Build a passive income stream for your business
Building a passive income stream for your business will help your business become more resilient and help you have more options as a business owner. It aligns a new source of income that is more scalable than a traditional brick and mortar business; creating a scenario where you’re selling a product that is scalable without becoming resource-hungry.
When we talk of Passive Income a lot of business owners think about property investments, bonds and other investments that require a large financial outlay. But in today’w world the internet offers multiple opportunities for passive income streams that require a much smaller investment. These come in the form of online courses, blueprints, ebooks and similar digital products that can be delivered without shipping costs.
There are many such types of products that can create passive income in your business however in order to be truly passive income based, they need to have these properties:
1. Passive Income Stream: Make it Scalable
Your product may require some initial investment but you need to make sure that it can sell at large volumes without requiring continuous investment.
2. Your income stream to be connected to your expertise
This means you can start selling it right away. Perhaps there’s a part of your audience that is not ready to buy that can use some training, a DIY product like templates or swipe files or a course/blueprint. Whatever it is let it serve those people that are not yet buying from you. Look at it as a trust-builder. This way you will be creating repeat clients.
3. It needs to run without your input eventually
As the business owner, a great income stream is one that runs without your input. Make sure you align yourself with the business needs and build processes that make it successful, but do not involve yourself in the process.
As the business-owner, you want to build income that allows you to be more resilient and gives you more time to work on the business. The long term goal is to step away from your business as much as possible whilst retaining you income. Adding a digital product income stream is going to help you achieve this goal faster.