Updated: Apr 13
Today, we live in a crisis that has allowed us to grow personally and come closer to a sense of society. Some are getting closer to their families, others are learning how to meditate to find themselves, and many are learning new skills to keep moving forward. If you are a business owner, you should learn about the different ways you could earn passive income in this crisis.
In the world we were living in prior to the outbreak, many people were living paycheck to paycheck. This has been one of the major topics during the outbreak: how to sustain the debt acquired by the complete stop of regular operations. It is a challenge for governments and business owners to understand the best ways to keep moving forward. In this article, we bring you different ideas to build passive income streams. Then, you won't fully depend on your monthly paycheck and start increasing your savings.
#1: Sell licensed, quality content online - Photo | Video | Graphics
A strategy that we are constantly working on is creating content for stock image, video, and graphic sites. These engines can help you push your content to more audiences and make small residuals as your popularity increases. In fact, many professional content creators use them to generate passive income. So, why not start selling your content?
For instance, we advised our client at Get Up and Go Kayaking - Rainbow Springs. Their business depends on tourists coming into the area. It is inherent they will take a hit during the shutdown of borders and quarantines. Therefore, looking back at their business, we think a long-lasting strategy would be to use this time to post-process all the professional photos they have and add them to licensed content platforms. As a result, they will learn how to professionally classify their content and create passive revenue. This method will stay active as long as you have an account on the different platforms. Here is a list of platforms you can sign up to:
Shutterstock - photo | video | artwork | vector
Getty Images - photo | video
Envato Elements - all types of editing/content assets
Artlist - Music
CreativeMarket - All types of editing assets
There are many others and we will keep adding to this list as we join some of these ourselves. Plus, we will write about how to create campaigns and content around these types of strategies.
#2: Join Affiliate Programs
For many years, affiliate programs have been growing in popularity in both spectrums: the seller and the affiliates. They generate great symbiotic relationships between creators and brands. As a matter of fact, some of the most influential creators collect enough income from these efforts to support operations. If done correctly, it can become a major source of income for your business.
Think about it, one of the first things people do when they want to buy something is to ask a friend or family member. Yet, influencers, either micro or macro, are becoming a great source of referrals for businesses. So, if you have build rapport in your industry or in your social channels, consider joining affiliate programs to earn through promoting other businesses, products, or services. Here we leave you a list of our preferred affiliate programs:
#3: Create an online course to sell
This is a major trend in the digital world. Many industry experts and even artists have joined this movement that started around 10 years ago. Years back, people just posted simple tutorials on the internet. Today, some of those have become extremely influential in various industries.
Classes are not limited to DIYs. People are creating online classes to teach about business, entrepreneurship, self-growth, etc. We strongly believe this market will continue growing since the cost of higher education is still climbing up. Therefore, people are looking for ways to educate themselves about anything that can help them personally and professionally. Follow this trend to not only generate sales. Many of the people who really connect with you will be loyal followers because of the value you have brought to their lives.
Here are some of the platforms you could consider:
#4: Become an Influencer on Social Media - Micro | Macro
No, it is no easy task to become influential in social media or in a community. It takes hard work and dedication to do so. However, what better time than now? To become an influencer it takes a combination of active and passive action. You have to be active on the social platform you choose, and you need to understand what those users consume. On top of that, you need to have a combination of the other strategies above to create passive income.
Do you think only Macro-Influencers (100 thousand followers and higher) get the job? Think twice. It is a fact they could drive tons of volume traffic to a brand. However, consider local brands and niche services. They need influencers that are ingrained into the community and that manage a tighter sphere of influence. Therefore, a new (and cheaper!) strategy has emerged. Brands are seeing more profits being created from working with multiple Micro (2 - 10 thousand followers) and Medium (10 thousand followers and higher) influencers.
For example, we ran a campaign with one of our client, where we found 3 influencers that had between 5 and 30 thousand followers. The results staggering! From each influencer story post on Instagram, we received about 5,000 views, 5 to 10 new followers, and 2 to 5 inquiries for dental services. And, that is only on Instagram. If this technique is executed in different platforms, the results would be just as good.
Finally, if you really are passionate about communicating with people and building relationships online, becoming an influencer could bring great returns to your business. So, cameras - lights - action! Start producing juicy content and build your community.
In conclusion, you should have a certain level of anxiety to take action and keep your business afloat. However, don't be alarmed or desperate. Instead, use this time we all have to generate content and create new streams of income. This action will serve you in the near future to increase revenues, have more stability, and improve your operations.