In today’s episode, we’re talking with Gillian Sarah all about getting started with passive income in your business.
What is passive income?
Passive income is when you generate income from a product or service you’ve already created.
How passive is passive income?
Every passive income product has a different level of passiveness.
For example, a membership site while consider passive income is probably one of the least passive things you can create because you have to continually update the membership with new content.
On the other hand, if you create stock photos and they are up for sale on a third party site is an extremely passive way of making income.
What are the most common forms of passive income?
There is passive income in both the online space and in person. Some examples include:
- Rental Income
- Stocks and Shares
- Online Courses
- Amazon Self Publishing
- Ad Revenue
- Affiliate Income
- Digital Products
Be sure to listen to the episode to hear Gillian break down how passive each one truly is.
Why should we consider adding a passive income source to our business?
Passive income helps free up your time from doing 1:1 client work.
Passive income is great if you want to take time off from your business, work less, spend more time with family, etc.
Plus it is important to diversify your revenue streams.
How do we decide what our first passive income product should be?
It is entirely dependent on your own business, but it is recommended to start small.
Start small because then you will find out what works for you.
You might even want to start with a freebie to see if anyone is interested before branching out into a paid offering.
How do we start getting the word out about our digital products?
It is okay to have your products on multiple sites.
Gillian sells her website templates on Etsy, Creative Market, and even on her own site (which you will find them for the cheapest price).
Be sure to use the available market places for additional eyes on your content and even post on social media about them.
Share with us your top takeaway from today’s episode.