TTPD – March – Are you making money while you sleep?
Ah, the joy of waking in the morning to discover that money was deposited into your account while you were off in dream land.
I’m following along with my book, Tame Those Pesky Details (TTPD), where I focus on one specific item each month to keep your business in tip top shape. March is the month for Passive Income, the ability to make money while you sleep. As the Internet pervades our lives more each year, options for passive income become more readily available. Of course, it’s not as easy as waving a magic wand; there is much prep work to be done, but once you’ve put in the effort, you can reap financial rewards for some time to come.
I think it’s the ultimate goal of many online entrepreneurs to be able to work as few hours as possible while making as much money as they can. That’s not the only goal, mind you, but by creating a steady online income, you can do anything from quit your full-time job to plan extravagant vacations or donate to your favorite charity. Even if you have some other source of income that you’re content with, earning extra money online is still a good thing. It’s always great to have multiple streams of income.
So, where do you begin? Here are four options to help you build your bank account in your sleep.
- Affiliate links. Everyone has them. Why not you? If you reference any products in your blog posts, YouTube videos or elsewhere, it’s easy to direct people to the item you’re referring to by including an affiliate link. Your commission will vary depending on the agreement the company offers. Be sure to disclose your use of affiliate links, and check for broken links on your site on a regular basis. Broken links result in lost commission and can even impact your search engine ranking.
- Books. As a writer, this is one of my favorite ways to find money in my account! With POD (print on demand) and ebooks, there’s no inventory or shipping required. If you have a shop on your site, you can even include the books there, avoiding sharing the commission. Choose a topic – or three – that relate to your business and pound away on the keyboard. Of course, the book will need to be well-written and properly priced, but there are many ways to build a lasting income through the written word.
- Classes on demand. If you have an area of expertise, or if you can produce training classes that show how to use your products, then online classes might be a good option for you. You might need some technical guidance to put this all together, but once you’ve mastered the process, you can create one or two new classes each year to build your offerings. I’ve seen classes for free (particularly when purchasing a product) or for a wide variety of prices, from $19 to several hundred dollars.
- Online shop. Can you create digital downloads that complement your blog content, books or classes? Post them in your online shop. People are online 24/7 and a digital download is readily accessible with an easy shopping cart. It might even be the way to find customers for your other products – a digital download could lead to a book or class sale. Be sure to have a secure checkout and capture the buyer’s info to build your email list. One thing leads to another…
Don’t feel you have to do everything at once. Choose one method of passive income, make sure it works properly, then add another to the mix. Evaluate your income streams on an annual basis. If it requires too much work to maintain for too little return, consider dropping the stream or item and add or enhance another. Things are constantly changing on the Internet, so what works this year might be passé the next.
If you’d like to follow along through the year, purchase your copy of Tame Those Pesky Details. (link below) Print books will be available soon!
What are your favorite sources of passive income? I’d love to hear! Leave a comment below.