In Part 1 of Creating Passive Income for Virtual Assistants, we gave you 10 ideas for creating Passive Income in your business. It’s such a smart way to do business so you can take some pressure off of your time. Here are 10 more ideas for you!
- Ebook – One of the easiest ways to start creating passive income in your business is to create and sell ebooks. You could create new content, or even take some of your previous blog posts and group them together to form an ebook!
- Kindle book – Creating a Kindle book is a lot like creating a regular ebook, except you sell it through Amazon, instead of on your own site. I recommend making your Kindle book a little shorter, and pricing it lower. Then, you can use that as a “preview” to your larger ebook. At the end of the Kindle book, you can invite people to purchase your larger, more in depth ebook (and point them to your site).
- Online Class – There are some people out there who will never purchase your services. They would rather do things themselves. The only problem is, they don’t always have the skills. This is where your online class comes in very handy! People can learn the skills they need, and you can make a sale you might not have made otherwise.
- Coaching – Offering group coaching along with your online class for an additional fee is another great way to leverage your time and increase your income. You can gather all of your clients on a conference line or in a webinar room for one hour and make significantly more than you would if you working for an hourly fee, one-on-one with them.
- Affiliate Marketing – With affiliate marketing, you earn a commission when someone purchases a product or service you recommend. As a virtual assistant, you could earn commission on a variety of things your clients need. A few examples are web hosting, domains, WordPress themes and plugins, software, and more. You’re not limited to just business items. There are affiliate programs for just about everything now!
- Ads – Selling ad space on your site, blog, or in your email newsletters is an easy way to create passive income.
- Sponsorships – Selling sponsorships is another form of advertising, but it’s done in a less obvious way. For example, you could create a free workshop, and sell sponsorships. On the download page, you could create a special thank you session, and give out the links to the sponsors. Your clients are getting great, free content, and you generated passive income with the sponsorships.
- Podcast – Creating a podcast can help you grow your business in many ways. You can use it as another avenue for affiliate marketing and selling sponsorships!
- Hosting Reseller – Your clients have online businesses, so you know they need web hosting! Many web hosting companies offer reseller programs. You pay a monthly fee to be a reseller, then you can sell web hosting to your clients’ with your own brand. It varies on the individual web hosting company, but in many cases they will take care of the customer service. You just have to market your web hosting to your clients!
- Outsourcing – Last but not least, you can create passive income by hiring virtual assistants and outsourcing some of your clients’ tasks to them. For example, if you charge your client a free of $30 per hour, and you hire someone to do the task for $20 an hour, you have a profit of $10 per hour for work that you didn’t have to do.
Like I mentioned in Part 1, in order to get any passive income streams going you have to give yourself time to do it. This really means scheduling yourself in like you are a client. Put it on your calendar. Your future self will be so glad you did! 🙂