The phrase “passive income” has been so overused that it may provoke somewhat negative feelings. You’ve probably seen Facebook ads portraying the “laptop” lifestyle from entrepreneurs trying to sell you on one of their programs. You see what they’re offering and understand that the way they travel and make an income is through people buying their course.
Just like any industry, there is good and not so good. The good part of passive income is that it can lead to multiple streams of revenue. Entrepreneurs understand more income sources means a more stable business and more room to grow. Implementing passive income strategies creates exciting possibilities and opportunities. Passive income sources allow me to have freedom and financial security in my life and business. I can spend my time traveling or writing, knowing that I’m stilling making income.
Here are three ways to create passive income and multiple revenue streams.
1. Generate income online and offline.
When it comes to passive income and generating revenue, most entrepreneurs think about the Internet and social media. With billions of daily users, it makes sense. You can reach a large and captive audience without as much marketing muscle as you would have used in the past. You can:
- Create content on a blog or your website.
- You can start a podcast that reaches the millions of iTunes users.
- You can do Facebook or Periscope live videos that get seen and shared.
- You can pay for ads on social media and Google. They’re very effective.
There are also ways to generate income offline. This helps to diversify your income. You can:
- Book paid speaking gigs on your topic.
- Book consulting gigs at companies and corporations.
- Take on large done-for-you projects.
There are many ways to generate income in both worlds and each of these helps creates revenue that’s not too dependent on any one thing.