There’s no doubt about it … having a passive income is a great idea. Having multiple streams of passive income is even better!
Passive income is basically income that you generate without doing much for it on an on-going basis. For example, if you promote a product that gives you recurring commissions, you put a little effort into this initially, in promoting the product and making a sale. But then you sit back and relax while the on-going monthly commissions continue to flow in. That’s it in a very simple form.
Depending on the income stream, there is usually some on-going effort required. The main thing here though is that the income doesn’t rely on you working x amount of time in exchange for an hourly rate.
In fact, often the work you put in during those early days will be for $0 return at first, quite possibly requiring you to invest some money to get started. I know, that’s not sounding very exciting so far, but we’re getting to the good part. When done correctly, the pay-off will be that you then put less in over time but the profit can continue well into the future.
Now, the better option is to have multiple streams of passive income. This is where you’re earning an on-going passive income, but from multiple different sources.
The reason passive income is so good pretty much goes without saying. But the point is that if you can focus on setting up a few sources of income in this way, it allows you to earn more without working more every single week.
By growing this type of income from different sources, it offers you added protection should one of those income streams suddenly stop. For example, if you’re earning an affiliate commission from a membership site and that membership site closes.
You’ve heard the saying “Don’t put all your eggs in one basket”, right?
Okay, so it’s pretty obvious that having multiple streams of income – passively – is the way to go. But how do you develop these?
Here’s a list of just some forms of passive income:
That’s just the beginning!
Some of these will take more work to set up than others and some are a lot riskier. But they are all worth considering, depending on your current circumstances, your experience and skills and the amount of money you have available to begin with.
You may want to take some time to learn more about some of these systems and even invest in some training or professional advice too.
Don’t get me wrong – most, if not all, of these suggestions will take some effort to set up and some will take more time and focus to manage long-term.
However for the most part, either these need little on-going management once up and running or it’s not too difficult to appoint someone to manage these for you. Yes, you’ll need to pay someone if you want to outsource the management. But it can be done. Just make sure they’re doing a great job so you’re still making a profit after paying all necessary costs.
Whether you’re looking for some extra long-term income or are looking at multiple streams of income as your sole income, these ideas are all worth considering.
Someone who knows a fair bit about this sort of thing is Matt Taylor. His own income is derived from various sources, with a focus on online business models, and he now teaches others how to start their own online business.
Matt has offered to share with you his free video wherein he explains The 5 BIG Mistakes Most People Make When Starting an Internet Business. So if this is something you’re interested in doing, click the link below to watch Matt’s 10-minute video now. You’ll be glad you did.
Content marketing is a great way to establish yourself as a subject matter expert in your field to current and potential clients. Plus, it’s a very helpful marketing strategy to help you get known as well as to help your site’s search engine rankings. We looked at this in more detail in my recent What Is Content Marketing And Why Should You Do It? article.
You can use content marketing in all manner of ways, such as via articles or blogs on your site, in magazines or via a newsletter. Another suggestion is to create tip or informational videos for sites like YouTube. Of course, all this can be integrated into your social media marketing too.
When you provide this service to people who might be interested in your product or service, you can create loyalty, drive readers to your site, all while increasing awareness of your business. However, while content marketing is an easy and inexpensive way to increase sales, it’s essential to create and share quality content regularly.
One problem that many business owners seem to have trouble with is coming up with fresh ideas for content. This is something that can stump everyone at one time or another, even the most creative of people.
So here are some suggestions for ways to keep a constant stream of new content ideas flowing in:
Commenting on a news article that is relevant to your customers or your industry is a great way to publish fresh content. Even if you simply provide a link to a news story with a note that you thought the article might be of interest to your readers, you can remind your customers of your presence.
In addition to traditional news, industry magazines and websites can offer great content ideas. Not as a way to copy their content – you should NEVER copy others’ content – but as a way to keep up-to-date on what’s happening and get ideas for your own content.
For example, refer to an article you read recently on such-and-such topic on XYZ site, include a link to the original article, and then write about your views on this topic.
This is another great way to come up with content ideas that will help your customers. After all, if people are talking about it, you can write about it.
This might be with employees, colleagues, others in your industry or even just by yourself.
Make the activity fun, perhaps by having it over lunch or dinner. You may find out there are things of interest you didn’t even know about.
One of my clients owns a local retail business. Twice a year they hold a VIP night where they invite their best customers to spend the evening with them, previewing new products in advance and sharing in canapes and a drink or two. They use this time to gather feedback from their customers, including what they’d like to know more about, relevant to that industry.
Another client has a quarterly lunch date with 3 friends who also manage their own businesses. They use this session to brainstorm ideas for their marketing, including content marketing topics.
NOTE: I’m not sure if this is considered a tax deductible expense – it depends on where you’re located and on your personal situation. But it’s worth checking with your accountant.
Personally, I brainstorm ideas at my favourite ‘time out’ location … sitting on a quiet, secluded headland overlooking the ocean and hopefully watching dolphins playing in the waves below.
Don’t just announce advancements … let customers know how these advancements might affect them.
In many businesses, there are topics that come up every season. If this applies to your industry, keep an archive of articles on those seasonal topics.
Each year, bring one out, freshen it up with more current information and publish it again.
Do you get asked questions from your customers, members, subscribers or social media contacts?
If so – and most business owners would do – keep track of these and they can become the foundations of not only good content, but information your customers are opening telling you they want to know more about.
Once you’re in the habit of using content marketing, you’ll find that you regularly keep your ears and eyes open for ideas. As you hear of new items, keep a running list of topics so that you can create an article, blog or video about it.
When creating content, I find it best to “batch” it. That is, write several articles, blog posts or whatever I’m doing all in one go. These can be scheduled to be published on specific dates in the future and frees up your time.
If you’re outsourcing your content creation, ask your writer to write 10 or even 20 blog posts at once. Or you can get a “batch” of videos created. Send your freelancer a list of 10-20 topics and away they go.
I’ll cover more details of how to create and share your content another time, but in the meantime, go ahead and make your list of content ideas.
Do you have any other strategies to help you come up with content ideas? If so, please share them in the Comments section below.
Did you know that content marketing is a very effective part of an overall marketing strategy?
Sadly, many people not only aren’t using this strategy to help grow their business, but don’t even know what it is. Or worse … they spend hard-earned money and time on content marketing but are doing it wrong!
Here’s a run-down on the basics of content marketing, what it is and how it can help you grow your business.
Content marketing is simply the act of providing valuable information to customers and potential customers. You can provide content marketing via your website, publications, social media, pictures, audio, podcasts, webinars and video.
The idea behind content marketing is simple. You provide knowledge and information to people who might be interested in the product or service you provide, without this content being directly sales related.
Content marketing helps to establish you as an authority in your field of expertise, which in turn has many benefits. One major benefit is that it gives people confidence to trust and buy from you. In addition, you make it easy for others to want to share links to your content and recommend you to their contacts. In turn, this may boost your site in the search engine rankings too.
A simple example of content marketing is a plant and seed website that provides articles on their site explaining how to grow vegetables and flowers. If you have questions about how to grow tomatoes, for example, and a website answers those questions and sells tomato plants, you are more likely to buy your tomato plants from that site.
That’s a very basic, straight-forward example, but there’s so much more you can do too.
Good content marketing is not an advertisement for people to buy your products. It is separate from advertising or sales calls to action you might create. Rather, it is helpful information that would appeal to a likely customer of yours.
If you have a website, content marketing is easy to start. Creating a blog on your website or a section for “how to” articles or tips is a great way to begin. If you don’t have a website, creating a customer newsletter is another way to begin. (But you should still get a website up-and-running a.s.a.p.!)
To begin, make a list of ideas of topics that might be of interest to people who use your product or service, whether or not they currently buy from you. If you’re struggling to come up with ideas, begin by thinking of the most common topics you get questions about. (Relevant to your niche, of course).
Then create your content. If you don’t feel comfortable or don’t have time to write the content yourself – or if good writing is simply not your forte – don’t do it yourself. It’s easy to find a professional content writer who can write the content for you. The cost of good content and a great strategy are usually outweighed by the benefits and higher profits you’ll experience.
There are essentially two types of content. The first is “forever” content, meaning that it never gets old or needs to be removed. Those articles on how to grow tomatoes are a good example of forever content. New people will continue to seek out that information. Okay, so they may not last “forever” … but the information within them doesn’t change too much over time.
The second type of content is the type that needs to constantly be “fresh”. This content includes seasonal information and tips as well as articles that might be related to items in the news that are of interest to your target market. Since this content goes stale it must be replaced regularly.
You can choose to use one or both types on your site. Just keep in mind that if you choose to use content that goes stale, it is important to update it regularly. A mix of the two types of content works well for most businesses and is my preferred style.
Once you’ve got your content ready, it’s important for people to know it’s out there. Post links to blogs or articles via social media to drive traffic to your site. Also, make use of keyword rich content to increase your rankings in the search engines. Announce your blog or articles via any correspondence with current customers or advertisements.
Next, encourage your customers, subscribers, social media contacts, colleagues and team members to share links to your content too.
Content marketing allows you to provide valuable information to people who are likely to use products and services. It is also one of the most inexpensive and valuable marketing tools in your toolbox. So if you don’t already use strategy this within your small business, make sure you get onto it soon.