You’re always looking for ways to make the most of your time as a mom and entrepreneur. Either one of these jobs is intense by itself. Babies and clients both have needs around the clock, sometimes outside of normal business hours or after bedtime. Busy women who are raising a family and founding a business simply need more hours in the day. That’s where passive income enters the picture. Passive or residual income streams are ways you can make money without ongoing work or investment. With the right product, you can make money from your passive products while you sleep. Learn more about passive income and explore some of MompreneurHQ’s best residual income ideas.
What Is Passive Income?
Passive income is money you make from selling products that don’t need to be printed, produced, shipped, or delivered. Digital products are the best options for generating passive income. Virtual goods are easy and inexpensive to make available to customers.
Customers buy your digital product, then immediately download and start using your work. You don’t need an elaborate website if your brand is just getting started. You can start generating passive income with links through Facebook, Instagram, Pinterest, and other social media platforms.
This streamlined shopping experience benefits both you and your customers. On the business side of things, passive products are easy to manage. You don’t need to store digital products, package them, label them, or mail them. Unlike physical products, you don’t also need to worry about shipping logistics. If your client can download a link, they can immediately access their purchase!
What Are Other Kinds Of Income?
Passive income streams focus on digital products that don’t require any work after listing. There are also other income streams to explore. We recommend diversifying your income streams as soon as you can with multiple projects, products, services, and brands.
You have a product-based business if you sell physical items to your customers. People have run product-based businesses like farms and stores for thousands of years, so this revenue type is usually easy for non-entrepreneurs to understand.
Product-based income requires some heavy risk and investment on your part. You’re responsible for sourcing the inventory in the first place, storing it, and eventually shipping it to customers.
Service-based companies require personal involvement in your client’s purchases. Coaching, consulting, graphic design, and similar offerings are all service-based. Most entrepreneurs start their companies by providing all services themselves. You may add employees to handle a growing client load as your business scales.
Service-based businesses put limits on your income. There are only so many hours in a week, so you can only provide a set number of services at any given time.
Where To Sell Products For Passive Income
Since passive products are digital files, you can explore many different selling options. Standard e-commerce sites make the sales process easy. You can also set up a brand website to sell your downloads. However, passive income gives you a fun opportunity to try non-traditional markets like social media.
Here are some of our favorite markets for earning passive income:
Next, let’s explore some of the best ways to generate passive income online.
eBooks are digital documents that your clients can purchase, download, and read on their own time. The name “eBook” might sound ambitious, but it’s easy to produce eBooks for passive marketing. Choose a topic you’re skilled or passionate about. Then write a short document to share your knowledge. eBooks shouldn’t be too long: between 1,000 and 2,000 words is ideal.
With useful information, a clean visual layout, and strategic SEO, you can start making money from eBook sales in as little as 24 hours. eBooks are a great way to position yourself as an expert and find new clients for your brand. If you like writing, you can also use eBooks to market your services and potentially move into ghostwriting.
Online courses are another way to make money while sharing your knowledge. People love online courses because these resources let them learn at their own pace. You can explore many different course formats as well. Media-savvy mompreneurs might jump directly into video courses. However, you can also build an engaged community with PDF and other text-based courses.
Our Mompreneur Secret To Finding Work-Life Balance is one of our favorite online course examples. We built this course after receiving countless questions from women who needed more balance in their lives. We encourage you to take this course as an inspiration to publish one of your own!
Membership sites are a long-term strategy to build recurring passive income. Once you’ve published a useful library of eBooks and online courses, consider expanding your offerings with a members-only site. These sites offer your expert-level knowledge, insights, and mentorship for a monthly fee. Users can keep learning through their membership, and you can enjoy a predictable stream of income.
Digital creators need a constant stream of stock audio, video, photos, and other assets. Stock image banks are libraries of different media that can be licensed for different purposes. Licensing assets helps people avoid copyright claims and DMCA notices for using someone else’s intellectual property online.
You can create and sell almost any type of media through stock sites. Creators pay for stock photos, videos, audio clips, graphics, and more. Some stock sites offer upfront payment while others pay you any time someone downloads your asset. If you’re always taking landscape pictures, doodling, or humming to yourself, selling stock assets is a great way to earn more money.
Our last suggestion for earning passive income is through domain flipping. Have you ever tried to check a URL for your latest great idea, only to find that the web address was parked by someone else? It’s frustrating because the URL isn’t being used for a site: it’s simply claimed by someone else. You may have noticed that the address was up for sale, if you were willing to buy it. This is domain flipping.
Domain flippers buy domains they think will be in demand, then sell them to people who want the site. Buying domains is a risk. You need to spend money to reserve the address upfront and there’s no guarantee that anyone will buy your URL. However, this gamble can pay off. Depending on how fast a name trends, domains can sell for up to $25,000.
Get Started With Passive Income
Build passive income opportunities to get more revenue, freedom, and time in your life. Depending on your skills and interests, there are many different passive income opportunities to explore. Check out our free online resources to learn more. When you’re ready to take your business to the next step, Mompreneur HQ is here to help! Visit me at www.themompreneurhq.com/clarity-call to chat about your company’s future and how you can keep growing.