Passive Income Ideas To Stop Trading Time For Money

Are you looking to get off the daily grind in your business and stop trading your time for money?

The good news is, you can work smarter not harder by creating passive income streams in your business. 

Whilst you won’t get rich while you sleep, well not yet anyway, it can slowly but surely help you to supplement your usual business income AND in the long run doing these things will help you to grow your business income. 

Some of my best passive income streams in my business have come from some very simple ideas you can put in place very quickly and these have grown into great sources of passive income. 

And over time those income streams have grown year on year. As I’ve said in previous videos, creating passive income does take some work upfront and a degree of ongoing maintenance, but you'll earn twenty-four seven, even when you sleep! 

I’m going to share thirteen tips with you today of simple things you can do to get you started creating passive income in your business.

Before we get started, don’t forget to hit that thumbs up to let me know you’re watching, and subscribe to my page or channel to get notified when I post my new content. OK so let’s get started.

I’m Lor Bradley, a business mentor and I’ve started, grown and scaled global businesses for myself and other entrepreneurs for almost thirty years. I earn eighty percent of my business income passively so, if you want to work with me to build passive income and build consistency into your business and your income then check out my group coaching program below.

OK, let’s get going!

1: Your email signature

You can easily add your latest, your most popular or a discounted offer to your email signature. And this is a really easy one to set up right now, today. Your email subscribers can see your offering at the bottom of your email, and they click through to buy. Easy peasy!

2: Offer a product or service in your follow-up emails. 

When you follow up with customers who have recently made a purchase, then offer them a contrasting or similar product they might like.

3: Get bundling!

Bundle multiple products. Take a selection of products or offerings you’ve previously released and create a brand-new bundle. This is a savvy way to clear older stock, sell less popular things with offerings that sell well or turn older content to create something fresh and new. 

4: Make recommendations inside products or service descriptions. 

Subtly advertise your similar products, offerings or even tempting discounts. You can also link to free products such as eBooks to lead customers to your other paid offerings. 

5: Recommend products and resources. 

Create a page on your website where you recommend software, tools, accessories, resources, and so on. You could offer both free resources here as well as paid for offerings that make you a profit.

6: Create digital coupons to passively increase your sales.

Send these digital coupons for your offerings to customers AFTER they've opted-in to your subscriber list. You can also send digital coupons to your email subscribers every now and again, or for special events!

7: If you have a product that you highly recommend, then add it to your download page.

When customers arrive at your download page, you can offer an additional product that closely relates to the one they’re currently purchasing. Another savvy idea is to offer the product after the download page, once they've already completed the purchase. This is called an upsell. 

8: Sell advertising space in your digital newsletter.

You’ll need a fairly large and engaged subscriber list to take advantage of this but if this is you, you can sell space on your newsletter to paying advertisers. Just remember to make sure the ads are totally relevant to your audience and not overused because you don’t want to them off.

9: Become a seller. 

I don’t mean selling other people’s stuff but, you can create your own offers to sell on affiliate marketplaces. You can let others do the selling for you for a healthy commission. Power affiliates make a full-time income out of selling products for business owners. Power affiliates have driven significant passive income into my business for one of my online courses.

10: Add AdSense. 

This one isn’t suitable for my business, but it may work well for you. You could add Google AdSense or other advertising to your web site. When someone clicks on the digital ad, you'll receive a small commission. This income builds up over time but you’ll need to be careful to choose ads which support your brand. 

11: You could sell advertising on your website. 

The key thing here is to have to have a website or blog which receives a high volume of traffic to make it worthwhile, but you can sell space on your site for advertisers. Again, as in number ten, just make sure the ads displayed are relevant.

12: Why not try affiliate marketing? 

Affiliate marketing is one of my favorites where you recommend other people’s products on your website, or blog, and receive a commission when a sale is made. This will involve you writing content to support the thing you’re recommending, but if done well, you'll send interested customers to the product you’re promoting and hopefully secure a commission. In my group coaching program people are able to earn cashback as an affiliate when they refer anyone to work with me.

13: Create a membership site.

I’ll cover memberships and subscriptions in coming videos but basically members will pay a regular fee to access content, possibly receive products, socialise and ask questions. Memberships work extremely well with my next passive income tip which is..

14: Create an online course.

It’s a multi-billion-dollar industry, a growing trend and a fantastic way to earn a passive income by creating an online course. If you think about it, in your business you’ll no doubt be an expert in a topic which you could design and package into a course, paid webinar or live training. If you can’t think of anything then how about concentrating on something you are good at? If you’re a Canva whizz for example, then why not create online Canva videos, a short course or masterclass in that!

I’m going to be focusing on creating memberships and creating online courses for your business in my future videos so make sure you stay tuned for those. 

OK, so all of my suggestions will easily work well with your business, your sales funnel and your ideal paying customers. You’ll be able to automate all of those so you can stop trading time for money, or at least slowly cut down on it. 

See you over there!

xo, Lor Bradley