Passive Income Challenge Day 28.
Recurring Payments as a Source of Passive Income
One of the best and most lucrative forms of passive income involves recurring payment income. This means that you sell something to someone that requires them to pay monthly. Giving you income more than once for the same amount of work. Some quick examples that you probably buy yourself are software, or software as service, and even mastermind groups.
You can also start your own program, or you can promote other people’s programs that pay the recurring income. Recurring payments are a great way to standardize your income level so that you can comfortably keep working on passive income. But, you have to be careful with some of them such as memberships. You don’t want to make it hard to deliver on your promises.
Start a Membership
Using products you already have, give your audience an opportunity to save money by joining your membership program. Tell them they will get every product you put out in this niche – if they’re a member of the program and save money over buying each product individually. Set it up so that they only have access to one month at a time so that they don’t sign on and take everything. Or, charge for the entire year upfront and offer everything at once.
Start a Paid Mastermind Group
If you like talking to your customers, and brainstorming with them, and giving them access to you, but you just don’t have much time to do it free, start a paid mastermind group. You can run the group through Facebook or you can start a Mightynetworks.com instead (or both). Set some limits on how often you’ll be live and set up a VA to help with the group answering questions and encouraging discussions so that members want to stick around.
Promote Other People’s Programs
Likely, you already know or are even a member of someone else’s software as a service, group, or membership program. If you are – and it fits your niche and you are an affiliate – it may be easier to promote someone else’s program than your own because then all you do is the promotion and none of the work supplying material or serving the audience. Now, that’s passive.
The key with this type of passive income is to ensure that you don’t put too much into the membership causing you to have to work too hard. You don’t want to buy yourself a job. One way to do this is to outsource the content creation for the group, outsource to a customer service person, as well as someone to help manage the community so that it’s more hands-off for you.
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