Around this time last year, I started focusing on how to make money passively. Since then, I’ve been able to increase my passive income from a few dollars per month to averaging a few hundred dollars per month. In August, it was closer to $1000.
This has come in handy when life gets in the way. Such as last year when I was under a Hurricane Watch and couldn’t work. Since I was able to make money passively that day, my bills were still paid. The ability to make money passively has also made it easier to travel, take some much needed time off, handle family emergencies and boost my savings.
Here are three ways business owners can start incorporating ways to make money passively in their businesses.
Have a blog.
Business owners should already have a blog for branding purposes. If anything, a blog helps establish you as an expert in your field through consistent content.
One way to to get some extra bang for your buck is to use a blog to make money passively. There are a few ways to do this but one of the most common is by joining ad networks.
Through an ad network, you’ll be able to make some money based on impressions, views, and clicks. The most popular of these networks is Google Adsense and all it requires is for you to put a code on your website.
If you don’t have a lot of traffic, it won’t be much money. Even still, that occasional $100 payout from Google comes in handy. There are also other ad networks to try depending on how much traffic you get.
Another way to make money passively is through affiliate marketing. This is when you recommend a service or product and make a commission if someone purchases from you.
Many business owners already recommend products to their clients anyway, so this is a good way of making extra money. You can also have affiliate links in blog posts, send emails to your list and share things on social media.
This has by far been one of the best ways for me to make money passively. I have personally found luck with affiliate sales through my website and with email marketing. The email marketing especially has been fruitful.
Digital course sales.
Digital course sales are a great way to make money passively. There is a huge market for knowledge on the internet and it’s an easy way to make more money.
The only downside is you have to actually create the course. With affiliate marketing someone else has created the product, but with a course you have to create what you are selling.
However, once the product has been created you can continue selling it over and over again. I recently earned $300 in one day selling my freelance writing course via email. With the proper platform and payment system in place, it’s easier than ever.
The ability to make money passively is a smart financial move. It’s also easier to attain than ever before. As such, start finding ways to fit it into your business plan.