How To Create A Passive Income Stream
Passive income is a popular term right now, and it includes a wide range of income streams from rental properties, membership services, book or ebook sales, and more. Passive income is real, but the term “passive income” can be misleading because there’s nothing passive about building a passive income stream.
Everywhere you turn online when seeking information about earning money online or building your wealth, you hear about passive income and how it’s the ultimate goal for someone wanting to build their wealth. While it is a great way to build your wealth if done correctly, it has proven to be a source of frustration for those seeking an easy way to earn more money.
Building Passive Income
Passive income is simply an income stream where you don’t trade your time for a specific amount of money. It’s not time or project based. It also takes work to maintain a passive income stream so it continues to make you money.
You must proactively build and maintain a passive income stream if you want it to continue to earn money for you for a long period of time. The more work and attention you give to an income stream, the more money it will make you.
FREE Checklist: How To Build A Membership Website
Ideas For Passive Income Streams
If you don’t get into the trap of thinking a passive income stream will allow you to be passive, you can reap the benefits of multiple passive income streams. Over time you will be able to create systems to maintain and build your passive streams of income, and eventually, you’ll be able to hire others to work parts of those systems for you. That will free your time up to work parts of your business that require you to do them or the parts of your business that you excel at. You’ll be able to invest your time, money, and other resources into the parts of your business where you’ll see the most return.
If you’re good at writing, you could hire someone to do customer service. If you excel at building relationships, you could hire someone to create content. There are many ways of generating passive income but you must realize that you can’t be passive and see success.
A membership website is a great way to build an exclusive community around the products that you provide. Exclusivity sells, and this is no different with a paid membership area on your website for members to network, get exclusive content, and special access to you.
Subscriptions are an excellent way to add recurring revenue if you’re an info-product creator. You can sell subscriptions to your content where people subscribing have access to regularly released content for as long as their subscription is available. It is easier to retain regular customers with a subscription-based business model.
Access To Past Content
You can also make your past, present, and future content available in a subscription. This is just like a regular subscription-based income stream with the addition of past content being available as well as current and future content for as long as the subscription is valid.
Webinars are not a recurring revenue source, however, you can record a webinar and then sell access to it. This can make you money for as long as the content is relevant. It can be stand-alone or be part of a course, subscription, or even in a bundle with several of your products. The webinar can also be used within a membership group. There are so many ways you can use a recorded webinar as part of your passive income ideas.
There are many ways to create a course to go along with another product you have or as a stand-alone product. There are several sites available for course creation, or you can choose to host your course on your own site. You may also prefer to email a course to customers. There are many ways to implement courses into your business.
Sponsorships and Ads
Sponsorships and ads are often forgotten examples of passive income streams. You can sell advertising spots on your website in predetermined spaces either on your main page or in the side bars. Also, you can sell advertising space on individual blog posts. You can sell sponsorships for individual posts or categories on your blog. If you have a podcast, you can have sponsors for each episode of your podcast. There are many ways to implement sponsorships and ads into your business, and the good news is, you’re in control of the products that businesses form partnerships with.
Free Checklist: How To Build A Website With A Passive Income Stream
Creating a membership website is a great way to set up recurring, passive income stream. You build the site and create the content once, and you receive recurring weekly, monthly or quarterly payments. Membership websites are lucrative, but you need to choose the right software for your needs. Consider your budget, how many members you want to attract, how much you plan to charge members and what you want to include. For an easy to follow guide, download my free checklist How To Build A Membership Website.