If Covid has shown us nothing else, it is that things can change in an instant. What would have happened if you’d had another stream of income when covid hit, that had little, or no ongoing effort involved? Would it have taken the pressure off? This is what passive income can do for your business!
What could you create for your business that would create another stream of income? The benefits are great, it protects you in times of hardship, but it also allows you to take time off and maybe even semi-retire!
So, what sort of things could you create? Have you got a hobby that you could turn into passive income? Or would you like to add passive income streams to your business?
Do a search online for passive income and see what comes up that you could replicate in your business.
How about considering creating some of the following: –
- How to Guides
- Video How to’s
- Sell designs online
- Create an eBook
- Record an Audio book
- Hire out your car or sell ad space on your vehicle
- Create a blog to make money
- license your music
- Sell photos
- Build an App
- Use Airbnb to rent out a room or a holiday home
- Sell ad space on your website
- Design T-shirts
- Start a podcast
- Rent out any tools that you have
- Drop shipping
- Rent out a spare room in your business as an office for another business (maybe a business that you could collaborate with?)
- Could you provide a DIY version of what you provide face to face?
The list goes on and on and the possibilities are enormous. If you need help creating digital products collaborate with a Virtual Assistant.
Another way of making money is with affiliate marketing. Affiliate marketing is a business model where you sell other business’ products and make a commission on sales.
Average commissions commonly hover around 10%-20%, but you can sometimes get paid up to 50% — it all depends on whose products you sell. Consider if there are other business products that work well with the products or services you currently provide.
Really think about how this could work for your business so that you have a safety net in times of trouble, it really takes the pressure off!
If you’d like help creating some passive income for your business contact us now!