If there were a way to build wealth while sleeping, wouldn't you want in? Passive income, although not-so-passive on the front end, can become a way to provide you and your business with added income, without needing to add more hours to your workload. Whether you're a self-employed business owner, or simply interested in a little 'passive income side hustle', here are a few ways to get started today.
Sell Prints or Artwork
If you're in the creative business, this will be one of the easiest, fastest ways to start bringing in passive income. If you're a photographer, you may want to consider creating a "Print Store" in your currently gallery hosting system (make sure you make that public so anyone can access). If you're looking for a great gallery hosting system that can be specific to this fine art print selling approach, check out Pic-Time's Art Galleries.* These can be great for anyone selling prints (photographer or artist).
* Use the Pic-Time Code W3E77B to get an extra FREE month of Pic-Time when you sign up.
Set Up a High-Yield Savings Account
One of the easiest ways to ensure your money is working for you is to set up a high-yield savings account.
If you're looking for an easy-access bank that offers high-yield savings accounts, I recommend using Chime to get started. And you'll get $100 added to your account if you deposit $200 or more in the first 45 days of enrollment when using my referral link to sign up.
Niche Content: Educational or Template
You don't have to be an expert at everything to make educational content (I wish someone had told me that years ago). Find one or two topics that you consider yourself an expert in, and create educational content about those topics. A few examples would be;
- How to Photoshop Blemishes as a Wedding Photographer.
- How to Create Content that People Will Read.
- Templates for Specific Web Pages/Sales Pages.
- How to Increase Your Sales Using Album Sales.
- ...the list goes on!
This one may be a bit slower than the rest, but it's just as (if not more) important. I don't claim to be any expert in stocks and investments, however I have a couple great suggestions that have worked well for me (without much hassle).
If you're looking to invest today, I highly recommend using M1 Investment. Investing into a personal account, Roth IRA, or Traditional IRA is great way to being letting your money work for you. If you're looking for a place to begin, here is the Traditional IRA stock list that I have been using for the last year. And bonus - when signing up with that link, you'll earn $50 to being investing right away!
Learn More, Earn More
I have to contribute much of my success in building profitable businesses to a few books I've been reading over the past couple of years. Want to grab those for yourself?
You Are a Badass At Making Money (a favorite of mine)
Profit First (Essential Read)