Delegate, Focus, and GROW Your Business

Passive Income Part 1 – Ways to create passive income

Generating Passive Income

 

Let’s face it – money is something we love. We love to spend it. We love to earn it. We love when we reach and exceed our financial goals. (I know I do!) However, did you know that a very important element to reaching those financial expectations are those hidden gems of knowledge that not everyone is aware of.

One of those gems is called “passive income”.

The concept of passive income is that you set in motion a revenue stream that does the work for you. If you are asking yourself if this is possible I am here to inform you that yes, it is. Passive income is used by the savvy professional to keep that incoming stream of revenue consistent with minimal risk, work, or effort. All it takes is a bit of inside knowledge and the willingness to get out there and explore the avenues available to you.

Here are some ways that you can incorporate passive income into your financial strategy:

Affiliate Programs

Are you a business with an active website or subscriber list? If you so than you already have the work done for you – you just need to advertise a little bit. Research and consider the affiliate programs of people and products you use or believe in, then promote them! Here are some suggestions for how to do just that:

  • Insert text based affiliate links into your weekly newsletters.
  • Send out social media with those same text based affiliate links.
  • Create a web page specifically targeted toward your affiliate products with a series of links as well as a few testimonials as to the quality of the person or product. Your subscribers are more likely to purchase your recommendations if they know that you are actively doing so.

Make it a point to consider creating an affiliate program for yourself and start networking. Offer your affiliate program to colleagues in your market, to your community, and via affiliate networking boards.

Distributable Content

Distributable content is one of the most lucrative ways to generate passive income. It does not matter what area your business is in, there is always the opportunity to create content that can be purchased and distributed repeatedly. The ease of this is remarkable when you realize that you only need to create content once, put it up for sale, advertise it in your weekly newsletter, through social media, and on your website – then watch it go! Here are some suggestions on the types of distributable content that are proven sellers:

  • Webinars
  • Pre-Recorded Seminars
  • Training Videos
  • Advice and How-To Guides

If you take the time out to see what types of passive income are available to you then you are taking a proactive approach to increasing your fiscal well being. Get started today so you can secure a sound financial tomorrow!

Photo Credit: Oriana Ballard

Posted on December 12th, 2011 by Oriana Ballard, Virtual Assistant

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