The latest statistics show that there are “28 million small businesses in America.” For many of these businesses, it can take “as little as five days to start.” Whether you are about to start your business, or are in the process of building it to be the best it can be, the process is undeniably expensive. In fact, it can take two to three years for a business in any industry to reach profitability. Therefore, while building your company at any stage, it (literally) pays to explore other income opportunities. One of the most utilized is passive income.
Not sure if it is possible for you to live off of a passive income while building your company? Explore four strategies that almost anyone can use.
Write an industry relevant book
Making money while you sleep or while concentrating on improving your business sounds too good to be true, but isn’t. One way that many professionals with industry knowledge make passive income is by writing a book. The self-publishing industry has made it easy and inexpensive to write your own book.
Some of the latest data shows that there were 727,000 US self-published ISBNs registered in 2015. Because you have acquired enough knowledge to start and run your own debt relief company, you surely have enough knowledge to write about the subject. In addition to being an excellent way to establish authority, books and ebooks can be a great way to make a passive income. How much can you expect to make? While this number varies greatly, authors can earn 70% royalty on each ebook.
Use financial knowledge to your advantage
As a professional in the financial industry, you are likely already aware of some of the strategies you can use to make a passive income through investments. From dividend stocks to real estate, there are a number of effective ways to earn a large passive income. If you currently have investments, now would be the time to use those funds to live off of while building your business and paying to train your staff. However, unlike the other options listed, there is a big upfront cost for these kinds of passive income ideas.
Leverage affiliate marketing
Although this form of passive income is usually small at the start, there is little to no cost to get started. Affiliate marketing is defined as “the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make.” One way that many professionals utilize this form of passive income is by finding a product line (or multiple, non-competing product lines) that are relevant to their business. The financial industry alone has dozens of these opportunities from which you can begin earning extra funds.
Rent out your room/home while away
Have an extra room to rent out in a popular travel destination? Are you often away for business travel, and don’t spend much time at your home or apartment? Consider using one of the popular home rental websites to make a passive income. While not the average result, some individuals who use these platforms are able to make thousands of extra dollars per month (which can be enough of a passive income to replace most of your desired salary).
While it can be a challenge, creating multiple streams of passive income can generate enough money to live on. Because each of the above opportunities varies so much in potential earnings, it is almost impossible to estimate how much you can expect to make. However, all of these recommendations have the potential to generate thousands of dollars per month or per year.