If you are already in an active income business (e.g. selling freelance services) where you trade your time for money then there are some passive income strategies that you can use to boost your bottom line.
Wouldn’t it be great to make an additional $1,000 a month from passive income on top of your active income? Of course it would so read this article to learn what you can do to generate additional passive income.
We are going to use the example of a freelance service provider here. Someone that writes content, provides SEO services, social media services and so on. These freelancers have a lot of knowledge and they can use this to build passive income.
3 passive income strategies to add to your bottom line:
1. Create once sell many times
You can create your own products and sell them to your customers. If you are in the content writing business you could produce a guide on successful content marketing. You will show your customers what they must do to get the word out and increase the numbers of leads and sales that they make.
They will come to you for their content anyway so this really is a win-win. This can be a course delivered in PDF document format or even a short video series where you explain everything and provide some “over the shoulder” training.
If you are an SEO services provider then you can create guides about optimizing blog posts and Videos properly and share other secrets about SEO such as how to assess Google top 10 competition, the right way to do keyword research and so on. Again this can be a PDF or videos or a combination of the two.
As a social media service provider you can explain how to create a winning social media strategy. How your customers can maximize their social media efforts to increase their audience and provide engagement.
All of these ideas will take work. You will need to find the time to write the material, produce the videos and so on. But once you have your product created you can sell it over and over again for great passive income. As soon as your product is ready send an email to your customers explaining the benefits. You can even offer an early bird discount.
2. Organize Webinars
If you have a large customer base then you will be able to find vendors who sell high ticket business tools that you can sell using a webinar. You will need to agree a split of the revenues with the vendor and then you will provide the audience.
Your customers already know and like you so they will probably be interested in spending an hour in your company on a webinar finding out about this new tool that you want to show them. You will do the warm up and the introduction and then let the vendor explain the product or service.
3. Affiliate Marketing
Think about your customer base and what would really help them succeed. There are thousands of affiliate products out there that your customers will not be aware of that could assist them to achieve their business goals.
You need to find these products and services and then recommend them to your customers. Find out as much as you can about the product (it is better if you actually purchase it or ask the vendor for access) and then tell them how it helped you in your business.
Use a pre-sell approach that is gentle here. Don’t go over the top with your emails and website promotion. Just say that the product helped you and you are convinced it will help them and they should check it out.