use to link back to the product. If anyone purchases something from the company using your link, you’ll receive commission. However, I’d suggest only becoming an affiliate for brands that you actually love and use; it’ll make earning money much easier because your promotion is genuine. I’m an affiliate for the email marketing company that I use as well as the social media scheduler that I use. You can promote your affiliate links through blog posts and social media.
Work with companies for sponsored content.
If there is a company that you love and would like to work with to promote them, reach out to them. Maybe you work out a plan to write a blog post about them, write social media content promoting them, or something else. This may not technically seem like it’s passive income because you’re doing the work to promote them, but it takes a relatively small amount of time to do.
As for making passive income myself, I have an idea for a fun course that I’m going to create and can’t wait to share with you all! I’m also working to use my affiliate links more. What are you planning on doing to earn more passive income?