Need income stream ideas for your business?
Adding a passive income stream can supplement your regular income and help your company scale. As in all things, it takes some work upfront as well as regular maintenance, but you'll have the workings to get paid around the clock, even when you sleep. So, what kind of passive income should you consider? Here are some ideas that you can start quickly and add another stream of income to your roster.
#1: Add a recommended product to your download page. When customers arrive at your download page, you can offer an additional product that relates to the one they’re purchasing. Another idea is to offer the product after the download page, once they've already purchased.
#2: Add a "Latest Product" to your email signature. Your email subscribers can see your new product at the bottom of your email, and click through to buy.
#3: Offer a product in your follow-up emails. When you follow up with customers who recently made a purchase, offer them a product they might like.
#4: Bundle multiple products. Take a group of products you released before and put them together into a bundle. This is a good way to repurpose old content to create something new.
#5: Create a membership site. Members can pay a monthly fee to share ideas, ask questions, and enjoy exclusive content. If the site is valuable, they'll pay monthly and it takes little maintenance on your part.
#6: Try affiliate marketing. Affiliate marketing is where you advertise the products of others on your website or blog and get a commission. This involves some content writing, but if done well, you'll send customers to the vendor you’re promoting then reap the benefits.
#7: Become a vendor. Rather than selling the products of others, you can create your own products to put on affiliate networks. You can let others do the selling for you for a commission.
#8: Recommend products and resources. Create a page on your website where you recommend tools, resources, and other products. You can offer both free resources here as well as premium tools and products that make you a profit.
#9: Sell space in your newsletter. If you have an email newsletter with a number of engaged subscribers, you can sell space on your newsletter to advertisers. Again, make sure the ads are totally relevant to your audience or it'll turn them off.
#10: Make recommendations inside products. Inside your products, advertise other products or offer discounts. You can also put out free products such as eBooks to lead people to your other paid products.
These are just a few solutions you can use to leverage your current sales funnel and customers, and you’ll gladly make use of automation so that you don't have to do all the work manually. Think of your business and its goals. Which of the above ideas could you implement? It just takes some planning and background work to set up.