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7 passive income streams for small business

Are you being keep up at night worry about how you can improve your bottom-line without working more? If so, then creating a passive income stream may be your answer.

What is passive income?

This is income which is created with little to no effort from you. There may be great effort involved in setting up the passive income but when it is set up, you will continue to earn income with little to no effort.

How to decide which passive income stream to follow?

When deciding on which passive income streams to create you need to examine your business. You can do this by creating a mind map. First start with what your core product or service is. Then create four blocks “Products,” “Services,” “Advertising/Affiliate,” and “Other” from your main product or service. Now you need to think creatively about products, services, affiliate programmes or advertising, and other income streams you can create. Remember to focus on one new income stream at a time as you work on increasing your bottom line. Here are seven passive income streams to consider:

1. Create a blog

Not only will a blog help with your rankings on Google but if approached well you can earn from advertising and affiliate programmes. You can sell advertising space on your blog or add Google adsense to your blog.  You can also create blog posts which promote certain products and receive a kickback from an affiliate link should they choose to buy the product.

2. Become a silent partner

This option may have a bit of risk attached to it but if you see a business which has great growth potential you could consider being a silent partner in the company. Many silent partners only need to put up capital but are not involved in the day-to-day running of the business.

3. Develop a mobile app

All you need is a unique idea and app development skills. Though it may take time to develop the app once it is on the app stores you will earn a passive income from everyone who buys your app. You may need to do some maintenance once in a while but you will be making money while you sleep.

4. Create a course

Do you have a knack for teaching? Why not create an online course where you can share your knowledge with fellow entrepreneurs?

5. Sell licenses to your photographs

Are you good at photography? You can create stock images and upload them on to a stock photo website and earn licensing fees when people use them to create content for their brands.

6. Write a book

Are you passionate about small business? Do you have a story inside which you dying to share with the world? Then write it down. You can create a book about your passion and publish it on your site and you could also publish it on Amazon.

7. Create themes for websites

If you are a web developer, you can create themes which people can use to create their own websites.

These are some ideas to help you think about what you can do to create passive income. Many may take some time to start in the beginning but the effort will pay off in the long run.

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