We’re all looking for ways to increase our earnings, but there are only so many hours in a day. As time strapped entrepreneurs, we don’t have a moment to spare.
Enter, passive income. Passive income can be defined as earnings from sources other than your active (work) and your portfolio (investment) income. It’s designed to bring additional income in the back door as you’re out there earning a living, managing your home, and living the good life.
Why add passive income?
The former financial advisor in me urges you to think of the strategies like a diversified investment portfolio. You’ve always got something going. The idea is, even when things slow down, you still have something coming in.
This sort of a multifold model offers potential across a vast landscape of possibility. Combining your current income with secondary sources will help you reach past the ‘time for money’ model as you increase your bottom line and your exposure right along with it. Your earning potential is limited only by your imagination.
The ideas to follow are viable, proven suggestions on how to use capitalize on your creativity and utilize your work to boost your bottom line. Many of these methodologies sell themselves, many with very little time investment from you.
PSST: GRAB OUR FREE WORKBOOK INCLUDING 36 OF OUR FAVORITE AFFILIATE PROGRAMS YOU CAN JOIN TODAY TO START MAKING PASSIVE INCOME.
Rules of the Road
There are a few guidelines to follow when setting up your income streams.
Only recommend programs that:
- are relevant to your marketplace
- you’re familiar with
- you really feel will help enhance people’s experience
- you truly believe in
Ready to get started?
BECOME AN AFFILATE
Becoming an affiliate is an easy way to start earning passive income. You can monetize your website or blog by promoting reputable companies and offerings that you believe will help your right people. Some that I recommend are:
Affilorama is one of the largest affiliate marketing communities and training websites on the internet. They’ve got a wealth of information to help you understand more about how to create some ‘freedom’ income online.
You can also look into some of the big name affiliate networks. They host a variety of companies (also called advertisers or merchants) that you can hand select and promote. Search and choose those who are relevant to your niche and that you’d like to promote. Do a search for some of your favorite companies and if they’re a part of the individual affiliate network, submit an application to become an affiliate. It’s quick and easy. Each company approves or denies applications on their own. Once approved, the affiliate network company will provide a list of link codes for both text links and banners to make sharing a breeze.
- CJ Affiliate
Write An eBook
Contrary to what you may have heard, ePublications are not dead. In fact, they’re still hot sellers for plenty of companies. (Ourselves included!)
eBooks are a fantastic way to help you make money on autopilot as you position yourself as an industry expert and earn high profit margins with a no-risk offering, all with no time or delivery cost to you.
When I was new to being an infopreneur, I found this book extraordinarily helpful:
How To Write and Sell Simple Information For Fun and Profit by Bob Bly
Resell Other People’s Offerings
No time to create your own digital guides? No problem. You can still make a quick buck promoting ebooks and courses you’ve found helpful along your own path. Lots of individual companies offer affiliate programs that pay handsomely in return for sales made using your unique referral link. This is similar to those within an affiliate network, but these companies run their affiliate programs independently and not through a third party.
Simply find a provider, product, program, or service you love and Google the name along with the word ‘affiliate program’. If they offer one, it’s likely to show up there. If not, you can check their website and look for words like ‘partner’ or ‘affiliate’ program. Or, just email them and ask.
You can check out ours, here. We’d love to have you on board!
Check out Ultimate Bundles, too. You’ll make a generous 40% commission on every bundle you sell. This is one of our most lucrative programs. I highly recommend it.
Create and Offer Your Own Affiliate Program
Got existing offerings you’d like to promote? There are plenty of sites to help you create your own affiliate program. The increased exposure you’ll gain by having an army of brand evangelists out there promoting your items for sale will probably shock you.
You can easily set up a professional looking affiliate program of your own right from your own WordPress website with plugins like Affiliate Royale.
See? Super simple.
Some people feel that they’re giving money away by paying someone else to sell their products and services. But the fact is, that you likely wouldn’t have had the sale in the first place if not for the recommendation. Product sellers will wholesale wares and pay a percentage to a retailer. Same concept. Consider it a form of very targeted advertising.
We use Payhip to sell all our digital products because it’s quick, easy, and it does all of our VAT Tax reporting for us with no monthly fee.
Become an Amazon Affiliate
You’ll receive a percentage of everything that someone purchases during the visit in which they arrived via your link, even if it isn’t what they clicked over for in the first place.
Turn Your WordPress Site Into a Membership Site
Monetize your platform by turning your site into a paid membership community. This option is best for those who have a strong following, lots of products or information to offer, and who have had membership community experience- whether as an owner or a member.
WishList Member™ is a powerful, yet easy to use plugin turns any WordPress site into a full-blown membership site. Just unzip and upload the plugin, and within minutes you’ll have your own membership site up and running allowing you to protect members-only content, integrate payment solutions, and manage your members.
MONETIZE YOUR WEBSITE AND BLOG
Pay Per Click
The Business Dictionary defines Pay Per Click Advertising as: a cost model implemented by search engines or other websites to charge advertisers for each time a user clicks a specific link. When a user clicks a link, the click is registered in a system and a pre-determined charge is assessed. Many websites that have advertising opportunities have implemented the program to charge their advertisers. One of the most popular pay per click programs is run by Google and is called AdWords.
Share Your Spotlight
You can also monetize your blog with sponsored posts and dedicated emails. A sponsored post is An advertorial blog post with your link as well as a closing disclosure and attribution. This is a great ‘evergreen’ option.
A dedicated email is an email sent to your newsletter subscribers tactfully promoting someone’s product or service..
To start, create an advertising page to send people to. Next, develop a media kit that details who you are and why someone would want to advertise with you. [I believe it should contain current pricing, though not everyone is in agreement with that philosophy. Do what feels right for you.] Have a peek at our advertising media kit to see how we did this.
Sell Blog Ads
You can also sell direct advertisements on the sidebar of your blog. If you look to the right you’ll see our ads along with some empty ad spaces. If you click them you’ll get the parameters and pricing for those available slots. I’ll admit that the prospect of selling advertising was daunting at first. But I found an amazing plugin that does it all for us in OiO Ad Manager. It’s super simple to use and I couldn’t recommend it more highly.
I created Peripheral Vision, a digital guide fully dedicated to passive income streams and detailed how-tos (with resources and inks) right here. If you get it and love it, you can resell it as a Mogul Mom affiliate and earn 30%+ for every copy sold.
For further support, I recommend the following resources:
This article we posted a few years ago (recently updated) has lots of tips.
The Power MOB- The Mogul Mom’s very own private community Click to Join
This Forbes article on How Pat Flynn Made His First $3 Million In Passive Income
You can join his Smart Passive Income Community on Facebook, here
A final note:
The FTC requires you let people know you’re an affiliate for a particular program, so don’t forget a disclaimer. You can find ours at the top of this blog post and every other one. Here’s another one we use from time to time:
*This post contains affiliate links. While the information on our site is 100% free to you, it takes us a minimum of 20-30+ hours per week to create. By clicking the links we will earn a small commission on your sale, at absolutely no extra cost to you. These affiliate commissions help to offset the cost of keeping the site up and running by helping to pay for hosting and other fees. We appreciate your support in keeping The Mogul Mom free to everyone.
REMEMBER: GRAB OUR FREE WORKBOOK INCLUDING 36 OF OUR FAVORITE AFFILIATE PROGRAMS YOU CAN JOIN TODAY TO START MAKING PASSIVE INCOME.
There are literally countless other ways to earn passive income through multiple streams of income. This list was designed to get you motivated and started with some that I, myself, or my clients have had success with.
What methods are you employing to bring in passive income? Let us know in the comments.Brand Therapist™ + Copywriter at Melissa BoltonMelissa is a Brand Therapist®providing neurobranding and conversion copywriting services to solopreneurs and micro-business owners looking to truly connect with their right people. Leaning on proven psychology principles, she helps clients create a brand presence that's not only explicitly unique, but highly memorable. She offers 25 years of extensive sales and marketing experience through her proprietary brand therapy methodologies. You can learn more about her and how she can help you grown your own brand, right here: MelissaBolton.com
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