Having a passive income stream (or two) for your business is a smart idea. An extra source of revenue can help you achieve your overall goals, grow your business or spend less time on it.
But not everyone knows how to make an additional passive income stream. Luckily, it’s not hard but does vary business-to-business. Here are my favourite passive income streams for small online businesses.
#1 Build an Online Course
If you find yourself teaching, explaining or doing the same thing over and over again for your customers and clients, then an online course might be in order. Courses are great for adaptable material that you can teach to a wide audience via videos, text and other course tools.
For example, if you’re a social media expert and you have a large audience of small business owners that can’t afford your services but are often sending you strategy questions, a course on creating a strategy for a more affordable price could be a great passive income stream.
Affiliates are great for business owners who use and love certain tools and don’t have a problem sharing them with their audience (for a price). It’s a win-win for everyone, the affiliate program gets another promotion and you can make money when someone takes your advice.
Likewise, bloggers who post often can monetize their posts by adding affiliates to them. I run a fashion blog that has a number of affiliate programs attached to it, I make money when I put together cute outfits or recommend great clothes.
#3 Display Ads
I personally don’t love display ads but I know many people who have had success with them, so I’m adding them here because I know they can work. These are specifically for those that have websites with high traffic.
You can make money buy adding a service and putting in display ads to your website. Like I said, not my personal favourite way because I think in a lot of cases they make websites look really gaudy. But to each their own, right?
#4 Digital Product
Digital products are also a great choice when it comes to creating a passive income stream for your business. They work the same way as courses do. You put the work in up front, then you set them and forget them.
Digital products can vary in cost and price, but they’re most often seen as things like eBooks, worksheets and other guide-type material. However, they do tend to be on the lower end of the cost spectrum. But trust me, it can really add up.
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!