How To Build Multiple Streams Of Passive Income
Passive income, also known as recurring income, is a popular term right now, and it includes a wide range of income streams from rental properties, membership services, book or eBook sales, and more. The phrase “passive income” can be inaccurate because there’s nothing passive about creating a passive income stream.
Recurring income is simply an income stream where you don’t trade your time for a specific amount of money. It’s not time or project based. It also takes work to maintain a passive income stream so it continues to make you money.
You must proactively build and maintain a passive income stream if you want it to continue to earn money for you for a long period of time. The more work and attention you give to income streams, the more money it will make you.
A membership website is a good way to develop a unique community around the products that you provide. Exclusivity sells, and this is no different with a paid membership area on your website for members to network, get unique content, and exclusive access to you.
If you’re an info-product creator, subscriptions are an excellent way to build passive income streams. You can sell subscriptions to your content where people subscribing gain access to regularly released content for as long as their subscription is available. It is much easier to keep regular customers with a subscription-based business model.
Although webinars are not a passive income source, having said that, you can record a webinar and then sell access to it. This can make you money given that the content remains relevant. It can be stand-alone or be part of a course, subscription, or even in a bundle with several of your products.
There are several ways to develop a course to go alongside another product you have or as a stand-alone product. There are a number of websites out there for course creation, or you can choose to host your course on your own site. You may also prefer to email a course to customers.
Sponsorships and Ads
Sponsorships and ads are often overlooked examples of passive income streams. You can sell advertising spots on your website in set spaces either on your main page or in the sidebars. Also, you can sell sponsorships for individual posts or categories on your blog. If you have a podcast, you can have sponsors for each episode of your podcast.