Unless you’ve been living with your laptop in Siberia with no wifi – you’ve heard of passive income.
Maybe you’re looking for the BEST passive income ideas for your business.
Before I start on the list of ideas I’ve put together, let me start with a little info. What I want you to know – above all else – is the best passive income ideas come from your customers. Start by asking them what problem they need solved and then ask them whats the best way to solve it. You may think an online course is where it’s at but if you ask your customers, they might want it in a worksheet or group coaching format.
The best passive income ideas are the ideas that truly serve your customer – there are many ways to solve your customer’s problem. Ensure you’re solving it in the way they want it to be solved.
A word of caution. Online courses can take a great deal of updating if you create a course centred around something that changes all the time – aka my FB ad course requires I update it every 6 months.
Here’s an example of my launch planner. These usually have smaller price points but for the right customer and the right problem – its the perfect solution.
Have you seen Leonie’s workbook? She’s had 7 figure launches from this bad boy. Paper & Oats also have some great examples of guides and workbooks worth checking out.
Ebooks or just regular books.
I’m a big lover of the Lucky Bitch books. Her books bring her some income and those books feed her students for her high end programs and affiliate promotions.
A monthly membership fee can provide some stability in your life if all you sell are passive products. Instead of a one time $400 fee for a course, you can spread that fee out making it more affordable for some customers. A word of caution: students will come and go when their off membership so you can’t rely on the same customers to stay on for months after they sign up.
Create a product from a service.
This will be individual for you, your business and the services you offer. Create a product from a service you offer use the other ideas in the list to brainstorm how that would look.
Your customers need solutions that you either don’t have the expertise, time or desire to fulfill. You can sell them a service and outsource it to another client. It might sound a bit weird – but its very common. For example, for my Facebook ads management company we work with a variety of agencies who help connect their customers with various solutions. We give them a reduced rate to work directly with the customer and we just do the work.
Take on a business partner
You don’t usually see this idea on passive income ideas or suggestions – however, you can bring on a business partner or VA to do the work for you. You create the sales and they deliver the service – thats pretty passive to me.
Oh lordy. Printables. Checklists, calendars, notepads oh my. I pretty much love anything Mayi Carles does in this department.
What about just straight up physical products. Maybe they’re made by someone else – or maybe their made by you. Check out these rainboots from Mayi Carles – she doesn’t make each pair – she designed them once and ships em out.
Perhaps the best way to solve your clients’ problems are with an app. I love working out with my Strong Lifts 5X5 app it tracks my workout for me. Is there something you could do with an app that your customers would delight in?
I have money coming in every month from the music I sell on iTunes. But its not just musicians who can make money with audio downloads. Are you a reiki practitioner? How about selling a set of guided meditations or visualizations?
This is something I am seeing a lot of lately – entrepreneurs who used to sell only online courses are now selling software. MeetEdgar, Ambitionally and Convertkit were created as software to solve problems in a passive way for the creator (though the customer service and tech aspects aren’t as ideal if that isn’t your skill set).
Royalties and licenses
This passive income idea I haven’t come across too often – but I’ve definitely seen it. This is where you license your workbooks, courses or online training to someone else as part of their program or service.
If you have a large audience on social media or many website visitors, one passive income idea or option for you is advertising and/or social media. You could furnish your living room or really just do nothing more then put a space on your sidebar and get a monthly pay check from your advertisers. Some websites sell the spots themselves through their contact page and others set up accounts through Google adwords. Your choice.
You don’t even need to make a product. As long as you have an audience, you can search for the solutions and sell it to them. Pat Flynn is one famous voice in the world of affiliate marketing.
Upsells and downsells
One of the important strategies when it comes to the “best passive income ideas” is to upsell and downsell to your clients before, after and during a launch. Thinking about the various kind of customers you have and the solutions you can provide for them can make you more money.
For example, in FB ads for Launching I teach students how to run their own FB ads. However, not everyone wants to run their own FB ads so I have an upsell for a training program on how to teach their VA to run their ads for them along with high-end services where I take care of running their FB ads for them.
Upsells, downsells, that’s they way to passive income.
Mix, Match & Combine.
Any one passive income idea is not enough. Generally you’ll need to mix, match, combine and promote like heck. This is all part of what is referred to as a sales funnel. Your products should complement each other in some way and have you reaping repeat business (psst, thats where the magic is).
Investing & Realty
Old school passive income. Don’t forget about your more straight and narrow options. You can just take the money you own and invest it in more normal options like index funds and realty.
Either online or in-person these group training programs can be a great way to make a larger profit from a day’s work. Some entrepreneurs with large audiences are able to charge $10,000 for a day per person.
That’s 20 ways best passive income ideas to free up more time in your business, do you have a few more for me?