How to make passive income might be something that you have been thinking about. Or you might be reading this thinking “What on earth is passive income?”. The short answer is that passive income can be money you earn while you sleep. Usually you create something once and then sell it again and again.
Before I dive into ways that you can make passive income, I want us to have an honest conversation about the truth behind how it works. People can see it as an easy win, and although this is true once you get it going, that isn’t the case at the start. Don’t let that put you off though! Download the podcast to find out those truths and hear how you can make passive income work for you.
How to earn extra money
Although there are those people (or unicorns) who have made passive income their main income, they are rare. They have also put a huge amount of work into, well, making it work! One of the best experts at this is Pat Flynn. He is a super, lovely family guy and has figured out how to make a lot of passive income. He works incredibly hard at this, and share his tips on his own site. I’m not affiliated with him in anyway, but sharing links in case you are interested: More about Pat.
As a creative you have some excellent ways of making passive income to top up what you already do. Some of the best ways that I have seen are by sharing the knowledge that you already have. If you have created workshops for people, you can sell a PDF workbook to help them set up their own. Or if your audience and clients always ask you the same set of questions, you can create a mini course for them to buy. What is great about offering your audience or previous clients extras that you have made, is that you don’t need to run around trying to find new clients. They are already warm leads, as they have purchased from you in the past.
Making passive income from a totally new audience takes time and work. You need to think about why you want to do it, how much work you are willing to donate to it, and how you measure if it is a success. This is useful for everything that you say yes to!
Making money from affiliate marketing
Affiliate marketing allows you to promote things that you are interested in, like goods or services, and then you receive a commission if someone signs up via your link. What I love about this, is that I would have promoted those services anyway because I think they are brilliant. And then the bonus is that I receive commission from them.
If you are a natural at connecting people and really enjoy the results, then affiliate marketing might be a great way for you to go.
There are more tips that I share on the podcast, so do download to listen. And to get you started with your own passive income strategy I have created a free workbook for your to download below.
If you are interested in getting some help to reach your goals for next year, I have a few mentoring slots left before the price increases.
You can find out more clicking here: Tell me more!