Passive Income is a great way to create new income streams in your virtual assistant business. This is when you get paid, but aren’t actively working. As a service business owner, you may think you don’t have many options for creating Passive Income. Think again! Here we are going to explore ideas for creating passive income in your virtual assistant business.
Here are some ideas:
- Templates – Create templates that people can buy and use within their business. The ideas are limitless and can vary, based on your specialty. For example, if you generally work with a lot of coaches, you could create client intake form templates. If you work with web designers, you could create contract forms that they can use with their clients.
- Private Label Rights (PLR) Content – Every business owner needs content, but many do not have time to create it. Create packs of pre-written blog posts, or even whole ebooks or workshops that people can buy and use as their own blog post or info product.
- Royalty Free Stock Images – If you are handy with a camera, start taking some photos! People need high quality photos that they can use on their blogs and social media, and they willingly pay for them!
- Royalty Free Stock Graphics – If you are good at creating graphics, you can create packs of graphics that people can buy.
- Royalty Free Stock Videos – Many people are trying to add videos to their business, but not everyone knows how. Let’s say you work with a lot of marketing coaches. If you could create some videos that explain marketing concepts, your clients may purchase them to use on their own sites. Or, if you work with a lot of web designers, you could do some screen recordings of how to buy a domain or web hosting. They could easily use these as how-to videos on their site, to help explain the process to their clients.
- Kits – Take the above idea of creating templates, PLR, images, and graphics a little further – try putting them all together into a kit. Using the coach example again, you could create a kit that contained 5 blog posts, 5 graphics, 10 ready to use tweets or Facebook updates, a checklist that they can advertise at the end of the posts to give out as an incentive for someone signing up for their email list, and a 10 page workbook that they can sell as a smaller priced paid product.
- Plugin – Do your clients all seem to struggle with similar issue when it comes to their blog? Could you create a plugin (or hire someone to help you create one) that would make blogging easier for them?
- WordPress Themes – Are you skilled at coding? Or could you hire (or barter time) with someone who is? Create your own WordPress theme! If you’ve been helping to manage or customize your clients’ sites, you know what their needs are. What better way to generate sales, than to create a WordPress theme suited to your ideal client!
- App – There is a big market for apps that can help make managing a business easier. If you have a good idea for an app, consider learning how to create one, or hiring someone to do it for you.
- Memberships – You can also take some of the above ideas and turn them into a membership program, where people pay a recurring monthly fee, and receive access to new content on the 1st or 15th of each month.
To really get these passive income streams going as a service provider, you will have to schedule yourself in as a client in order to find the time. You can do it and you’ll be so glad you did. To read about more passive income ideas, please read Part 2 of this post.