Do you understand the importance of having more than one income stream?
What if you lost your job next week?
What if you become unwell? Would you still be able to go to work each day?
What if you had more than just your day job?
What if you created multiple streams of income that was residual or passive?
That’s the question! Are you prepared?
Read on to find out 5 ways to create passive income.
I’ve starting forming my river! Have you?
“Many small streams will form a big river” Swedish proverb
Disclaimer: This post may contain affiliate links, meaning I may make a small profit from anything purchased. I only promote products I use and recommend.
By definition, passive income is an income received on a regular basis, with little effort require to maintain it. Basically anything you’re paid for, that doesn’t include full time employment. Sounds too good to be true? Would you like to make money while you sleep?
I am on a current journey that involves multiple sources of income. Here is what I do:
1. ECE Teacher part time
3. Biz & Blog Coach
4. Doterra Wellness Advocate
5. The Healthy Mummy Ambassador
Ok so not all this is passive income, but I will tell you what is. Plus knowing me there is totally something else that is on this list but I have mum brain and a love for learning online so no doubt I’ve signed up to something else lol
With blogging I make passive income through google ads and affiliate marketing with various products. I have chosen not to take the ‘influencer’ route of getting paid for posts or exchanging product for posts as this is unreliable and does not fit with my blog niche.
Top affiliate products to promote in 2018Learn how to make your first affiliate sale in 2018
Get paid to Pin on Pinterest
Biz and blog coaching has created a passive income through helping others online. How I have done this is through creating courses and ebooks and selling them online. I also have a membership where people can pay a small monthly fee to access ALL my digital products up front! Creating a digital product and selling it is a very good opportunity to take. Why? Because it is something you have created that is always there and you can make money in your sleep by selling these digital services. Learn more about my ebooks and courses <Plus Freebies>
Now whilst I am in the early stages and these income streams are still reasonably small I know that with time and commitment they will grow into that river as mentioned above.
MLM aka Multi level marketing, has such a bad wrap. I am onto my 3rd company that is now the perfect fit for me. It is like finding an early childhood centre for your child. The centre must reflect your own personal philosophy and have the right vibe or fit for you and your family. So now I am a Wellness Advocate for doTERRA and I am so glad I took this opportunity as it is going to earn me a very reasonable passive income in a couple of years time. Learn more about the doTERRA biz.
The Healthy Mummy is a company that has an amazing 28 day challenge for mums to get healthy and fit through their meal and exercise plans. They have an app where you can plan your meals, exercise and progress. I use it and I promote it by being an affiliate of this company. Right now I have 3 people signed up which earns me approx $16/mth. Not much income yet but I have only been doing it for 3 months. I look at the future, have done the sums and thought wow what will this income look like once I have signed up 100 people!!! Learn more about The Healthy Mummy
Stocks, bonds rental properties or air bnb, all great passive income strategies BUT you need the money and the home first. Therefore not easy for the middle classed person like me who as yet does not own a home. So what passive income ideas are there for those without big start up costs?
1. SELL A DIGITAL PRODUCT
Are you artistic? A photographer? You can sell your products online through Etsy. My mother & I created an online shop through Etsy after creating digital prints and Photoshop templates. This is a great opportunity to create a passive income doing something you love. I had fun with it at first but at the time was drawn more to getting my blog up and running. I have not made much on my prints to be honest but my mum still makes a pretty good passive income from her templates.
2. WRITE A BOOK
Have your ever dreamed of writing your own book one day? I know it is something that I have always wanted to do. Mainly a children’s book as I am a teacher but this then led me to teach others about my other love of blogging and online business through creating ebooks and online courses. It always seemed so daunting, getting someone to publish your book etc but now with modern technology and the internet we can sell publish! Amazing right!!!!
3. AFFILIATE MARKETING
This avenue can take you all places. Affiliate marketing is available for so many products these days. What is affiliate marketing? You promote a product or service with a unique link. If people click on that link and purchase said product you make a commission from it. Shit yeah! This is the top of my make money in your sleep list!!! Because you literally so! I get so excited when I wake up to an email alert telling me I have made a sale. This Babe Ana from The She Approach taught me everything I know with her affiliate marketing bundle HERE
4. CREATE AN ONLINE STORE WITH DROP SHIPPING
Having an online store can be time consuming, I know this first hand. Buying stock, storing stock and packaging and sending. Talk about being completely not passive. BUT it can be with drop shipping! This is when another company handles the packaging and sending. All you need to do is sell!
I recommend using Shopify as they work with drop shipping companies and they make it simple to use and create shops. Another option is to create websites for people through Shopify! You will get passive income from this through Shopify. <<<< Grab a FREE 14 day trial >>>>
5. BUY AN EXISTING BLOG OR ONLINE STORE
The benefits of our 5th way to create passive income is to purchase an existing blog or online store. All the hard yards have been put into it with the things you need like a mail list, SEO, Social media. Have a search online through Shopify for online stores. Check out to see if there is a blog or business for sale that is in line with your interests or passions so it does not feel like work! Win Win!
So there you have it! 5 Ways to create passive income!
I hope you got some value from it and have put some thought into creating your RIVER!!! I am excited that my multiple streams will lead my my dream river! Dreams become reality when we make a plan. A plan becomes reality when we take action!
What actions are you taking?
Related post: Blog resources