Ready to add a little passive income to the mix? Find out the different types of passive income and how you can decide what type of passive income will work best in your business.
What is passive income?
Passive income is essentially income you can make without exchanging dollars for hours. It isn’t 100% passive because what is but it allows for you to create another income stream in your business so that you don’t only have to rely on one income source.
What are the different types of passive income?
1. Affiliate Marketing
Affiliate marketing is one of the easier ways to dip your toes into the passive income world. You can be an affiliate for your favorite software like ConvertKit, Dubsado, Acuity, and more. Some affiliates offer a flat fee upon referral while others award monthly recurring commission.
If you’re more of a beauty, fashion, travel, or lifestyle blogger, you can also be an affiliate for more lifestyle related brands via programs like Amazon, Rewardstyle and Shopstyle.
2. Selling Your Own Products
Selling your own products takes a little more involvement upfront but can bring in quite a bit of money if you put out the right product.
Digital products can range from $10-500+ so you can make a quick and easy offering like a PDF or eBook or a more in-depth course.
Here at Uplevel Your Biz, we love creating both courses and memberships. To dive into those more in-depth digital products, you’ll need to enjoy teaching and know a lot about one topic that is within your zone of genius.
This is not our favorite way to make passive income, but if you get a substantial amount of traffic, then ads might be a good fit for you.
You’ll use something like Google AdSense to populate ads on your website and receive a small amount per click or impression of those advertisements.
How do I decide what form of passive income is best for me?
This is really going to depend on whether you want to spend time creating a new product or if you’d rather just make some side cash recommending the products and services that you love. We recommend having as many income streams as possible so we recommend trying them all out and seeing which ones that you enjoy.