7 Ways To Create Passive Income Streams
Lately, I have been meeting many business owners who have questions about multiple and passive income streams. These are business owners just like you - coaches, web designers, consultants and other solo professionals. They charge a very nice hourly rate, but when they are not working with clients, they don't get paid.
How can you change this? How can you change this for your business, and make money continuously, whether or not you are working with clients. Would it improve your lifestyle and increase your profits if you could have consistent streams of income coming in from sales of your e-books and CDs, workshop bookings and commissions?
These are called multiple income streams because they are in addition to you regular income stream, and they are called passive because you create many of the products once. Once you create them, you can replicate them and sell them in perpetuity. For example, one of the digital products that I created almost 2 years ago is still generating roughly $400 in passive income on a monthly basis.
Let's look at different income streams that a business owner like you can generate:
1. Digital products. As a professional who works with customers, you already know what your customers are interested in as well as the information they are looking for.
Turn this information into a sellable product by publishing and selling it. Depending on the topic and the information, you can create digital products of various lengths. I know of someone who earned $17,000 in one week because she created a digital product.
2. Audio Products can be delivered in two different formats. They can be instantly downloaded from your web site any number of popular audio formats, or you could burn them onto a CD and physically ship the product. Either way is a great way to go since many people like to listen to information instead of reading it. I did this with my book 21 Habits of Highly Broke People, and every single month I get paid from the Audible.
3. Teleclasses. Teaching classes over the phone is a good way to demonstrate your expertise to many people at once and to offer your coaching or consulting sessions at a lower price point. Material taught and discussed during tele-classes can be re-used to create tips booklets, special reports and audio products.
4. Workshops. Same as tele-classes, workshops can be used to teach to many people at once, instead of doing one on one sessions.
5. Affiliate Programs. There are two different ways to use affiliate programs as another income stream.
6. Creating an Affiliate Program for your products, thus, sharing product products with people who refer new customers to you, and helping them create an additional income stream.
7. Recommending Other People's Products, though their affiliate program, thus creating another income stream for yourself and your business.
As you can see, there are many ways for you to turn your expertise into products, and generate additional income with it. If you are just starting out, pick one or two different product types, and work on them. Than, add a few more, and you will have different income streams created in no time.