Unlocking the power of passive income: 3 strategies for your business

Martha Warner Author

Want to make money without the daily grind? Maximize your earnings with 3 passive income strategies.

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Photo by Alexander Mils on Unsplash

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Are you looking for ways to bring more revenue into your business, but you have zero time to offer? Passive income might be just what you need!

Passive income is earnings that are created with minimal effort or ongoing work. Unlike active income, which requires you to trade your time and effort for money, passive income allows you to earn money without being tied down to the clock. Creating passive income is possible through creating systems, automations, and assets.

Here are my 3 favorite types of passive income.

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Online courses

Online courses are my jam, so they’re at the top of my list. When looking into starting online courses, start by taking a look at your current audience and ask yourself a few questions (or check out my checklist).

• What do they need help with?

• What price point can they afford?

• Is this offer passive or will I need to be available?

• What type of course is my audience interested in?

• Do they prefer video content, audio, written, or a mixture of all?

• Would they do well with quizzes, interactive exercises, etc?

• What platform will I need to host my course on?

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Digital or low-ticket offers

A low-ticket digital offer is a product that can be purchased and delivered in an online format. This offer is usually fairly inexpensive ($50.00 or less) and wouldn’t be too difficult to decide to purchase for many. The product should be simple and offer a solution to a problem but also provide immense value to your customer.

When deciding what to offer, make sure that it is a product that is in demand and won’t take up too much of your time to create and maintain. You will need to look into a hosting platform for your product and software to deliver your product. The point of this being a passive income offer is that it is delivered to the customer without any extra effort or time on your part.

Some great low-ticket offers include:

• Printables

• E-book

• Checklists

• Planners

• Trackers

• Worksheets

• Resource Guides

• Calendars

• Templates

You can add on a low-ticket offer as a tripwire to a more expensive product or to one of your freebies as an add on, giving you the opportunity to put your product in front of more people.

You could also break up one of your larger offers into smaller offers, making them a low-ticket offer. 

Low ticket offers are a great way to build a relationship and trust with your audience. They will get a sneak peak at what you are all about and able to offer without a large investment up front. With that in mind, don’t just create random products for the chance to sell to your audience. Be clear and concise and remember to always provide value.

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Affiliate marketing

Affiliate marketing is another great way to generate multiple streams of passive income. With affiliate marketing, you earn a commission on another company’s products or services by promoting their offers through an affiliate link, which is a special link given to you to promote another company's product or service. This link will let them know that someone made a purchase from the link you provided. You will earn a commission on each sale that the company makes when someone purchases through your affiliate link.

You want to select products that align with your target audience and are in demand. Spend some time and research different affiliate programs and consider factors such as commission rates, cookie duration, and the reputation of the company. Additionally, make sure the products you choose are high quality and offer value to your audience. Don’t waste your time on products that you know your audience wouldn't benefit from.

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You can find affiliate programs to join, or you could be asked by others to join their program. You create content regarding the product or service and market it to your audience. You drive traffic to your affiliate site to help the original business owner and to earn a percentage of the sale for helping them promote their product or service.

Building a strong reputation and online presence are essential for success in affiliate marketing. You don’t have to be an influencer, but the more influential you are, the more you’ll earn.

Consider creating a website where you can promote your affiliate products and provide valuable content to your audience. You will have a better chance of someone purchasing through your link if you optimize your website for search engines by using relevant keywords, creating high-quality content, and optimizing your site's loading speed.

You can also use your social media to your advantage by engaging with your audience. Use your email list and provide links throughout your sequences, funnels, or nurture emails. By establishing yourself as an authority in your niche and building trust with your audience, you can attract more visitors to your site and increase your chances of earning passive income through affiliate marketing. Be yourself and share what matters to you.

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Passive income does require some time planning and preparing, but once you are set up, you’ll see money coming in without as much of your time. Start earning more money and spending less time doing so.

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Categories: Business