How to Create Passive Income Streams Online:
How can you change this? How can you change that for your business and make money all the time whether or not you work with clients? Would it improve your lifestyle and increase your profits if you could have consistent income streams from the sale of your eBooks and CDs, workshop bookings, and commissions? These are called multiple income streams because they are in addition to your regular income stream, and they are called passive because you create many products once. Once you’ve created them, you can reproduce them and sell them in perpetuity.
Let’s take a look at the different sources of income that a business owner like you can generate:
– Digital products. As a professional working with clients, you already know what interests your clients as well as the information they are looking for.
Turn that information into a salable product by posting and selling it. Depending on the subject and the information, you can create digital products of different lengths.
– Audio products can be delivered in two different formats. They can be downloaded instantly from your website in a number of popular audio formats, or you can burn them to a CD and physically ship the product.
Either way, this is a great way to go, as many people like to listen to the news instead of reading it.
– Teleclasses. Teaching classes over the phone is a good way to demonstrate your expertise to many people at once and to offer your coaching or counseling sessions for a lower price.
The material taught and discussed during tele-classes can be reused to create advice booklets, special reports and audio products.
– Workshops. Like tele-classes, workshops can be used to teach several people at the same time, instead of doing individual sessions.
– Affiliate programs. There are two different ways to use affiliate programs as another source of income:
1. Create an affiliate program for your products, thereby sharing the products with people who refer new customers to you and help them create an additional stream of income.
2. Recommend other people’s products, through their affiliate program, creating another source of income for you and your business.
As you can see, there are many ways for you to turn your expertise into products and generate additional income with it. If you’re just starting out, pick one or two different product types and work on them. Then add a few more and you will have different income streams created in no time.