Earning passive income is a common goal, especially for employees who want to earn more while still working under a sole employer. Soon-to-be retirees who want to secure a comfortable life may also look for ways to earn passive income while they’re still employed and earning passive income can also be a lifeline during challenging times.
While it’s easy to think you can just sit back and relax while money is coming in, there’s a level of dedication and a lot of work required to obtain extra income. But what about the self-employed, and those who are running their own business? Is it possible for businesses to earn passive income? Here, we cover different ways business owners can open more revenue streams and keep the money flowing in as they run their businesses.
Write an e-book
When you’re running a business there are many ways to market and sell your products. Look for methods that your customers can find value in, alongside what you’re already offering, thus opening the opportunity to increase profit. One viable strategy is writing and publishing an e-book relevant to your business’ products and services. You can create e-books that help educate your audience on topics such as online marketing, or other business topics where you display a level of expertise.
Create an online course
If you have other technical skills you want share with your audience, you can create an online course that help generate passive income. Whether that’s sharing your web development skills, or teaching others about SEO best practices, you can turn these topics into engaging educational courses that your audience is willing to pay for.
Start a podcast
Running a business involves specialised knowledge or a skillset in some area, and podcasts are a great way to capitalise on your knowledge. When you start a podcast, it gives your business an opportunity to make generate revenue off sponsorships and advertisements. It’s also a great way to increase brand awareness and help generate more interest from your audience.
Develop a mobile app
While it takes a fair amount of effort and investment to create a mobile app, you can earn increased profits through a niche app that helps your customers solve a problem. With a smartphone app, you can easily fill a need that may not have been properly covered.
Turn to YouTube
YouTube can help your business generate a large stream of passive income through views and subscribers via advertisers. Your business can create videos that educate and entertain while earning from them. However, keep in mind that it will take a lot of work to garner the millions of views needed to earn real income from YouTube.
You can easily earn extra income with affiliate marketing. If you’re a website owner or a blogger, all you need to do is to promote a third-party product by linking the products on your website or social media accounts. When a visitor clicks on the link and makes a purchase from the third-party affiliate, you as the site owner earn a commission.
Sell excess stock to a digital platform
There are a variety of platforms which can help you sell your goods and turn slow-moving stock into extra sales. Bartercard is a huge networking platform that requires little to no maintenance to get your products up and running. All you need to do is to sign up to become a member and then you can trade your goods with thousands of other members around the world using a cashless system. This means you conserve more cash for your business while maximising your business’ earning potential!
Join Bartercard today!
There’s no single method for generating passive income streams, it all depends on your business’ financial goals. By joining Bartercard, we can help increase your business’ earning potential by introducing your products to our global business-to-business network. As a member, you also have the chance to earn referral income when you help us grow our Bartercard community. Want to learn more? Contact us today!