Income Streams At-A-Glance Definitions:
Active Income: Income earned that you are actively involved in (i.e. one-on-one delivery of services, such as therapy sessions)
Leveraged Income: Income earned from working with multiple people or groups at a time (i.e. facilitating a workshop or group therapy)
Passive Income: Income earned from any person, place or thing that brings money into your business without you being present (i.e. book royalties or website product sales)
Passive income is the best way to generate income with the least amount of long-term effort.
Here are 3 ways you can create passive income streams for your business:
1. Publish a book/e-book on Amazon:
The process of publishing a book or e-book on Amazon is simple and there are many how-to resources to walk you through how to publish a book or e-book.
For more information, visit: https://kdp.amazon.com
2. Create a Website Store
There are a variety of website platforms you can use to create a simple yet professional website for your business and/or online store. While this list is not all-inclusive, it is a good start as you begin to find what will work best for your individual business and goals.
- SquareSpace: (www.squarespace.com) Create a professional and mobile friendly website and store for physical and digital products (like e-books)
- PayPal: (www.paypal.com) Accept PayPal payments from your online customers
- Stripe: (www.stripe.com) Accept credit card payments from your online customers – integrates easily with SquareSpace
3. Become an Amazon Affiliate
Becoming an Amazon Affiliate is an easy way to create passive income by linking to products sold on Amazon. Make sure that you have a disclaimer on your website that discusses this. A note on affiliate advertising: Always operate within legal and ethical boundaries. We do not take advantage of therapy or coaching clients simply because we are an affiliate of a product. Disclose this always.
For more information, visit: https://affiliate-program.amazon.com
Over to you... What do you think about Passive Income Streams?