Whether you have your own business, perform contract-based services, or you work for someone else full time, the fact is having multiple sources of income is the best way to build income security into your life.
Think about it...if your work depends on you performing a task, what happens if you get sick? Or when one income source ends (due to a layoff or a slow season) ...then what? You need to protect yourself by ensuring you have the other sources in place, so you don't end up in a bad situation unnecessarily.
This is where passive income comes in.
Passive income is income from work you create once, that repeatedly pays you over time.
Earning passive income will change your life and shift your financial trajectory.
When you start thinking about ways to earn money in a more passive way, instead of working per hour or getting paid only once for each project you complete, you will breakthrough the limits to how much money you can earn.
Before you start though, it is important to note that your mindset will need some adjustment.
You’ll need to shift your thinking from how you’re used to working. Understand that passive income does take upfront work. But, as you build your passive income streams, the work you do today will continue to pay off in the days, months, and years ahead.
It’s like a snowball that starts off small but grows bigger and bigger as more snow is added it to it…only in this case the “snow” is reflected as time and consistency. While there are numerous ways to creating passive income, this article briefly highlights three specific sources; affiliate offers, information products, and online courses.
1. Affiliate Offers
One of the best ways to generate passive income is through promoting products and services for other people and businesses.
If you can recommend enough products, services, and opportunities to the right audience, you can add a new income stream to your current activities, regardless of your main source of income.
To do so effectively, you’ll want to research product websites and look for terms such as referral program, affiliate program, or partner program.
If you can’t find this information on the website, you can always email the person or business and ask if they have an affiliate or referral program, followed by the program requirements.
2. Info Products
Creating information products is an excellent way to start developing passive income.
An info product is simply a way to provide information to others about a specific issue, problem, or simply disseminate information. The info product can be in many forms, such as a book, video, membership site, or audio.
Related: 3 Tips On How To Manage A Business Budget
It can also be a combination of all the above. It can be something like “How to Become a Vegan” or “How To Lose Weight in 30 Days” or it can be a book about your journey to success with tips for the reader to follow.
You may even already have enough blog posts or content to combine into an information product.
You can combine the content and add in a little extra, such as a video tutorial or accompanying workbook to create a completely new product.
Better yet, once you’ve built up a big enough repository of info products, and can get in the habit of creating more every month, you can even start a monthly membership program and generate more than you would selling each product individually.
3. Online Courses
Creating a course is actually easier than most people think. You likely already have enough material (consider the content from your info products) that you’ve either already created or that can be put together to create an online course.
These courses can either be delivered live or as an evergreen, meaning it is recorded once and can be accessed at any time without you having to be present.
When you find the information that you want to put in the course, it’s just about putting it in a logical order and into the learning system you prefer.
You may choose to also include slides, case studies, interviews, etc.
Conclusion
Growing passive income can take a while, but like anything else, the more focus you put towards it, the more income you’ll generate. From here on out, I challenge you to start thinking differently.
If you own a business, start thinking about the lifetime value of any one customer instead of it being a one-off transaction.
If you’re a service provider, think about what you can cross-sell or upsell to your new and existing clients.
If you’re an expert in your field, think about topics you can begin teaching others who might want/need to learn more about your area of expertise.
At the end of the day, the goal is to shift your mindset, so you can start focusing on things that you can do once that will repeatedly generate income for you down the road.
Join The Challenge
Want to learn more about generating passive income and get detailed strategies you can implement right away?? Join my 7-Day Passive Income Challenge!!
The challenge starts on April 15 and is free to participate (Registration is Required)
At the end of this challenge, you will have learned how to find passive income sources based on things you’re already doing, end the cycle of trading hours for dollars, and last, but not least, shift your financial trajectory.
Register Here >>>> bit.ly/BWPIC
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