I have a tendency to start multiple projects at the same time. Running multiple profit centers is a lot like spinning the plates show at Epcot’s China.
When I worked as a department head at a local college, I had several people that I could assign tasks to or at least ask their opinion or a quick question if I got stuck. As an entrepreneur, I find myself wishing my chihuahua, Mikey Love would offer more help or at least some input.
“What do you think of this buddy?”
No response or a simple head tilt.
Begin thinking of yourself as a “multi-prenuer” who is building multiple streams of income. Each of these streams is like the plates shown in the video, you get one spinning and you start another one. One plate may be your full-time position, another plate may be real estate, and another plate might be a book that you have written. You want some plates that can spin without you having to do too much.
As a web designer, one must juggle multiple tasks but there are lulls when you are waiting for the next phase. During these times, I can start on another client’s project or one of my own pet projects.
Something that I have started doing to help me keep track of where I stand on a project is to use a simple folder with a checklist of items to be accomplished. Where I have stopping points, I can take a red pen or pink highlighter and draw a line across. These are places where I am waiting for content or feedback from a client.
I am very green and hate to waste paper so I keep a lot of notes on Evernote but I like having these folders because it’s also where I keep hard copy of the client agreement. Sometimes I need the paper folder to keep me on track.
You’ve decided you don’t just want to create one stream of Passive Income in your business – you want to create more.
Here are 7 ideas for creating passive income streams that you can consider and put to use.
1. Look for Passive Income Opportunities that Self-renew on a Residual Basis.
In plain English, an example would be promoting a Membership Site as an affiliate, and collecting your commission on every sign-up to that site…
…Then collecting commission every month your sign-up candidate’s membership is active!
2. Create Passive Income accessories for your Service-based business.
Often clients who are impressed by your services will look for accessories and products created by you that they can augment those services with. So do create a “My Products” section, and make sure you create products and guides clients (and anyone else) can purchase via links from your website.
A perfect example would be Marcia Hoeck’s eBook and supplemental media files. Notice the Title supplements and supports her position as a super VA (virtual assistant).Notice also she didn’t just stop at creating a simple eBook, but added digital audio recordings, as well as interviews with high-profile clients.
While Hoeck is off taking care of business, her books and recordings are selling themselves.
3. Create a Course – sell it with a webinar.
Do you have strong skills in certain areas? Then create a course in installments, record it via a service such as GoToWebinar, and create a free, live Webinar with which you can promote it.
Invite guest experts. Increase the appeal of your invitation by offering their subscribers special price (or free “early bird access”) to your course.
Offer to share the recordings and transcripts with them.
Create an incentive just for their subscribers.
And even if you can’t yet attract powerful guests, simply creating your course and making sure it’s consistent, professionally produced and dynamic will help attract affiliates and new buzz.
4. Clean out your files.
Take a day to clean out your hard drive. If you have a long business history, take another day to clean out your paper files.
See what forgotten information you can retrieve.
Keep the best pieces (or make a note of each) and use them to brainstorm more Passive Income creation ideas.
You may find it’s amazing how easily a forgotten phrase can trigger a powerful income-generating idea.
5. Create a Review Blog.
Giving honest recommendations and reviews can significantly increase clickthroughs and sales for the products you’re reviewing.
You don’t have to be a dedicated Review writer to do this, either. Even if yours is a service business, you can create a blog dedicated to reviewing tools your client or fellow service-provider base commonly uses – or is considering using.
There’s an art to creating a review blog that really works, however.
Create a Review Template – the format should always be the same: Only the specific information should change.
- Include the following fields or sections:
- Unique qualities or features
- Ending containing information on how to get it (your affiliate link)
- Take your own photographs of real products
- Use sub-heads, white space, bullet points
By keeping the format always the same, you will literally “train” your readers’ brains to prefer your reviews. They will always know what to expect, in what form to expect it and where to quickly find the type of information they need for any product.
An Excellent Book on Creating Review Sites is Chris Guthrie’s ~ 5 Proven Methods for Making $1,000 per Month with Websites.
6. Create Optimized YouTube videos.
One great place to create Passive Income: YouTube.
Pick a product you’re trying to sell. Make a short video about it. Upload it, including a strong call to action.
Make sure your video..
- Says what it’s going to be about
- Lets your audience know what the product or method (or whatever else you’re demonstrating) can do for them
- Concludes by telling the viewer what action you want them to take
Your video doesn’t have to be high-tech, or feature you talking to the camera. You can use stills of cartoons, a power point presentation or demonstrate something via screen shots. Make a number of these and do a bunch with the same keyword.
7. Check out YouTube for ideas on the next hot, Passive Income generating video to make.
Look at what’s trending and run searches. (YouTube provides more than one way to trigger good product creation or promotion ideas.)
(Be sure to follow YouTube’s guidelines!)
Look for Passive Income Ideas Everywhere.
Have a problem with something? Create the solution!
Love a niche? Create a blog to help others who love it – and monetize it.
Be analytical. Try different formats and see what feels most natural to you – and what brings you results. A review blog? A blog that sells nothing (but that you let an Ad network or Google monetize for you with ads?)
Track your results to gain a crystal-clear picture of the types of Passive Income streams that work for you – and those that don’t.
Think about the tactics that work… and see how many more similar ideas, using that model type, you can come up with.
Finally, my biggest tip of all…
Remember to have fun!