Passive income is when you get paid over and over again for work that you did once. Sounds great right? If you are a small business owner, thinking of a way to generate passive income should be on your to-do list. Especially if you do business in a seasonal community like Martha's Vineyard, Nantucket or Cape Cod. Here are a few inexpensive ways to generate some passive income. Think about which ones resonate and are the best possible fit for you.
1.) Create an Online Course to share your expertise. If you know how to do something well, odds are that there are a lot of other people out there who want to learn how to do it well too. Online education is only growing by the minute. Why don't you share your talents with the world? Create a series of courses and sell them over and over....and over again.
2.) Run an Online Store. The possibilities of selling online are endless, but make sure that your items coincide and make sense with your overall brand. How-To Guides provide great value to to the consumer and to your bottom line. Setting up drop shipping is also an option to consider if you don't already make your own products. Check out some good drop shipping tips here. Shopify is a great resource to really understand the drop shipping process too.
3.) Sell Your Photos. The Internet is filled with pictures taken by other people. Many, often hijacked and used without permission throughout the web. If you love to take great pictures, this might be a fun way to get another stream of income rolling in. Sell the hell out of those stock photos. Anyone who owns a website needs good images. This article is a great resource about some of the various stock photo "big dawgs" and the advantages and disadvantages of each.
4.) Become An Author. Of just about anything. E-Books, E-Magazines and content filled workbooks all make for solid passive income options. But don't get it twisted. Your content needs to be really good content and you need to market the hell out of it. Authenticity is key in a saturated marketplace, so don't go writing some nonsense and start wondering why the money's not flowing in.
5.) Create a You Tube Channel. Got personality and content? Start making videos and sending people to your online store, new E-Book or Online Course. Get clicks, subscribers and generate traffic. And be consistent. See where I'm going with this?
Need some help exploring passive income options that are a good fit for you and growing your business? I've got your back. Contact me today and make sure you join the Hustle newsletter list to stay in the money making loop.