You probably got into online business to make money while you slept. It's one of the miracles of our industry. If you have not done this yet and you want to make your business profitable for years to come, spend some time working on passive income streams.
Passive income is income received on a regular basis, with little effort required to maintain it.
An example we're all familiar with is the interest you earn on your savings account. You don't have to do anything, just let your money sit in the bank. You're not going to get rich from having a few thousand dollars sitting in the bank. But thankfully there are plenty of different ways to create passive streams of income online.
Let's look at a few of them.
This is by no means an extensive list. I'm sure you'll start to come up with other passive income ideas as you read through these examples.
Write Posts With A Strong Call To Action
Write some evergreen content. Optimize it to get free search engine traffic and then wrap it all up with a strong call to action at the end. That call to action could lead readers directly to an offer for an affiliate product, one of your own products, or even better, to an email opt-in offer that you can then monetize further.
Monetized Emails And Free Reports
Speaking of lists and emails write a series of emails that are monetized, again either with affiliate offers or offers to your own things. You can even send your readers to more free content on your site that has ads on it.
Build your list using free reports that are monetized as well. Then take it a step further and invite them to share the report. You can share it far and wide across the web as well. As your report gets read by more and more people, they will find their way back to your site and the offers you're making in the report itself.
Write Some Books
Let's not forget my personal favorite. Write some books and publish them. These can be physical books or Kindle books. Self-publishing has made it easy to do both and it has the added advantage that you get to keep the majority of the income you make from your books.
While the books generate passive income, they also help establish your authority and broaden your reach.
Create Your Own Digital Products
You can also create your own line of digital products and sell them through your own site or places like Amazon, Itunes, or App stores. The beauty of digital products is that you create them once and can sell them over and over again.
Yes, there's a little customer service work to do and the occasional update to write, but for the most part, digital products are pretty hands-off once they have been created.
Setting Up Your Own Affiliate Program
Once you have your own products set up, set up an affiliate program as well. Others will do the marketing and selling for you for a percentage of the profits. Basically, a sales team who only gets paid when they produce results.
Recommending Other People's Products
Of course, you can work on the flip side as well. This is actually how I made my first $1,000 online. Find a few products (related to your own coaching or products), sign up as an affiliate and recommend them to your own customer base. It's a very quick and easy way to increase your income and once those emails are written (or you've included the affiliate products in your own products or on your download pages), you just sit back and watch the sales notifications come in.
There are other ways to make passive income, but these are the ones I use every day and that I've built my empire on. Implement some of these into your business, and see your revenue increase... while you sleep.