Many thanks to Jared Goetz, who first put these ideas up on the “Influencive” website. By the way, Jared is worth listening to, if you consider that he built up a Shopify E-Commerce website that now brings in more than $10 million in sales per year. So, onto his advice.
The idea is to create passive income streams using the same expertise you already have because of the business you are in. For example, a woman I know is an expert, high-level accountant. But rather than just working as an accountant, she developed an online training course for other accountants. Once the course was up and running, she no longer had to do any work to maintain it. It just brings in money when new people sign up.
This is an example of Jared’s advice to use your existing knowledge to help others. In his own case, he created really simple videos that walk other people through the process of selling things online, which is what he is a pro at. The training product you offer does NOT have to be fancy. I know of another woman who became an expert at getting people to contribute to Go-FUnd-Me campaigns. So she created a series of Word and Excel documents people could use to set up their campaigns and she made great side money with these simple forms.
OK, more of Jared’s advice: Approach companies related to your own about doing affiliate links. The example he gave is of a successful real estate agent. Often agents post a list of trusted home improvement contractors on their websites. But, instead, why not approach those contractors and ask if they will pay a modest referral fee any time people click through that link and end up hiring the contractor? Win-win.
Finally, Jared asks: have you created software for your business that others could use? He created a simple program that helps web-businesses find products that are trending and then jump in and sell them on their sites. He now sells this software. Similarily, when my dad’s large architectural firm developed computer aided design software for its own use, it also sold that software to other design firms. Architecture was still, by far, the main business, but they made a nice little side income from the software.
The key to any of these ideas is to make sure your additional revenue stream is fairly quick and easy to set up, so it doesn’t take away from the main event.
Tips on how to make more money with your current business: