When you make your first few dollars and cents from passive income it will become like an addiction. Think about it – you created something to promote a product (or maybe you created your own product) and people are now buying and you are earning money.
Why wouldn’t you want to repeat this and make even more money? Of course you would and you certainly should. Let’s say that you wrote a great Amazon Kindle book about losing weight and it has really been successful. You want to grow your passive income so what do you do?
Get More Traffic
The first thing that you can do is to get more traffic to your book page. There is free traffic and paid traffic so you need to work out how much money you are going to budget for the paid traffic route.
One of the benefits of paid traffic is that it is fast and usually takes very little effort to set up. Once you have something that works just keep feeding the machine. You can test different Facebook ads to see which ones provide the best response and then keep using those ads to drive new traffic.
With free traffic there is normally a lot of work involved. There are all kinds of free traffic methods such as social media, writing guest posts, SEO and so on. The problem is that all of these methods take time and you could find yourself burning the midnight oil if you take on too many of them.
A good strategy here is to outsource the work. If you know that what you have is good and gets you conversions then invest in your business by having someone else build those links, write those posts and send out those social media messages.
Create More Passive Income Streams
The next thing that you can do is to create more streams of passive income. If your first Amazon Kindle book was a success then write another one. If you created a great review video that converts make some more for different products and services.
Your ultimate aim is to have a number of passive income streams that all have good visitor traffic and convert well. OK it is going to take you a while to write that second book and you really don’t have the time at the moment. So outsource the writing of your next book.
There are a number of good writers out there that will provide a quality ghostwritten book for you. All you need to do is to provide them with your precise instructions and provide a table of contents (this really helps).
When you are looking for freelance writers that can create Kindle books for you don’t just go for the cheapest offer. Get samples from everyone that you contact and go with the best. Guess what – the best writers charge the most in general. Again you need to think of this as an investment in your future passive income business.
Here is something that you really must avoid. If you are not good at creating graphics then don’t spend days and weeks learning Photoshop and trying to create your own book covers. Unless this skill will help you in other areas it is just not worth the time and effort. Just spend $10 or so on Fiverr.com and get a great result.
What about that review video that you created that makes you great passive income? Well obviously you will want to create more and you can outsource most of this as well. If you have used your own voice on the video then you should carry on doing this. You can have the rest of the video made for you.
Tell your outsourcer what you require in each slide and whether you want “over the shoulder” action using Cam Studio. You may have to provide log in details to them if it is special software that you are presenting.
Don’t try and do it all Yourself
By doing everything yourself you can make a nice bit of passive income. By treating this as a business and using other people’s efforts you can create multiple passive income streams that will pay you handsomely.