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       09 September 2016 by Sarah-Jane Smith

sjsmith.com.au - blog

Money for Nothing

Passive Income

After talking last week about broadening your sales offerings I thought we should also talk about Passive income.  Exactly what is it?   Passive income is income that you generate for little or no effort (except in the initial set up).  Examples of passive income might be selling ebooks, online courses or seminars which people subscribe to, affiliate sales of other people's products, products that can be digitally downloaded, rent etc.  Why does it matter?  Passive income is a great way to  top up any other income you generate and can be a great support for when you have a slow down in sales. (See last weeks blog no. 59).  

Some people are reluctant to consider developing sources of passive income because they sometimes feel that they may not offer value for money if they don't have to personally oversee every supply of a product or service but that's the wrong way to look at it.  

You should make your offer value packed so that people feel they are getting great value for money.  The fact that it is not a face to face transaction doesn't have to diminish what you're offering.  Do you need to personally know each vendor when you buy online?  Of course not.  

I was sitting around the other evening making a list of possible avenues I could explore for sources of passive income when a lightning bolt hit me.  I already have a great deal of passive income, I have rents coming in from three investment properties.  Maybe finding your own passive income isn't as hard as you think.  Do you already have downloadable material you could expand on for a new offering?   Are you a member of any online associations or groups who offer affiliate payments?  

Adding passive income sources to your sales base is another way to improve your bottom line and future proof your business.  The more sources of passive income you have, the more security you get.  That's not a bad deal for doing nothing!



Till next time,

Sarah-Jane X



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