Ready to make 2023 the year you start generating passive income for your online business?
If you’re a Coach, Social Media Manager, Web Developer, Graphic Designer, or other online service provider looking to increase your income without working more hours, then this post is just for you.
Understanding Passive Income
Passive income, also known as “unearned income,” is the holy grail of online business. It’s an asset or resource that you create once and continue to generate income from without actively working on it.
The Benefits of Passive Income
As a Coach or Online Service Provider, you may find yourself trading a lot of time for money in the early stages of your business. Adding passive income streams allows you to continue earning without sacrificing more of your time.
Is Earning Passive Income Difficult?
Earning passive income does need some initial effort, but once set up, it will continue to bring in income without ongoing work. Your passive resources can vary in size, from online courses to affordable mini-courses, depending on your audience’s needs.
Passive Income Ideas for Online Business Owners
Templates
For Web Developers, Graphic Designers, Copywriters, and Social Media Managers, selling pre-made templates or design resources can be a lucrative passive income stream.
Online Courses
Creating an online course is a booming market and can bring in substantial passive income for years to come. There are plenty of resources available online to guide you through this process.
Affiliate Marketing
Affiliate marketing is a way to earn passive income by promoting products or services. While it’s not a get-rich-quick scheme, it can add extra revenue to your business.
Online Masterclasses/eBooks
Selling masterclasses and eBooks is a great way to introduce passive income, especially if you already have the recorded content available.
Ready to get started with passive income this year? Let me know your ideas in the comments! I’d love to hear what you’re working on.
Claudia xx
