3 Ways To Create Passive Income In Your Business Today

As a Business Coach, my clients often tell me that their biggest problem is leads & sales.  And while this is often very true, when you get down to the nitty gritty of it, they don’t necessarily want more clients... They want more sales.  More moolah.  More cash.  And in fact, what they actually need is more PASSIVE income.

As any business owner knows, making more money usually means ending up launching a product or service - whether it’s one that's sold before or spending time creating a brand new offer.

The problem here is that this takes up valuable time!  Days or weeks working on a new offer for an existing product, editing the sales page, writing emails, creating social media content around the topic to create awareness of the problem that your product solves and of course, having a time-consuming launch.

What I want to give you today are 3 ways you can make more passive income in your business - without having to spend a single minute creating a new product or re-launching an existing offer!

A good business coach can look into your business and see what you don’t.  They see the holes that need filling, the ways you can improve your business to make more money and save you precious time too!

I love finding these hidden ‘money makers’ for my clients and helping them to create an online business that works successfully now and will continue to work for them in the future.

For any business owner with an online presence (and EVERY business should be online!) There are many passive ways to build income streams into your business that don’t take up much of your time or energy.  This means you get to focus on growing your audience with ideal clients and focusing on those clients you already have!

Let me ask you a quick question…

How many types of passive income do you have in your business right now?

3 Ways To Create Passive Income In Your Business Today

Passive Income Idea #1:  Affiliate Marketing

Affiliate Marketing is a simple way to make money online by recommending products or services to your audience.  It’s like telling your friend or neighbour about the great pizza place where you just ate dinner. 

Affiliate marketing is great because every time someone purchases via a special link you give them, you get paid!

And that’s all you have to do!

The person who you are an affiliate for is the one who delivers the product and does all the work for the client from that point on.

Here are a few ways you can promote your affiliate links:

Write a blog post reviewing the product or service

  • Do a live video review
  • Create a ‘Tips & Tools’ page on your website listing your recommendations
  • Add your affiliate links to your eBooks, Cheat Sheets or any Lead Magnets you have

There are many other ways you can promote affiliate products, and the best thing is that the product owner will usually give you all the marketing materials, copy & graphics that you need!

Just make sure you are only recommending tools, services or products that you truly love and have used yourself to be authentic and yield trust with your audience.

Passive Income Idea #2:  Add An Upsell

Creating a no-brainer upsell on your checkout page is another hugely overlooked place where you can bring in extra money with very little time or effort needed on your part. 

An upsell is a way to boost a sale that you are already making while the person is in the process of paying for their product or service.  It’s usually an upgrade of some description that fits perfectly with the current product being purchased.

Here are a couple of upsell ideas for you:

  • The Upgrade - this is a version of the original product / service that is bigger, better, more inclusive etc
  • The Quick Fix - this is a separate product that makes things easier and quicker for the purchaser.  Templates are a great example of this and work really well as an upsell.

What offers do you already sell that you can add an upsell to?

For your more expensive offers, add a more expensive upsell, like a trial period in your membership site.  For lower cost offers (under £100) add a low cost upsell.  I recommend keeping it under half the price of the main product.  

Note: this is different from a ‘downsell’ which you would use if they rejected your initial offer.

The important thing to remember is to choose relevant upsells that will benefit your clients and customers and that makes sense to pair with the original product purchase. 

Passive Income Idea #3: Sell With Your Freebies

Freebies (aka Lead Magnets) are a great way to attract your ideal clients and grow your social media following, email list and even your Facebook group.  

But there is one massive mistake that entrepreneurs make here: They don’t use them to sell their products & services!

Once your new subscriber has your lead magnet - whether it's an eBook, PDF, Checklist, Video or Mini Course - what are their next steps?

What do you want them to do after they’ve finished reading or watching it?

From a business point of view, you obviously want them to go from being a lead, to a client, right?

And to make that happen, you have to offer them something!  Be sure to tell them what to do next and link to the product or service that is the next logical step for them to take.

In any online business, creating a passive income in key to having a healthy work-life balance and to building a business that works for you both now and in the future.

It’s also super important to be as efficient as possible in the processes and systems inside your business.  

If you’d like me to look at your business to see where you can make more money, create more passive income, save you time and build a streamlined, profitable, sustainable business, click here to set up your FREE 1:1 Discovery Call!

Recommended reading next: 3 Cash-Pumping Campaigns to Boost Your Authority & Sales

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