Swimming in Gold?
Okay so you might not have your goals set to become the next Scrooge McDuck, swimming in your fortune…
But I’m betting you’d say yes to these two statements:
#1 – You already know what passive income is. And you want it.
#2 – You already know what multiple streams of income are. And you want that, too.
So what’s stopping you from creating both?
I’m guessing it’s one of a few things…
You aren’t sure where to begin, what strategies to try, which ones are a good fit, or exactly how to create them…
Am I right?
The good news is that you can figure those things out!
Explore the Possibilities With Me Here…
Some of the passive and recurring income streams I’ve created in various businesses over the years:
- Referral fees
- Virtual Workshops
- Website Hosting
- Software & Apps
- Checklists & Guides
- Video Courses
- Teleseminars & Webinars
- Affiliate Programs
- Reselling Products
- Reselling Services
And I’ve created “passive” income in businesses that were offline or not the kind you traditionally think of…
Passive Income for a Piano Teacher?
For example, when I was 16-17 years old, I taught piano lessons. That’s clearly a time for money business, right?
Not if you get a bit creative.
I lived in a rural area without a local music shop. So when I traveled to the “big city” I’d purchase a variety of piano music – from the required lesson series I taught with, to the “fun” books kids love – and then resell them to my students and their parents at a small markup. They appreciated the convenience and I added passive income to my little business.
If I’d kept that business going, there are dozens of other ways I could have added passive income – from creating video lessons to share virtually, to certification programs, and more.
Reselling What I Don’t Quite Own or Can’t Do?
Another option many people overlook is reselling products or services. You create the systems and marketing and allow others to complete the work or deliver the product.
Years after my piano adventures, as a virtual assistant and website designer, I setup a business as a reseller of domain names and website hosting that allowed me to add several thousand dollars a month in passive recurring income. I didn’t own the servers. I handled marketing and outsourced the other pieces.
I’ve also resold services – from logo design I outsourced to website development services a team handled for me.
Once I moved into blogging, my passive income streams became software and products I could share as an affiliate. From email software like AWeber or GetResponse to WordPress themes and plugins I loved. I even paid for a family vacation when I won an affiliate contest.
Lots of Eggs, Lots of Baskets
Did your parents tell you, “Never put all your eggs in one basket.”
Now? Well, I’ve discovered the best way to a stable income, is a diversified approach. From my membership program, to virtual workshops, to apps and software, to ecourses and ebooks, to affiliate promotions, to paid posts and advertising… my approach is to get one income stream in place, then add another, and another.
That’s how to truly “make it rain” with your online business.
What Online Income Streams Can You Create?
To help you get started, here’s a great infographic with 6 ways to create your own online income streams:
And, if you’re ready to stop trading time for money and get your own multiple streams of passive income in place…
Join me this weekend for the Passive Income Possibilities workshop!
Check out the details right here: