Earning passive income is something many people would like to do. As this blog has pointed out before, it’s also something just about anyone can do. Due to the Internet, there are more potential passive income streams than ever before. You simply need to find the right one that aligns with your goals and talents.
That said, it’s even easier to earn a passive income if you already have your own business. Whether it’s a full-time venture or a side gig, there are plenty of ways that you can leverage your business to generate additional revenue without much work. The following examples illustrate how to do so.
Offer Premium Content
Running a business is all about providing value to your clients. Thus, as a business owner, you could create pieces of content that provide additional value.
Perhaps you have your own small web-design business. Your clients need a strong website to ensure that their customers find their businesses online. That means there’s a good chance that you know how to put together a website that delivers results.
You might use this knowledge to self-publish a book or an online course on the subject. While creating this will take time (most “passive income” strategies require that you put in some effort at first), once the content exists, you can sell it to your existing customers via the Internet.
Those who are already pleased with the quality of your work may be happy to purchase it. Additionally, people who are not customers of yours, but who have an interest in the subject, might also purchase it. Targeting your existing customers first simply makes it easier to generate initial sales.
That’s one of the key reasons why earning a passive income can be somewhat easier for business owners. You already have a customer base. Thus, you don’t have to do as much work to get the word out about any premium content that you’re offering.
This approach can be adapted to suit virtually any type of business. Graphic design is just one example. No matter what your niche is, if you run a successful business, the odds are good that you know enough about it to create valuable content.
Monetize a Blog, Podcast, or Video Channel
As a business owner, you should already be prioritizing content marketing. Sharing relevant content online is key to establishing yourself as an authority. To return to the previous example, a graphic designer who maintains a blog, podcast, or YouTube channel offering valuable graphic design tips will come across as more of an expert than someone who doesn’t produce the same degree of high-quality content.
Fortunately, the content that you post can do more than simply attract customers. It could also generate a little extra revenue. This is more likely to happen if you make a point of sharing the best possible content that you can.
For instance, if your business blog consistently provides readers with useful information, then you may attract a following. You could therefore monetize the blog with ads. While its primary purpose will be to help you attract clients, it can also help to boost your profits on its own.
Selling the Rights to Your Business
There may come a time in every business owner’s life when they’re ready to move on. Maybe they want to try their hand at another venture, or maybe they’re simply ready to retire.
If this happens and your business is successful enough, you can earn passive income from it by licensing the rights to it. Someone may be willing to buy your business from you instead of going about the hard work of starting one on their own. Since you’ve already cultivated a positive reputation, they want to leverage your business’ reputation to their own advantage.
This is also an option to consider if you don’t necessarily feel like stepping away from your business entirely. Perhaps you’re ready to cut down on your workload, but would still like to have a role in running the business to some degree. In these instances, you can find a partner and sell them a portion of the business, while keeping ownership of part of it. Again, they may come aboard enthusiastically if they know that your business already has a strong customer base. Between the initial agreement and any earnings that you make going forward, you’ll continue to earn money from your business, while devoting significantly less time to it. Many people who have successfully earned a consistent passive income do so by starting businesses and eventually passing off most of the work to others.
These are all options to consider if you’re a business owner who is eager to make a little extra money on the side. Again, while everyone can earn a passive income, the barriers to growth are much lower when you already have a business of your own.