A lot of hard work, dedication, and persistence goes into building a business from the ground-up. Although it’s true that you will continue to work hard as your business grows, you probably dream of a day when you can slow down without having to worry about your company going under.
Your dreams of taking a little time off in the future, without worrying about your business, can come true if you look for ways to generate money for your business using passive income.
Create an App
Most businesses have an app, but is yours providing your business with revenue? Many businesses create an app that’s useful to customers and clients, but it doesn’t really do anything for the company.
Why not create a useful app that provides you with additional income?
Monetize an app for your business by creating an app that costs money to purchase, or offer a free app with in-app purchases. Other ways you can make money with your app include advertisements and subscriptions.
Although it’s a good idea to update your app from time to time, most of the work goes in upfront, which means you can make money with very little work once the app is established.
Start an Online Store with Drop Shipping
An online store is a great way to expand your business. It’s also a good idea if your business sells products. However, dealing with inventory and shipping takes a lot of work. If you’re looking for a passive income idea, this probably isn’t the option for you.
Instead, consider starting an online store with drop shipping. You can offer related products on your current website, or you can create a separate side business to fund your primary business. It’s so easy because you can offer products that other companies fulfill and ship. You just pass along the order information.
Write an eBook
Writing a book is a great way to create a passive stream of income. It’s an especially good strategy for businesses that want to position themselves as an expert in a certain industry. The trouble is, getting a traditional book published can be difficult and time consuming. Not to mention, many readers prefer eBooks to traditional books.
Instead, consider writing an eBook. They are much easier, and more affordable, to publish. You can make the process even easier if you don’t publish your eBook professionally. Simply publish an eBook for download on your website for just a few dollars. Then, all you have to do is sit back and wait for the money to roll in as people who visit your website download your eBook!
Create an Online Course
An eBook is a great way for a business to showcase its expertise, but for businesses that really have a lot to offer their customers and clients, an online course might be a great addition to their passive income strategy.
Gone are the days of having to teach a course face-to-face. Today, you can create an online course, and you can make a lot of money doing it!
You do have to make sure you create a valuable course, which means including a variety of materials like:
In addition to offering the course on your website, you can also offer your course on other eLearning platforms on the internet, greatly increasing exposure, downloads, and income.
Sell Branded Stuff
As a business owner, you already understand the importance of marketing your business. That means marketing your brand. You want to choose a name, logo, colors, and more that communicate the uniqueness of your company, so customers and clients are attracted to your products and services.
There are many ways to do this, but one of the simplest is to sell branded stuff. It’s a great way to get your logo in front of people, which increases your exposure, but you can also communicate your brand’s personality by choosing the stuff you sell wisely. Not to mention, you’ll make a little money!
A few examples include:
- T-shirts and hats are a great idea for every company
- Shot glasses and water bottles are a great way to appeal to college kids
- Towels and hand flags are great for sporting events
The longer your business is open, the easier it should be to make money, but that’s only the case if you put in the time upfront to start some passive streams of income. The ideas on this list will ensure your business has multiple ways of making money, and therefore, multiple ways to keep your doors open.