Diversifying the Passive Income Streams
A lot of passive income suggestions point toward creating and selling a product, affiliate marketing (to earn commissions), or selling items via e-commerce.
The reason for this repetition is that these avenues are quite successful and easy to get into.
Yet, how do you streamline and scale these efforts?
What can you do to maximize your most precious investment â€“ time â€“ so that the efforts truly are passive in nature?
Top-Down: The Ultimate Approach
I want to start this out by talking about the â€śtop-downâ€ť approach.
Itâ€™s rather simple.
1.Â Create an online video
2.Â Transcribe audio into text for a blog post
3.Â Rip audio for podcasts
4.Â Screenshot for shareable images
Through this method, you are creating new, marketable assets â€“ all of which can promote a product or service when paired with your business offerings or affiliate marketing.
Each of these pieces whether itâ€™s the text ripped and turned into a Kindle ebook or a sponsored podcast becomes a passive income source. The opportunities are limitless because you have access to creating multiple assets.
Start from the top and use online services to pull out the â€śmeatâ€ť and youâ€™ll save yourself several hours of frustration versus starting with text and working up.
This both streamlines and maximizes your use of time.
With that in mindâ€¦
Tech-Hustles: Leveraging the Downtime
You will find downtime between these moments of asset creation.
While youâ€™re creating content for streams like YouTube, blogging, and info products you could allow your computer make money on the side.
Perhaps youâ€™d like to get into Bitcoin or Ethereum.
This will give you access to powerful computers to mine the blockchains and receive regular payouts without the high costs associated with setting up a dedicated mining operation at home.
Or maybe youâ€™ll get into flipping.
Browsing the local thrift shops, picking up items on clearance, or snagging great deals online to later flip for a profit is something I highly recommend.
Iâ€™d consider it part of the â€śdowntimeâ€ť because you can find many of these flippable products while youâ€™re doing a normal routine.
Check the pricing of these items on eBay, snag them up, list them, and sit back while the auctions are going. Easy.
But, thereâ€™s also a referral circuit.
Youâ€™ve got family and they shop online. Why not make their activity part of your passive income stream by creating a family FB page (or chat) and informing all to click through your affiliate links prior to buying items?
You could add value by helping them find better deals â€“ win/win.
I encourage you to look at your daily routine and find the money-making opportunities.
Much of whatâ€™s done to earn a passive income is simply porting a real-world exercise to the Web. Find a way to make it convenient for others and youâ€™ll earn a kickback.
Streamlining Through Process and Outsourcing
Passive income is quite easy once you create a template.
A template will allow you to focus on the most important activity: niche/product selection.
This template would include:
A.Â Website theme and layout
B.Â Content schedule
C.Â Social media automation
Outsourcing the development of the site, content, and community-building will allow you to focus on multiple projects at a time.
It will allow the projects to mature while new ones come to fruition. This, in turn, lets you reassess your efforts and scale those showing a significant ROI.
Itâ€™s similar to the tech-related opportunities, too:
A.Â Develop a system to learn an emerging tech
B.Â Learn the tools
C.Â Run the programs/apps
Most of this â€śmuck workâ€ť can be done through outsourcing (do a search for the platforms) else you can use VPNâ€™s to stronger machines or cloud computing to complete the tech-related tasks (such as mining).
The Growth Potential
Iâ€™d recommend taking notes of every activity you do when creating these income streams. This way youâ€™re able to find faults in the design and increase productivity.
It will also allow you to hand this document off to a third-party via outsourcing â€“ making it easier with the communication.
Then, keep on the cutting edge of new developments (and niches), apply what you know, hand it off to a third-party, and keep developing those streams. It all scales.
- 11 Reasons To Start Affiliate Marketing