What is passive income? It is a form of income that keeps paying you after the initial effort to establish it is done. If you would like to know how to do this, keep reading.
Passive income is not exclusively a tool for the rich. They may be the first to realize how to use it, but you can find out the same information that they already know to increase your monthly income and overall net worth.
The goal of passive income is to capitalize on what work you have already done. It frees you up to spend time with family and friends or to pursue another business venture. Either way, it is a win-win situation for you and your business.
So, without further ado, here are some ways that you can set into motion a passive income stream. It will take work on the front end to get things set up, but you are striving for an income source that will keep on giving so that’s okay.
Passive Income Strategies
* Affiliate programs – You are not limited to one affiliate program at a time. But, choose your programs wisely. Do some research to find one that is compatible but not in direct competition with your product or niche.
Set up a blog or website to promote it. Use all of the tools in your affiliate toolbox to their best advantage to maximize your traffic and profits. Once all is set up and you have developed a workable system, watch your hard work pay off.
* Write content – Sites like Associated Content pay for content once but also offer an incentive program that continues to pay each month. Promote your content on your website and social networking sites to increase your page views and monthly payments.
* Try advertising – This can be Google AdSense or another service where you promote certain services and get paid per click or conversion. Choose a program that works best with your business. It will probably require research to find the best keywords but once you find out you are on the right road, stick with your system to continue to pull in dollars.
* Maximize your product offerings – How can you do this? You can take the content that you have been posting on your website. Combine this into booklet form and create a workbook that you offer in your site store or on eBay. Turn that group of content into an audio series that you offer to your customers.
Want to tease them? Give away a special report based on this series to those who sign up for your mailing list. Then create an email series to entice them to buy the larger ebook you can compile. One set of content can spawn audios, videos, workbooks, teleseminars, podcasts, ebooks and more. The initial work was done upfront with the content and very little needs to be done to turn it into something more.
Start creating your passive streams of income with these ideas.