Make Money In Your Underwear With Passive Income
Every online dream begins with the vision of opening your email
box and "like magic" the money comes rolling in. It's true --
building a passive income is your key to earning more money
without working harder. While it's unlikely you'll earn millions
overnight, building a passive income is a smart way to
supplement your existing income. Here are some ideas for how you
can build an automatic income source for your online business.
AFFILIATE PRODUCT PROGRAMS Affiliate programs allow you to earn
income selling other people's products. There are literally
THOUSANDS of affiliate programs that you can sign up for in
every category imaginable. Whether you are interested in selling
ebooks, toys, magazines, or kitchen utensils, I guarantee there
is a shop in that category with an affiliate program.
Here are some criteria to use when selecting an affiliate
program. Choose a quality product that you personally believe
in. You need to actually try and buy the product yourself. This
allows you to personally buy into what's great about the product
so you can write a killer personal testimonial. Additionally,
try to find products that offer higher than average commissions.
Why work your buns off selling a 5% commission product, when you
can sell one that offers 30, 40, or even 50% commissions?
If a deal sounds too good to be true, it probably is. You can
investigate a company by Checking them out with the Better
Business Bureau in the business' native state. http://search.bbb.org/sear
ch.html
CREATING YOUR OWN INFOPRODUCTS What is your secret to success?
Success sells, and if you have your own personal method to
getting there, others will pay to hear it. That's why ebooks on
how to succeed are topping the sales charts. Ask yourself, "What
you know that is special, unique, and could help others?" The
answer to that will make a successful infoproduct.
=> Do you know how to: fix something, find something, save
something, do something more quickly, do it better, do it more
efficiently, do a greater amount of it, do it with greater
quality, do it less expensively, do it more easily, do it more
often, be happier doing it, do it automatically, or more
effectively, take existing knowledge and apply to a new situation
CREATING YOUR OWN SYSTEM OR SOFTWARE Franklin Covey has created
a whole income by showing others the secrets to his
prioritization and organization. He packaged his methodology and
sells the tools, classes, and equipment to help people achieve
those same results. http://www.franklincovey.com. Do you have a unique form, software, or process that you use
that makes your work easier? Document your process, find a
developer to package your software, or package your process as
an infoproduct, cd, teleclass, or ecourse.
RESELLER OF SERVICES As a businessperson, your customers will
often ask for recommendations for reputable service companies.
This puts you in the perfect position to earn commissions
reselling those goods and services. Make a list of all the
services your customers use. For example, as a web developer my
customers use hosting, merchant accounts, shopping carts,
newsletter broadcasting services, and domain name vendors. Here
is a list of the top 50 reseller programs to get you started. http://www.webaffiliate
programs.com/
PARTNER COMMISSIONS Do you recommend consultants services to
others? Often my customers need assistance with proofreading,
multi-browser compatibility testing, copywriting, virtual
assistance, and animated graphics. I have sought out
partnerships with companies in these key areas. When I refer a
client to them, they pay me a referral fee and vice versa. Who
do you know that you could create similar deals with?
ADVERTISING SALES You may be sitting on valuable real estate and
not even know it. If your web site gets lots of traffic or you
have a popular ezine, you may be able to earn income through
advertising sales. Some ideas for how to package your
advertising packages can include banner ads, text ads,
sponsorships, partnerships, paid classifieds or business
directory listings. Another ideas is to create "co-branded" paid
or free ebooks with advertising space.
REFERRAL NETWORK Think about who your audience is, and then ask
yourself, what other types of professionals have the SAME target
audience. By creating your own referral network, you can charge
businesses to become a member and agree to promote them to your
audience. This is on the idea of how the 1-800-Dentist concept
works. Dentists pay a fee to be part of the dentist network.
When someone phones 1-800-Dentist asking for a dentist in their
area, they look at their list of dentists and match you up with
one bearing the qualifications you are seeking. Then 1-800
Dentist gets a small commission from the dentist for sending
them a qualified customer.
For an idea of how this can work in a web application, you could
create a preferred network of web developers. Web developing
companies pay a small fee to be included in your referral
network. Then offer an area on your site where people can search
to find a web developer in their area. When a visitor signs up
with one of the web developers in your network, you get a
commission.
THE PAY PER INCLUSION CLUB If you are an expert in your field,
you can create a community where others can learn your secrets
to success. By offering a free level of membership, you can
allow visitors to poke around and see that you know your stuff.
Then you can offer them a paid membership to your member's only
section. Internet Marketing Challenge is one such community
built by Internet Marketers geared toward the aspiring
entrepreneurial crowd. CoachVille by Thomas Leonard is another
community built for the business/personal coaching audience.
SUMMARY According to Think and Grow Rich, the wealthy of the
world are people who have a brilliant idea that has changed the
world. I believe that those who resell those brilliant ideas
will become rich. Take advantage of the power of passive income
and you too can be working less and earning more!