Passive Income

Any Online Business Can Benefit from Passive Income

Passive Income Challenge Day 3
Online Business Can Benefit from Passive Income

It doesn’t matter what you’re doing right now as your main source of income. You can add passive income sources to it. Having multiple passive income sources will give you some freedom to go on vacation, be sick, and be choosier about the work that you do and who you do it with. Let’s look at a few different examples of small online businesses and how they may benefit from adding passive income to their business model.

Website Designer – While designing websites may be your main source of income, there are things you can add that will boost your income. For example, you can create a recommended tools and services page that lists everything you love with affiliate links and make sure you give that to people on a regular basis. You can also recommend directly to clients with your affiliate links different services such as hosting, domain name purchasing, autoresponder services, and whatever else they need.

Virtual Assistant – As a VA, you provide some form of service in a particular niche to your clients. There are likely products and services that you know work well for most of them. You should become an affiliate for those products and services and, again, make it a habit of recommending them to all your clients.

Writer – If you write content as a ghostwriter, then there are many opportunities to expand your income with passive income. You can recommend services, platforms, and more to your clients. You will get ideas from them based on the types of software and services they use.

Coach – A coach, depending on their niche, has wide latitude in choosing different software, services, and products to recommend to their clients and community. For example, if you’re a health coach, any products that you believe are good for your clients can be promoted as an affiliate.

Niche Blogger – Whatever niche you blog about, there are products and services that you can join their affiliate program and promote to your audience. Promote them in the content, on a special recommended products page, and within autoresponder email.

YouTube Star – Again, whatever niche the YouTube star is in will inform what types of products and services are promoted. If the audience needs it, then you should find a way to promote it. Get people to join your email list so you can promote more there.

Adding passive income can benefit any type of online business in many ways. Making money in six months based on something you did today is a great feeling and can provide the security that you need in the online business world.

Any online business can benefit from passive incomeBenefit from passive income.

P.S. Sharing is caring! So be sure to share this with your network and help fellow female entrepreneurs kick 2021 in the arse!

In case you missed previous and posts, here they are:

Day 1: Why You Shouldn’t Put all the Eggs into One Basket
Day 2: What exactly is Passive Income?

Passive Income Challenge Day 3
Benefit from Passive Income

What Exactly is Passive Income?

Passive Income Challenge Day 2

What exactly is Passive income? The term itself is probably a horrible term to use. Passive income isn’t really all that passive. What really defines it is that you do the work once, and you keep earning from that work repeatedly. Whereas with non-passive income, you are trading hours for dollars and do the work once and get paid once. Let’s look at some examples of passive income ideas.

What Exactly is Passive Income?

Investing in Stocks – This is one that everyone is familiar with. When you take a certain amount of money and invest it each month, the interest you earn on that money is a form of passive income. You simply invest the money, and if all goes well, you will get a return on your investment in the form of interest payments.

Buy & Invest in Rental Property – This is another form of passive income. You buy the property, hire a property manager, and collect rent. The real estate agent finds the property, the property manager does all the labour, and you just invest and collect your rent every single month while also building equity in the property. That’s income today and income tomorrow. passive income challenge day 2

Publishing Books – This is a great form of passive income. You write a book, publish it, and then collect residuals from sales for as long as the book makes sales. You really don’t even have to write the book. You can pay people to do that. A classic example is the Chicken Soup for The Soul franchise. They have sold more than 500 million copies worldwide, earning over $100 million per year.

passive income challenge, what exactly is passive income

Affiliate Marketing – This involves promoting someone else’s products or services and when someone buys, you get a percentage of the sale. You can find opportunities within your community, on affiliate platforms like Clickbank.com, Amazon, or if you like a certain product, go to their website to find out if they have a program.

Develop a Digital Product – Any digital product that you sell over and over again, such as an app, or courses, you can earn passive income doing that. You create a digital product, then your job is to promote it and sell it. You can even get affiliate marketers to help you.

Woman smiling and spinning her hair, passive income challenge day 2, what exactly is passive income

YouTube Star – This type of income doesn’t seem very passive at first. You must produce a lot of content on a regular basis that your audience likes and will watch. You make money via advertisements, sponsorships, and affiliate marketing options as a YouTube Star. You don’t even really have to be a star to get started. What makes it passive is that you will earn money on the videos year after year, not just once.

Blogger – Most bloggers would not say their job is passive, but since you do the work once and can get paid repeatedly, it’s still considered passive income. Usually, you pick a niche in which to blog. You can do product reviews, how-to posts, and more. You earn money by placing ads and affiliate product links in the posts.

As you see, there are many ways to add to your income streams. The best course of action is to start with one thing, and then build onto it as you go. Work on it, promote and wait until you’re earning something on one idea before moving on to the next.

 

Why You Shouldn’t Put all the Eggs into One Basket

Passive Income Challenge

Whether you have your own business, perform contract-based services, or work for someone else full time, the fact is having multiple streams of income is the best way to build some financial security into your life. Think about it, when one income source dries up, you have the others. Not only that, if your work depends on you performing a task, what if you get sick? What if there is another lockdown? Then what? That is why I am hosting this Passive Income Challenge.

Thankfully, when you are working online, there are ample opportunities to build multiple streams of income to build your net worth, provide income security, and create a safety net you can fall back on during difficult times. In fact, one could argue that as of 2020 there really is no job security – no matter what you do. So, my advice, regardless of what you do, you should seek to find ways to create more than one stream of income.

passive income challenge

Everyone has a lot at stake. There is rent to pay, school fees for your kids, insurance, simple living costs, and I am sure I don’t need to mention that others are relying on you for their basic needs. Make no mistake: it’s not having a business that is risky, it’s having only one source of income.

Most jobs don’t last for 30 plus years anymore, and if they do, the pay doesn’t rise to match the cost of living. That is why creating multiple sources of income will alleviate a lot of stress you don’t’ even realize you can alleviate. The stress and fear of another pandemic lockdown, of being laid off, the fear of losing that one big client, without these hanging over your head, you are able to relax a little with your working life.

If you look at the “rich and famous”, they do not rely on one source of income either. Even if they inherit money from a parent, they usually take that money and invest in several business opportunities so that they can earn a little money from each venture and not worry.

Passive Income Challenge

 

For example, Kylie Jenner – she was born into money, a LOT of money. Yet, she started her own company, she models, she has tv shows and I am sure there are a lot more streams of income than what the public is aware of.

By diversifying her investments, and income generation, and by spreading the risk out so that she won’t suffer if something goes wrong. Now, I am no Kylie Jenner and I am sure you are not either – so if something goes wrong for us, we will be put in a more difficult situation.

 

That is why I am doing the Passive Income Challenge!

As you are going through this challenge with me, remember the Dragons on Dragon’s Den, who are already rich and are investing money in small business owners, entrepreneurs, and inventors. It’s not because they don’t already have enough money. It’s because they’re hedging against something happening to their original source of income with the other streams so that they’ll never be without. Because when you have many streams of income, you have options.

[Tweet “When you have many streams of income, you have options. Take the 30-Day Passive Income Challenge!”]

You have the option not to take just any client on to feed your family. You have the option not to work at that 8 to 6 job (face it, there are no 9 to 5 jobs), and if you’ve kept your expenses low, you may even have the option to just ride out another global lockdown, depending on the other sources of income without too much sacrifice. Creating passive income can change your life completely.

In this challenge, that’s what we’ll explore because there is no security in one income stream. You need many different streams to create an environment where you will not be ruined if just one of those streams should end for whatever reason.

P.S. Sharing is caring! So be sure to share this with your network and help fellow female entrepreneurs kick 2021 in the arse!

30-Day Passive Income Challenge

30 Day Passive Income Challenge

Have you ever considered a Passive Income Challenge? I ask because it might just be the number one complaint I hear from my clients is that they are always just trading time for money.

I know a lot of readers of my blog sell physical products, so I have to ask you, do you have any passive income or digital products to go along with them?

One of the keys to building a sustainable business, that doesn’t burn you out, lies in the ability to leverage your time by creating passive, recurring income.

Now, that doesn’t mean you don’t have to work. In fact, building up that stream of passive income will take a lot of work indeed. But once you create the systems, you can leverage them over and over and over again to create a steady cash flow that no longer depends on you and your time.

Just imagine the freedom that would bring! And it’s not that difficult to do, with just a little planning…

For the month of December, this is what I am going to be focusing on. Helping you plan and create a Passive Income.

Of course, you love your clients, you enjoy helping them solve their biggest problems and watching them succeed. You genuinely like the work you do, whether it’s helping out with a technical glitch, or talking a client through a tough mindset issue.

But no matter how much you love your chosen field and those you work with, two things are holding you back:

  • You—just like everyone—have limited hours available
  • If you aren’t working, you aren’t earning money

By definition, these two limitations put a cap on your earning potential. And while you may not want for anything—you may, in fact, be leading a wonderful, blessings-filled life—you still cannot make the impact you want to make, simply because you’re lacking in either time or money.

If you’re working all the time, then you have precious little time to…

  • Volunteer
  • Travel
  • Enjoy your kids and their growing up years
  • Pursue a hobby
  • Learn a new skill
  • Or anything else you’d like to spend your time on

And if you aren’t working, well, then you have less money for…

  • Family vacations
  • Charities
  • Church
  • Education (for you or the kids)
  • Exciting new hobbies
  • Or whatever else makes your heart sing!

It’s a true catch-22, isn’t it? You need to work more to earn the cash to build the life you desire, but the life you really want can’t be had if you’re working all the time.

The answer? Passive income.

Ask any successful entrepreneur, and they’ll tell you that having multiple streams of income is a game-changer.

As I mentioned above, this isn’t a way to never work again. In fact, building up that stream of passive income will take a lot of work indeed. But once you create the systems, you can leverage them over and over and over again to create a steady cash flow that no longer depends on you and your time.

Just imagine the freedom that would bring! And it’s not that difficult to do, with just a little planning…

This is why for the final month of 2020, I will be focusing only on helping YOU create a passive income stream that is right for your business.

passive income challenge

There are 3 ways you can make sure not to miss a single day!

1.  Join the Leave the 9-5 Facebook group.

Each day I will be going live inside the Facebook group to talk about how and why you should be adding passive income to your workflow.

2. Sign up for the daily emails.

Sign up on the Passive Income Challenge page and Each day, you’ll get an email from me with a tip or a strategy designed to help you learn about the importance of adding passive income streams to your business model.

3. Keep an eye on the blog.

Every day for the full 30 days, I will be posting here, on the TVS Blog what you need to know about creating your passive income.

Finally – If you realized that in order to reach your goal you’ll want to set aside time to really create your passive income streams! Then you’ll want to consider the 30 Day Passive Income Challenge Fast Track option. More on that will be available on launch day!

So – set your calendar, join the group or sign up on the page and get ready to start creating multiple income streams!

See you on December 1!signature of joelene mills, passive income challenge post

Passive Income Challenge

3 Places You’re Leaving Money on the Table

Do you know the 3 Places you’re Leaving Money on the Table?
For any business owner with an online presence (and EVERY business should be online!), there are many passive ways to build income streams into your website and products that will bring in extra money while you focus on serving your current customers. Passive income is good and will help your bottom line while you actively market your business. You’ve invested good money into your business and your website; why not make it work harder for you?

STOP LEAVING MONEY ON THE TABLE create your passive income 3 Places you’re Leaving Money on the table

Affiliate Marketing

This is a simple way to make a commission by recommending products or services to your audience. This process is similar to telling your friend or neighbour about the great pizza place where you just ate dinner. Simply sign up for the product’s affiliate program and place a unique link within a product review on your blog or on a web page listing all the business tools you recommend. Every time someone clicks on your link, they are brought to the product’s site and if they make a purchase, you get a commission. Affiliate links can also be added to eBooks or other digital products you sell. However, review the Terms of Service for all the social media platforms before posting an affiliate link.

Creating upsells in your sales funnel

Upsells are another overlooked place where you can bring in extra money. Do you have a basic sales funnel in place, where you make an offer to your broad audience and then have more focused, more expensive offers for them to choose from overtime? These additional offers bring your customers down the funnel toward your most expensive offer. Now, for each main offer in your sales funnel, think of an upsell your customer would find valuable. This may be free admittance into your private Facebook group or maybe it’s a report, checklist, form, or eBook for a nominal fee that is a no-brainer add-on to their order. For your more expensive offers, add a more expensive upsell, like a trial period in your membership site. The key is to choose relevant upsells that will benefit your customer and that makes sense to couple with the initial product purchase. In other words, don’t create an upsell that doesn’t make sense.

Back-end efficiency

Back-end efficiency is important to any business, whether it’s strictly online or whether you also have a physical location. A business coach can objectively assess whether you’re working most efficiently and can offer solutions to make customer service, billing, and customer fulfillment (just to name a few areas) quicker and more accurately. Very often business owners are too close to the situation to see how everything flows (or doesn’t flow) together, similar to why having someone else proofread your sales copy is ideal because they are more likely to pick up typos, strictly because they didn’t write the copy.

A good business coach will be able to look at your company objectively, ask pertinent questions, and guide you through the process of creating a plan for future growth. Consider me your objective third party, the one who can sort through the processes that work and those that don’t work and help mould your side hustle into a profitable business.

Book a discovery call with me and let’s go over where you might be leaving money on the table and start creating your passive income together.

As always, I think you should also join me and many others inside the  Studio’s Study Hall Community! We’d love to hear from you on some other ways to generate more passive income!

P.S. Be sure to also check out my 30-Day Passive Income Challenge, it will also help you boost your income!

passive income challenge

3 Places you’re Leaving Money on the table

3 Places you’re Leaving Money on the Table