Female Entrepreneur

Create Assets that You Can Pass on or Sell Down the Road

Passive Income Challenge Day 23.

Create Assets that You Can Pass on or Sell Down the Road

You may not realize that your passive income portion of your business will eventually become highly sellable. Having a business that you can sell is very lucrative. It gives you an out at some point so that you can retire or change niches if you prefer. Sometimes it’s just good to sell if someone approaches you. Alternatively, you may want to give it to your kids if they’re interested in running a business. Whatever you choose, you want to be ready for that option by setting up the right processes, systems, and hiring the right type of contractors.

Selling Your Website

If you have a profitable website earning passive income right now, you can always sell it for cash today rather than waiting for it to keep producing if you have no interest in working on it further. Plenty of people make a good living flipping sites. They build up the traffic, build a strong list, start making passive profits through sales of information products, affiliate products, and ads and then they put the site up for sale only to start a new idea.

Selling Rights to Your Books

If you publish a series of books that become popular on Kindle, don’t be surprised if publishers and movie makers come knocking. Often, they’ll offer a one-time payment in conjunction with residuals to you to own the rights to your books. This can become a very lucrative deal if you’re okay with being hands-off on the results and just collecting your money. That’s passive income for sure. You did the work upfront and now it’s paying off big time in this scenario.

Create Assets that You Can Pass on or Sell Down the Road, passive income challenge

Giving Children Your Business

Another way that people often retire is they turn their business over to their children. This isn’t only for the neighbourhood mom and pop shop. This also works for online businesses. If you are interested in doing this, it’s important to take the time to train your children in the business so that they can truly take it over and still be profitable. It’s not the same as selling it and being hands-off. Giving it to kids means that you want to do it soon enough that you can still help them while they need it.

An online business that earns passive income is a lucrative business that you can sell and profit from. It’s just as good as a brick and mortar store. Sometimes kids do want their parent’s business but sometimes they don’t. So, if you start getting to the point you want to retire, talk to your kids first, and if they have no interest – put it up for sale, cash out, and go relax on the beach somewhere.

 

 

5 Things to Remember About Passive Income

Passive Income Challenge Day 22.
5 Things to Remember About Passive Income

When you start creating passive income, what you are really doing is spending time and money now to earn more money later with less work and effort. You can do this easier online due to the automation that can take place. You can set up a system with automation, outsourcing, and systems that enable you to stop trading time for money. It still takes work upfront and will continue to take work off and on, but you won’t be stifled by how few hours are in the day. Here are 5 things to remember about passive income:

You’ll Put in Time Upfront

For sure, as you start building your passive income, you’re going to put in unpaid labour upfront. Labour organizing, planning, and implementing. You may even pay people to do the work for you, but it will still take time. This is okay because as you spend this time, you’re learning and as you keep doing, you’re going to get better at it which will mean eventually your time will truly be minimal. Some multiple six-figure earners (from passive income) are eventually able to spend just a couple of hours a day on their business.

Remember that You’re Helping People

One thing to remember as you create freebies and content to build your list is that you’re doing something good for your audience. You are a resource to them. You’re helping them. This feels good. As you build your list, some people may not buy, maybe they cannot afford to buy, but they are learning from you and building an income or a better life for themselves anyway. Eventually, they may buy something but, in the meantime, you’re providing a valuable service to your community that feels good.

You’ll Become the Manager of Your Business

When you start putting systems and processes in place that are required for passive income generation, you’ll slowly realize that you’re becoming a manager in your business instead of a worker in your business. This is an important way to boost your income. If you’re the one always doing all the work instead of allowing contractors and technology to do the work, you won’t ever get past the hours for dollar limitation.

5 Things to Remember About Passive Income5 Things To Remember About Passive Income, PASSIVE INCOME CHALLENGE5 Things to Remember About Passive Income

Be in it for the Long Term

Passive income is all about playing the long game. You invest time and money today, and it starts paying off later. Sometimes later seems like never. But, you must put those thoughts aside and think positively. It’s just like losing weight. If you cut your caloric intake, creating a 3500-calorie deficit, you’ll lose a pound. That’s not going to happen in one day. But, it will happen if you stick to it no matter what some fad diets say. It really is calories in and calories out. With passive income, it’s targeted time and money in and eventually, you’ll start cashing out.

Master the Habit of Delayed Gratification

This is one of the hardest lessons to learn. But, it’s just like saving for retirement. If you have a plan and you’re putting dollars each month into your retirement account, you’re not getting anything out of it today at all. That’s true. But, you know that you will in the future and that it will (with good planning) more than likely give you a good retirement when you’re ready to retire. Think of it that way. You’re going to do the work today, but you’re going to reap the benefits tomorrow. Otherwise tomorrow you’re going to be still trading hours for dollars when all you want to do is retire. Do you really think anyone over 60 wants to work as a department store greeter?

The pay off for you in terms of money and time freedom putting in the extra effort now for your passive income generation can be massive. Make no mistake, while money today should not be your main goal (being a resource should be), you will earn money from your efforts as long as you ensure to monetize everything you do and stay on top of the trends.

stop trading hours for dollars

Did you know TVS Launched a new
accountability group?

Accountability benefits you in several ways as you pursue your dreams. Being held accountable isn’t only for those who are struggling with a particular issue, but for anyone with a goal. Working with an accountability partner or team is a key to success for anyone who wants their business to grow. If this is something you need, please, join us inside the Study Hall!

Become a founding member of the Study Hall community and gain access to exclusive content from the Studio Library, Mentorship, and experts in all areas of small business.

[wlm_stripe_btn sku=1606499729 button_label=”Become a Founding Member for Only $7/month!” pay_button_label=”Pay” coupon=”1″]
5 Things to Remember About Passive Income

Passive Income is Rarely Passive and That’s Ok

Passive Income Challenge Day 21.
Passive Income is Rarely Passive

In many ways, the word passive fools some people into thinking that you don’t have to do anything at all to make passive income. But the truth is, you will have to do some work. Especially upfront. And honestly, that’s okay because the great thing about passive income is that you do the work once, check up on it, tweak it a bit, and you’ll still be making money easier than when you trade hours for dollars.

Investing

Even if you choose to invest money in stocks, there is still work to do. You must earn the money to buy stocks. You must investigate and learn about the stocks. You must keep checking up on them to ensure your stocks are performing. That can take time and money to do but overall, it’s going to be worth it because when the snowball effect takes hold, you’ll be making more money with less effort.

Publishing

If you choose to publish eBooks or information products as your source of passive income, you must come up with the ideas, write them or pay someone to write them, get sales pages made, marketing materials completed, and promote everything. That is still work. But, again, over time it’s less work for more money than trading hours for dollars.

Passive Income is Rarely Passive

passive income is rarely 100% passive, passive income challenge

 

Affiliate Marketing

You will need to study product creators, test products, write reviews and be willing to answer questions to encourage your audience to purchase. In addition, you’ll need to work on building your email list and much more. But the momentum you can achieve if you really know your audience and what they need is unparalleled.

Paying Down Debt

Many people don’t realize what a big income earner paying off consumer debt is. In this case, we’re talking about credit cards. Credit cards are very costly. They’re not really the same as a house loan or even a car loan because the interest you pay is ongoing and not a set amount. If you pay off $10,000 worth of consumer debt in a year, you’ll be saving yourself almost $2,000 a year in interest charges if your interest rate is 16%. But even that takes work to organize the debt and decide how to proceed.

It will take a little work here and there to maintain your passive income goals and to make sure the technology and systems you have in place are working. But in all honesty, you can outsource most of these things if you have the funds. If you don’t right now, you can make that your first goal to start outsourcing more so that you’re the organizer and planner in your business instead of the one who does the labour.

stop trading hours for dollars

Did you know TVS Launched a new accountability group?

Accountability benefits you in several ways as you pursue your dreams. Being held accountable isn’t only for those who are struggling with a particular issue, but for anyone with a goal. Working with an accountability partner or team is a key to success for anyone who wants their business to grow. If this is something you need, please, join us inside the Study Hall!

Become a founding member of the Study Hall community and gain access to exclusive content from the Studio Library, Mentorship, and experts in all areas of small business.

[wlm_stripe_btn sku=1606499729 button_label=”Become a Founding Member for Only $7/month!” pay_button_label=”Pay” coupon=”1″]
Passive Income is Rarely Passive

Start Small and Scale Up with Your Passive Income

Passive Income Challenge Day 20.
Start Small and Scale Up

When you decide to add passive income to your business model, don’t think that you need to replace all your income with passive income. You want to keep earning the way you earn now, and slowly add sources of passive income as you go. Always remember to learn and master one strategy before moving on to the next.

Start with What You Know

The easiest thing you can do when it comes to earning passive income is to start with what you have now and what you know. Stay within your genre and don’t go out on a limb with something totally new. For example, if you’re a virtual assistant who has created standard contracts, forms, and processes for your business – why not turn that into an information product to sell. That requires very little work to put together and is starting with what you already know.

Schedule Your Time Wisely

When you first start with your passive income goals, it can be tempting to spend more time than you should on it. Try to figure out how many hours a week you can reasonably devote to passive income (even if it’s just one hour) and stick to that for the first year. You want to still have a life while you’re building your passive income.

Keep Making Money

Don’t quit your day job whether that is a regular job or if you’re a small business owner such as a graphic designer or virtual assistant. Keep the money coming in so that you can afford to invest in passive income. When you first start, you’ll see money going out and time spent rather than having it come in and that can be a hard pill to swallow at first. But over time it will pay off.

Start Small and Scale Upstart small and scale up, passive income challengeStart Small and Scale Up

Use More than One Method

While you do want to learn one strategy at a time that you physically have to do yourself, you also want to use several methods that are essentially hands-off like investing in your IRA, buying stocks, and paying off debt. This simply involves setting up automatic payments one time and you’re done. Doing these things will also help you in the long run to achieve more than almost anything else.

Reinvest Earnings to Scale Up

When you do start earning from your passive income efforts, invest half of it back into the passive income portion of your business. For example, if you earn $100 from your eBook, use $50 to hire someone to write the next one based on your outline or pay a VA to turn it into an eCourse and get that published so that you can expand your income streams.

Don’t ever forget that earning passive income requires that you invest in active income first. You need money to make money, as they say. But, you also don’t want to do anything to jeopardize your future potential by getting into debt or spending money you cannot afford. Keep your day job and understand this is a long-term financial plan that will pay off after time. You’ll need both time and money to invest.

 

 

Delayed Gratification – How to Stay Motivated

Passive Income Challenge Day 19.
How to Stay Motivated.

Working on passive income doesn’t feel very passive at the time you’re first starting. In fact, it can feel a lot like working for free. That’s partially why very few people succeed. It’s not because it doesn’t work – it does work. If you work a couple of hours a week on your passive income generation, in a year you will see results and at that time it’ll be super easy to get the motivation to keep doing it. But, right now when you’re first starting it’s all about delayed gratification.

Here are a few ways to stay motivated:

Find Your Tribe

You need others around you who are doing what you want to do. Don’t look at them as your competitors, look at them as people you can collaborate with and learn from. There are numerous groups that you can join on Facebook, as well as paid Mastermind groups that are focused on passive income generation.

Get a Coach or Mentor

There are numerous coaches who love to help and encourage people to build their passive income empire. Find a coach who has done it. Don’t work with someone who doesn’t have a good reputation and proof of their success in producing passive income.

Intern with Someone Successful

If you cannot afford a coach you can roll up your sleeves and put in some sweat equity to learn. Find someone that you admire who works in a complementary niche as you want to work in. Then approach them and ask them if you can help them with their work so that you can learn. Tell them how many hours a week you can devote and for how long and then stick to it.

Don’t Overwork Yourself

One risk outside of lack of motivation is the risk of overworking yourself trying to build passive income. It’s understandable that you want it to start generating income now, but you also have a life to live right now. Don’t forget that.

Stay Motivatedpassive in day 19, how to stay motivated

Schedule Everything In

Get out your trusty calendar and put in everything you have to do for yourself, your family, and your clients. Look for space to add your passive income ideas. Add that in. That way you know it’s inked in and you need to do it, but that also includes date night with the spouse, storytime with your child, and even your monthly massage.

Know Your Why

If you have ever taken one of my courses, you know I am big on knowing your why. One way to stay motivated is to look at why you’re doing this. Often people have more reasons than just making money. It’s to give a better life to their kids. It’s to gain more time freedom for themselves. Think of your why every day. Put a quote where you can see it that reminds you of your why.

Follow Successful People

Find some successful people such as affiliate marketers and known “super affiliates” who are experts at producing passive income and follow them. Join their lists. See how they do things and use this as motivation for your own.

Celebrate Your Successes

Even if you make an extra dollar due to your passive income activity, take time to be thankful and celebrate. Anytime you create a new landing page, a freebie, set up an autoresponder – take the time to celebrate your accomplishments. This is really a fun thing to do.

The truth of the matter is, passive income will pay off. If you do a little every week with a goal in mind, within a year you’ll start seeing the results of your labour. I know, it can be hard to do that sometimes but consider the fact that a year is going to pass anyway. No matter what you do, a year will pass. You may as well work on your passive income ideas a little at a time. A year from now you might even be relaxing on the beach while raking in the dough, but if you don’t do it, you absolutely won’t be on that beach.

Don’t Overlook Investment Opportunities

Passive Income Challenge Day 18.
Investment Opportunities

One way to earn more passive income is to invest money. You can invest in other businesses, real estate, stocks, and bonds. Each has its own risks and rewards. But, when you work for yourself, saving for retirement isn’t as easy as having a corporate payroll to withdraw each month with matching funds. Instead, it’s all on you. Regardless of what type of other passive income you invest in, you should choose some of these to get involved in as well.

Real Estate

Even though real estate is volatile, if you invest in individual rental properties, single-family dwellings, you can do quite well. When you have rental properties, someone else pays the mortgage but when the market is high you can “cash-out” and get a nice gain in your investment which can be as low as zero dollars and as high as 20 percent of the value of the property.

Stock Market

You can invest in the stock market in many ways, including getting a broker and buying individual stocks that you want. Often this costs a lot to enter the market but there are also less expensive funds called DRIPS that let you start for as little as 50 dollars a month.

Savings

Every bank has the option of opening a savings account. Often the interest rate is quite low but there is little to no risk with this type of savings. It’s a good idea to use this type of savings accounts for short-term saving. For example, if you know you want to buy a house in 5 years, you can set up a savings account to keep these funds safely.

Don’t Overlook Investment OpportunitiesDon't Overlook Investment Opportunities, passive income challenge day 18Don’t Overlook Investment Opportunities

Individual Retirement Accounts

Many IRAs are set up so that you can invest small amounts each month into the account. Often, you’ll choose a fund named after the year you want to retire and then it’s completely managed for you. For example, it might be called the 2048 fund. This means you’re expecting to retire in 2048 and start taking the money. In this way, the fund automatically adjusts your risk based on this information.

Education Savings

If you have children or grandchildren who may want to go to college later, you can invest in a Registered Education Savings Plan or, if you are in the U.S., your state’s 529 funds. These are safe investments and if the child doesn’t choose to go to school, the money can be accessed for other reasons later or transferred to other family members such as your child’s child.

Small Business Investing

Today crowdfunding is a very popular way for people to get money for their idea, but it’s also an opportunity for you to invest. You can invest in startups using a platform like Kickstarter.com or Indiegogo.com. Remember when you invest, you can lose your investment. But, with the high risk, you may get a huge reward.

The biggest thing to learn about investing is that nothing is a sure thing. Not even CPP or social security can be counted on today. But, more than likely if you start small, and only invest what you can afford to lose, in 20 years the effort will pay off in a big way for you. On average, most people come out ahead if they are smart, make educated decisions, and focus on the long-term instead of the short-term.

TVS has launched the Inspired Action Mastermind!

A premium mastermind for mission-driven, service-based women entrepreneurs who are ready and willing to put in the work it takes to reach the next level!

Inside the Inspired Action Mastermind, we are an intimate group of entrepreneurs, all of which are committed to the success of one another’s businesses. It is a mastermind that provides the support and guidance you need to help you move your business forward. Because, when you’re in the right mastermind group, you can start to see your business and yourself through someone else’s eyes as you support one another and leverage each other’s experiences.

If you are ready and willing to shift your mindset and tackle all the hard questions to accomplish your dreams, then join us.

Learn about the Inspired Action MastermindDon’t Overlook Investment Opportunities

Think Outside the Box to Boost Your Passive Income

Passive Income Challenge Day 17.
Think Outside the Box

There is always more than one way to do something. When you are trying to build your passive income, it can at first seem like the learning curve is never-ending. But, if you stick to it you’ll soon discover that all the work you’re doing today is going to pay off again and again tomorrow. Tomorrow, you’ll have that much more freedom to devote your time to what you desire instead of trading hours for dollars.

Shorten the Learning Curve by Hiring a Mentor

One way to shorten that learning curve is to find a mentor. A mentor who is already experienced with building passive income can help you come up with more ideas to grow your own passive income. As a mentor, I have different groups, masterminds, and programs to offer, to help you grow your passive income.

Put in Sweat Equity or Hire a Coach

Be willing to pay for coaching or offer your sweat equity to learn what they can teach you by spending a certain number of hours helping them in the passive income portion of their business so that you can learn how it all works. If you hire a coach that is experienced, you may be better off. However, if you can’t afford one, offering to intern for someone is an excellent way to gain a mentor. If you do a good job likely they’ll keep encouraging you, for life. After all, eventually, you’ll be a colleague and they will be able to promote your stuff as much as you can promote theirs.

Think Outside The BoxThink outside the box, passive income challenge day 17 Think Outside The Box

Return the Favour and Help Someone

Then, when you’re experienced at doing it yourself, you can return the favour by taking someone under your wing to teach them about passive income and the best ways to go about building it. Let them learn how to set up an autoresponder, create a resource page, and maybe even publish your next Kindle book too. After all, we are better together! Be sure to support others on their business journey.

There are many ways to learn about how to do all the things that you need to do to generate passive income. You can get a mentor, hire a coach, and an intern. You can also take a course for each of the areas you need to learn, such as making a good landing page or setting up your Flodesk Autoresponder.

Keep in mind that different people have different ideas of what works and what doesn’t work. Your mileage may vary from person to person. But usually, you can take something good from everyone you talk to or work with to help you build your passive income.

The Virtual Studio is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

TVS has launched the Inspired Action Mastermind!

A premium mastermind for mission-driven, service-based women entrepreneurs who are ready and willing to put in the work it takes to reach the next level!

Inside the Inspired Action Mastermind, we are an intimate group of entrepreneurs, all of which are committed to the success of one another’s businesses. It is a mastermind that provides the support and guidance you need to help you move your business forward. Because, when you’re in the right mastermind group, you can start to see your business and yourself through someone else’s eyes as you support one another and leverage each other’s experiences.

If you are ready and willing to shift your mindset and tackle all the hard questions to accomplish your dreams, then join us.

Learn about the Inspired Action Mastermind

 

Think Outside The Box

 

Running Ads As a Source of Passive Income

Passive Income Challenge Day 16.
Running Ads As a Source of Passive Income

A lot of people get really interested in running advertisements especially with how easy it is to run ads with platforms like Facebook. But, can you really run an advertisement to something and basically set it and forget it for passive income? You can. But it will take some knowledge and practice.

Know Your Audience

Targeting is imperative in this case because you really need to know who to target with the advertisements you create. If you’re iffy on that, you may need to do some research and dig in to find out exactly who to target with your offer.

Know Your Product

Just as you need to know the audience, know your products that you plan to promote enough to know what problems they solve for your audience, why they are the right choice for them, and how to talk about them in a way that gets people to want to buy them. Plus, you need to know what type of free offer relates to the products you are ultimately going to promote.

Running Ads as A Source of Passive Income
running ads as a source of passive income, passive income challenge day 16
Running Ads as A Source of Passive Income

Follow the Rules

Most platforms that allow some form of advertising have rules. Read them and follow them. You don’t want your advertisement pulled because you forgot to dot all your I’s and cross all your T’s, thus wasting time and maybe even money.

Be Prepared to Test

Rarely, an advertisement will work the way you want it out of the gate. You may have to try several variations of your advertisement to get the results you want. You will start the advertisement, give it some time to run, look at the stats, then make tweaks. When you get it performing how you wish, you can up your investment if you keep tabs on your ROI.

Use Ads for List Building

Most of the time, the best use of your advertising dollars is going to be for list building rather than for a product directly. This is not always the case, and you’re free to try different ideas, but you really want to put a lot of focus on list building until you have an established brand. Advertise a freebie that you know your audience will truly want to get them on your list.

Rely on Your Autoresponder Sequence

When you start building your list, you should rely heavily on your email autoresponder sequence to send out information and offers on a regular basis. At least once per week. If you set up evergreen content to go to the subscribers, you can add in more later. I know you’re thinking, but they’re going to be mad. You’re doing them a service by sending them free information. If they are mad that you email them after they signed up to receive your emails, they’re not the right people for your list.

Once you get the parameters right, and you’re steadily building your list with people who are interested in what you have to say, and what you promote, you’ll start noticing your sales are increasing. Often as you build your list, it will become like a snowball effect. At first, it seems like nothing is happening, then it will pick up and start paying off. Therefore, you have to also be willing to give it enough time to work. At first, this might not seem all that passive.

TVS has launched the Inspired Action Mastermind!

A premium mastermind for mission-driven, service-based women entrepreneurs who are ready and willing to put in the work it takes to reach the next level!

Inside the Inspired Action Mastermind, we are an intimate group of entrepreneurs, all of which are committed to the success of one another’s businesses. It is a mastermind that provides the support and guidance you need to help you move your business forward. Because, when you’re in the right mastermind group, you can start to see your business and yourself through someone else’s eyes as you support one another and leverage each other’s experiences.

If you are ready and willing to shift your mindset and tackle all the hard questions to accomplish your dreams, then join us.

Learn about the Inspired Action MastermindDo

Running Ads as A Source of Passive Income

Your Website is the Cornerstone of Your Passive Income

Passive Income Challenge Day 15.
The Cornerstone of Your Passive Income

You may have heard it before, but it needs to be repeated. Your website should be the center of your business. It’s your home base. It’s where all content should begin so that you can attract your customers and ultimately it should lead to them getting on your email list or becoming a customer and getting on your email list. You can turn your website into a cornerstone of passive income if you plan it right, without taking away from your main objective.

Let’s look at some ways you can add income-producing content to your website without it taking away from your main message.

Review Posts

Any software or product that your clients use or need that you also know a lot about can be turned into a review blog post. A review blog post will explain your impressions of the product along with including a link to the product. It might seem strange, but even if you don’t particularly like the product, if you write a true review and link to it someone may still sign up for the product because it has what they need, and you explained it well.

Resource Pages

This is a page on your site that talks about all the products and services that you yourself use, or that you know your clients need to use. You can list every single one of them on a single page, provide a short blurb about that product or service and the affiliate link. People trust you and will buy from that page.

The Cornerstone of Your Passive Incomepass, cornerstone of your passive incomeThe Cornerstone of Your Passive Income

Lead Pages

You want to collect your visitor’s information and get them on your list whether they buy from you or not. Therefore, the more lead pages you have on your site the better. You can have different pages for different reasons. They can exist within any content you publish as content extras. For example, if you’re talking about something in general, you can create a more specific short report about the topic and link to it via the general content. The link goes to a landing page to collect a name and email and in return, they get the upgrade.

Auto-Responder Sequences

While your autoresponder isn’t on your website, the sign-up form is, and if you’re going to collect email addresses, then you also need content loaded into your autoresponder that is evergreen. You can add more content as you go but try to get a year’s worth of content in the autoresponder – with affiliate links inside – as soon as you can.

If you do these few things, you’ll not only boost your traffic due to having more useful content on your site, but you’ll boost your income without providing a single service. The work you do today creating this information and content for your audience will pay off for a long time to come and build upon itself as you add more.

stop trading hours for dollars

Did you know TVS Launched a new accountability group?

Accountability benefits you in several ways as you pursue your dreams. Being held accountable isn’t only for those who are struggling with a particular issue, but for anyone with a goal. Working with an accountability partner or team is a key to success for anyone who wants their business to grow. If this is something you need, please, join us inside the Study Hall!

Become a founding member of the Study Hall community and gain access to exclusive content from the Studio Library, Mentorship, and experts in all areas of small business.

[wlm_stripe_btn sku=1606499729 button_label=”Become a Founding Member for Only $7/month!” pay_button_label=”Pay” coupon=”1″]
The Cornerstone of Your Passive Income

Passive Income Ideas for Local Businesses

Passive Income Challenge Day 14.
Passive Income Ideas for Local Businesses

Did you know that you can even work out passive income deals if you’re a local business? No matter what type of business you have, you should be adding passive income to your repertoire because it adds to your bottom line and builds on itself – providing far into the future.

Promote Related Tools & Services

No matter what type of business you have, there is always something related. If you have a smoothie and juice shop, why not set up a related online membership into a diet club or smoothie club. For example, people can pay a small monthly fee to get a small discount at the store and enable them to order large quantities of juice for their monthly cleanses.

Get Commission Deals

You can work with other businesses to add to our bottom line too. Going back to the Juice shop, there are a lot of health-related items you can promote. For example, you can have a kiosk set up with Amazon Links to health-related items such as bikes, shoes, clothing, and more. This offer can also be on your website. You can even work out a commission deal with the nearest local gym to pay you for all your referrals.

Write a Book

It’s likely if you have a local business, you’re an expert in something. Let’s say you’re a real estate agent. You can write a book about how to get your house ready for selling at the highest price. You could also write a book about before and after for houses that you have sold at high prices where both the buyer and the seller are super happy.

Create an Online Course

What is your business good at? There is no reason any book can’t become an online course that you deliver via the net. Once you set it up, it’s passive because you don’t really have to do more than promote it for people to sign up. How about a course on nutrition and why raw food is good for you when you’re trying to get healthy if you have a Juice shop?

Passive Income Ideas for Local BusinessesPassive , Day 14 passive income ideas for local businessesPassive Income Ideas for Local Businesses

Start a YouTube Channel

Another fun way to get extra money through passive means is to start recording your life at work. Set up a camera and make sure you notify customers that they may be recorded and used on YouTube to get the legalities out of the way. Then just record the day, edit down to just a few minutes and post. People love seeing a “Day in the Life.” That’s why reality TV is so popular, and YouTube is so lucrative.

Host a Podcast

Want to really promote what you stand for in your small local business? Why not start a weekly podcast? The podcast can be about what you want it to be – based on what your audience will enjoy listening to. If you own a lawn and garden shop, it can be all about that. If you own a restaurant, it can be all about the business end, about training employees, or food. It’s up to you.

Sell Your Pictures

If you already take pictures of your products, consider adding them to one of the many stock photo sites. You’ll earn a small commission per download, but you already took the pictures anyway, you may as well make more money from them than just using them in your own ads. This is a great side gig and can turn into a full-time income if you add enough pictures each month.

Adding passive income to any business just requires some thought about what the business is really selling, who they’re selling to, and why they’re doing it. When you get into all that you can find some unique ways to add to your bottom line.

 

Passive Income Ideas for Local Businesses