3 Passive income ideas for your business
The internet is abuzz with people who are excited about passive income ideas. There are many ways to build such an income stream, these days, however as business owners we need to pick products that are scalable and connected to our line of business.
The best passive income ideas for business are digital products. It may seem daunting but you can start with the easiest of the three below and move forward from there:
1. Low threshold passive income idea
In recent years many businesses have started doing their own online video, training and informative webinars and podcasts. Often they are used for customer service and client retention, sometimes to attract new prospects. The easiest way to create your passive income digital product is to recycle something you already have.
If you’ve done any webinars, training, podcasts and still have the recordings, it’s time to deep dive into your back-up drive and fish them out. They could hold the key to an offer with easy entry into the digital product market. Why not offer your most successful training webinars as a package for $50 or £99.
2. Make a passive income from something your audience wants
Is there a question your audience often asks? Is there a problem your prospects ask about frequently? Something you hear a lot during sales meetings…
Round up some experts that can answer these questions effectively and ask them those same questions. Get some famous faces in your interviews. This will not only lift up your reputation by association but also give you more virality. Once you have the interviews, turn them into an ebook plus video interviews package and you’ll have a seriously sought after passive income generating digital product
3. The Signature Course
You may be sitting on a golden egg and you don’t know it. Does your company use a blueprint which you have created to service your clients? Do you have a system that can help others or hold industry information that is difficult to find? Then you could have the making of a Signature Course.
This is a training programme that distills your knowledge and often sells for $2,000 to $4,000. It is intensive and usually comes with a forum or some kind of support for the learners. The only catch is that it takes a fair bit of traffic and some smart funnels to sell this one.