It’s an amazing thought, isn’t it? That you could finish your day’s work, head off up to bed and sleep all night, and when you woke up in the morning, there was money deposited in your account. Usually, this is only possible if you are some sort of criminal, and your shady peers have dropped off your share of the stash in your bank.
However, more and more people who own an online business are realising that it is not just possible, but easy, to go off to sleep and awaken to find themselves that little bit richer.
Welcome to the world of Passive Income.
Passive income does exactly what it suggests. It generates revenue for you while you are focussing upon other things, such as running your business or dealing with customers. It’s the art of producing one single product and launching it online, and then walking away to let it make cash on your behalf.
There are different ways of developing Passive Income.
For example, someone who is a keen writer may pen an eBook and publish it through Amazon, CreateSpace or another online medium, and watch it generate cash as people make purchases. Another way to do it, is to create a series of resources for people which focus upon a single aspect of your industry. Think of training materials, online guides, subscription-based communications, or a video series. All of these products take one single burst of effort to create, and can then be left on the World Wide Web to generate money without your having to be there to monitor them.
What are the benefits?
The principle attribute of a product designed for Passive Income purposes, is that it enables you to reduce the number of hours which you work, without reducing your revenue accordingly.
For example, someone who currently does a great job offering services by the hour (a therapist, a programmer, developer, or consultant), only has a finite number of hours which they can offer to their client base. If they support eight different people every day, there is very little opportunity for broadening their business unless they hire an associate, or work longer hours.
Conversely, a product designed for Passive Income does not require the business owner to give any further time when it has been created. OK, so there may be a need to market the product, and respond to customer queries, but it does not need the business owner to be on hand each day, for it to take off and generate revenue.
How do I get started?
Anyone who runs an online business and has a niche market is able to create a Passive Income product. The key is to come up with an idea which will sell, and adds value to their existing business proposition. Let’s think of some examples:
- Someone who runs a site offering gardening services could develop a video series for download which teaches people how to make the most of their garden, choosing a niche such as landscaping, or city gardening
- Someone who offers online blogging services could develop a training course on how to write to optimise revenue through their blog
- An individual who programmes for a living could develop an eBook which outlined how to make a living as a freelance programmer.
These are just a few examples, but in truth, any industry can be applied to the principles of Passive Income. It’s about thinking of your options, and applying your knowledge, skill and experience to scale up the value of your products, without scaling up the hours you have to spend.
If you are finding your business is taking up all of your time, and you’re looking for a way to increase revenue without increasing workload, it’s probably time for you to consider your options for making your business work smarter, not harder, through Passive Income opportunities.
You may want to see out new passive income making product…eGuide-Monetisation.