Creating a scalable business model where your workload remains the same as your income increases is the key to making bank.
Here are a few of our favorite ways at Shoeboxed to increase passive income stream:
As long as you’re paying your contractors or employees slightly less than what you make per hour, you’re making passive income.
Let’s say a client hires you at a rate of $60/hour. You can then outsource the work to a talented contractor for $40/hour and keep the difference without doing the work.
Make sure to account for the time you’ll have to spend verifying that the work has been done correctly. It may be worth it to pay a highly skilled contractor more money because of the time it will save you from correcting mistakes and making revisions.
Create a membership website
Membership websites are stellar for making passive income! The most lucrative are the kind that don’t require additional work on your part as the site’s membership grows.
For instance, creating a membership website that provides users with resources and information is a great way to make passive income. Once you’ve created high quality content, half of your work is done!
You only have to write an eBook or white paper one time, but new users can download the content again and again, creating a steady stream of revenue for you without the sweat.
Make sure to consistently create fresh content for repeat users as well. The best part about a membership site is that a few hours of work done by you can be enjoyed (and purchased) by a limitless number of customers!
Like membership sites, webinars can be created with a limited amount of effort on your part while providing exponential returns.
Once a webinar is produced, it can be accessed again and again by your growing user base. Each time someone pays to access a webinar you’ve already made, you’re making passive income.
You can also incorporate live and recorded elements into your webinar. While new users enjoy the fresh-to-them content that’s broadcast during the pre-recorded webinar, returning users can get their money’s worth with a live session implemented at the end of each webinar.
Instead of reinventing the wheel every time you want to do a webinar, simply hop on at the end of the pre-recorded call to answer questions and update users on your industry’s latest and greatest happenings.
Your workload is still reduced while ensuring that your users are getting new content and live access to your expertise.
What is your #1 tip for making passive income?
photo credit: www.cashflowventures.org