How To Create Passive Income
Welcome back!
Today we are going to be talking about how to add passive income into your life. And I know this is a super popular and hot topic that a lot of you have probably been thinking about or wanting to do recently.
First of all, if you should decide or you're going to need to decide: Do I want to add passive income into just my life? Or, do I want to add that passive income as an additional revenue stream into my business? I really suggest you first look for opportunities to add that passive income into your business. Because a lot of times, we have set up systems and processes or we have knowledge and expertise. That's going to make it a lot easier to create a passive income product and add that into your business. And also you have in theory, a pre existing audience or set of potential clients that you can promote or market that passive income product to
For example, if you are a service based business owner, and you have created templates that you use to serve your clients in your business, that's a perfect example of something that you could turn around and sell and be creating passive income on. So to give you some examples in my business, I have you know, use Facebook groups as a source of leads for my digital marketing agency for years now. Right I added I used it to add over $150,000 in recurring revenue into my business in less than six months, right after I left my day job and I went full time. So I recorded the process that I go through in order to use Facebook groups as effectively as possible to get leads and I put those together into an e book. And that's one of my best selling digital products. Now, that gets me passive income coming in, because I just make sure that that ebook is up to date in terms of how Facebook groups function if there's changes or anything, but beyond that, I don't need to do anything with that. I have it set up so that anyone can go on to my website. They can purchase that ebook straight from my website, and they will get that ebook delivered into their inbox, and I get that money into my bank account. That's just one example of how a passive income product that I have in the business.
Another one is my click up for entrepreneurs course. We use Click Up in the business we use Click Up for clients and it allows us to work really, really effectively. And I felt I strongly feel that task and project management systems like Click Up are so so important for anybody who's running a business. I recorded videos and kind of did a knowledge dump on how we use click up for our business and how we have that set up to help other entrepreneurs who want to get started using click up they can go through that course and it shows them exactly how we suggest that you utilize click up and I host that on teachable so anybody can go to my website. They get linked straight over to the course to purchase the course and teachable and I get paid and they can run through the course on their own. We also have a course about using content to get clients.
I created a a little template for my lead generation tracking that I use, or my content planning spreadsheet that we use and for Google Sheets. Those are all passive income digital products that sell without me really needing to do anything. Of course I do promote them every once in a while on social media, or things like I'm doing right now I'm talking about them. But beyond that, those were already things that I used or created for myself or for the business or for clients.
I thought, what do we already have in the business that other people other service based business owners would find value from? And then I just made those available for purchase. You have to figure out the tech back end for you for yourself. If you have WordPress you'll need WooCommerce or what have you. But beyond that if you already have something that you use that might be helpful for other people for your systems for your processes. That is going to be the easiest way to add passive income into your business. Now some of you might ask, okay, well, how often am I going to need to update it or add to it or what have you, right? And that's going to depend. So Click Up in my Click Up for Entrepreneurs Course. That's a software that's getting updates. So that is a digital product updates more often than say, my content planning spreadsheet because that's a process that I created on my own. So unless I change that process, I don't really need to change that digital product or update that digital product. So these are the easiest ways to add passive income into your business. Another really great way to add some is by using affiliates. So if you use software or tools that you find to be really helpful dubsado I don't know if clickup has their own affiliate program. But Squarespace acuity slack, any of those check to see if any of the software's you're using has an affiliate program, sign up and then you'll get a link that is unique to you that you can then create a free resources page on your website or you can write a blog post or you can write a social media post about how you use this tool.
It’s so great and include your personal affiliate link into there and then if someone clicks on it and makes that purchase you are going to get money back we also use this for clients. So if a client is using Active Campaign, or MailChimp or Constant Contact or for social media later any of those, we are using our affiliate links if they're signing up for those programs, so we are getting that affiliate income back. So those are all the easiest ways to add passive income into your business. If you're looking to add passive income that's not part of your business. That's maybe something separate. I'm not going to go into a ton of detail with those here because a lot of times those can end up being almost their own small businesses or side hustles but some things to look into our print on demand products. So if you want to design have a design that you can put on to coffee mugs or T shirts or tote bags or whatever for a specific niche you can then create a either list those right on Etsy or create a shop for those and you can actually have another company handle those orders. Get that item printed and get it shipped out and then they take a cut of your profits. So print on demand is a really great way to add some passive income into your life, not necessarily your business. Another way is if you really enjoy photography, you can look into selling stock photos or stock video of photos that you're already taking. Obviously, the stock market or you know owning dividend stock, things like that are also going to be somewhat passive income, but there's a million different ways that you can add passive income into your life that's not a part of your business. And the word passive income in and of itself is not really super accurate, right? Because you still are going to even if you already have a template created in your business, in order to create it, to be able to sell it and set up that process of being able to sell it while you're doing something right there.
It's not completely passive. So the word passive income, the name passive income is kind of bullshit to a certain extent. But these are things that you do a little bit of work on the front end, and in theory, they should continue to get you more money and they have a longer tail right without you doing more and more work to keep it up and actively having to work on it to continue to be making money from them. So if you are looking to add passive income into your life or your business this year, I definitely recommend looking at your business first. But there's also a lot of other fun kind of side ways that you can make additional money outside of your business this year.
If you just kind of take a few minutes to think about what would I like to do and what makes sense and what could I realistically accomplish? That's not going to impact my actual business because that's always something we want to be thinking about. So I hope that's really, really helpful. And I'll see you next time on No Fluff, Small Business Simplified.
