Mini Lessons for Beginning Entrepreneurs
Passive Income – What is it?
(Lesson 2 of 3)
Now that we’ve discussed Active Income in our previous lesson, it’s time to learn a bit about Passive Income.
This is money that you make, doing absolutely nothing at all.
Well that isn’t totally true. You’ll need to do some work in the beginning, but it doesn’t have to be constantly maintained.
Investopedia.com tells us that Passive Income is “money being earned regularly with little or no effort on the part of the person.”
I understand that you have that Entrepreneurs spirit. That usually means that you’re constantly looking for opportunities to make more income. This is one of the easiest ways to do so! You can literally make money, while doing nothing at all.
For example, do you have expertise on a specific subject? Are you a web design extraordinaire? Do your copywriting skills make readers shutter with excitement?
Take those skills and make them available for purchase.
Online courses, eBooks, and even digital downloads are passive income!
You only do a small amount of work one time, and then make it available to multiple people, willing to pay money for your valuable expertise and resources! It’s literally one of the easiest things ever.
How do you get started?
Do you already have a list of email subscribers? Do you have a following already because of your awesome services?
Offer something for free! This can be a template or short tutorial. Make it informative, but don’t crowd it with too much information. People will jump at the opportunity to gain free assistance in their businesses.
After gaining attention with your free download, offer a continuation for a small fee. This could be additional online lessons, a digital workbook, or even Part 2 of your eBook!
For more ideas for making Passive Income, stay tuned for the third lesson!