How to Generate Passive Income

Passive income is a way to generate money without expending a lot of energy. It’s a way to maximize your time and income potential. Especially when you are a one person operation and your time is limited. With passive income, you do the work once, and sell multiple times. This allows you to build a business model where you can grow your income without increasing your hours.These are some ways to offer a product or service within the scope of what you are already doing.

1.What do your clients or customers need? What could you offer as a service that would make their life easier? If you are a web designer this could be offering hosting and maintenance packages. An event planner could offer their own planner or calendar.

2.Packaging some of what you do as a product or service is another great option. Could you offer a course, e-book, or e-mail series that shares your knowledge or skill?

3.Adding affiliates is an easy way to make some extra cash sharing what you like. Check the tools and software you are already using to see if they have an affiliate program. If you use products, try Amazon’s program for links.

4.Start a side hustle. Selling prints, fonts, or stock images on sites like Etsy, and Creative Market is a great way to add another income source. If you are a creative, you likely make other things as part of your work or just for yourself.