Creating a passive income is one of the best ways to to add extras streams of income to your existing business. If you don’t have a business you too can take advantage of passive income. You don’t even have to quit your day job to do this. One of my favorite ways to create that passive income is through digital content.
Why digital content?
- You can publish it and distribute quickly
- Clients have instant access to it
- You can automate the distribution so you can earn while you sleep
- You only have to do the work once and it continues to generate revenue for years to come
There’s many different types of digital content you can use. The key is creating the content on a topic you are well versed in and good at. For instance if you’re good at organizing start with that. So ask yourself what are the things you’re good at and that you find people coming to you for help often. This is one of the ig indicators that you’re an authority in that particular subject. Once you have that down you can begin to determine what is the best type of digital content for you to create.
Types of digital content
- Workbooks & worksheets
- Audio content
- Audio & Video courses
- Membership Subscription Content
The beauty about all of these types of content is that with the help of an ecommerce site like Shopify or the Woo-commerce plugin for wordpress you can make these happen fairly easy. If you’re creating Ebooks or audiobooks you can take advantage of Amazon services such as Kindle Publishing and Audible. You can even use iBooks, Nook, Itunes or any other service that will allow you to publish and sell digital content. IF you’re creating courses you can either host them on your own site or you can use platforms that allow for the distribution of paid content such as UDEMY and VIMEO. One great thing about Udemy that makes it superior to Vimeo is the ability to set up your course by sections and the ability to upload guides, PDF files, create quizzes and more. There is multiple plugins that will do this for wordpress so make sure to do your research and find what works best for you.
One thing to consider before you get started is your time commitment. Creating these products does take a good amount of time initially. You have to create the content before you even begin to market it. So make sure you understand that at the beginning you will be putting in a lot of work and the pay may not come for weeks or months later. Once your product is published and people begin to buy it, you can literary just enjoy the success of your product. You will never have to create that content again! But for years to come, you can be generating a very substantial amount of income, while you sleep, go on vacation and do other things that fulfill your life.
That passive income is great for so many things. You can live on it, save it, invest it, the possibilities are endless!