Adding extra income streams to your business can keep you afloat, even if you have fewer customers than you wish. Focusing on passive income means you will only have to put a little effort into these things once they are set up.
It’s sustainable and can result in long-term growth.
Invest in Real Estate
Investing is a great way to add to your income streams, and rental income can provide a steady cash flow. Rental properties are an excellent long-term strategy, especially if you already have your company’s finances in order. Still, there are plenty of things to consider before investing in rentals.
Whether you work with short or long-term tenants, you will still need to keep up the property you purchase. You’ll also need to consider the legal and tax implications. It is common to form a limited liability company (LLC) when investing in real estate because it can keep you safe from potential liabilities. It’s especially beneficial to have an LLC if you want to own two or more properties. If you want to know more, you can learn what you need about creating an LLC.
Sell Electronic Products
If you have special knowledge in a certain area, you can write an eBook and either sell it or use it as a lead magnet to collect email addresses. There are many platforms to help you self-publish your book and turn your words into profit. Create something you would be proud to associate with your business and share with others. It can take some time to create a book and promote it, but it can be a great source of passive income once it gets off the ground. If you don’t want to commit to an entire book, you can also create worksheets to sell. You would typically create a printable worksheet and upload it to a platform that allows you to sell it. People will pay to download it. As with eBooks, however, you may need to pay to list the worksheet, and there could be sales fees. Factor this into the final price so the amount you actually net is still worthwhile.
Create Other Content
If you enjoy working with video, you can use video content to drive business growth and upload videos to video sharing sites and allow your account to accept monetization. You can create as many videos as you want, whether you focus on short film, music, information, or any other niche. Of course, many video sharing sites have requirements before you can join the monetization program. You may need to have a certain number of followers and views before you can join. Still, you can earn as much money as you have views from your videos, as long as you stay in the monetization program. You’ll also retain control over your work, as you are not selling it to anyone. On the other hand, it does take some work to get the required number of subscribers or views, and you will need to continually produce new content.