When you think of passive income…what comes to mind? Is it digital products, like templates or courses? Or do you think about things like diversifying your income through real estate and investments?
Wherever your mind wanders, there are definitely many different ways you can make money as an entrepreneur. But when it comes to passive income, what most people don’t tell you is that they aren’t exclusively making money from one income stream.
Many of them also offer 1:1 services or even take it a step further by owning another business or investing outside of their business.
So in this post, I’m running down a few of my income sources so you can start to get an idea of how to do it too! Variety is the spice of life, right?
This is obviously not a way to make passive income, but like I said, most businesses DON’T just offer passive income products. And whether that’s for financial reasons, time constraints, or general interest, it all depends on the business.
For me though, I LOVE working 1:1 with clients. I just don’t have all the hours in the day to do it. But there’s something really exciting about getting on a call, listening to a Voxer message, etc., with high-level entrepreneurs who are super excited about their businesses.
It’s something I look forward to each and every week!
The D-Commerce® Academy is now where I house all the juicy info about passive income and digital products. The idea came to me because I noticed that whenever someone bought one of my courses, like Launch Your Shop Academy®, they bought it with other courses, too.
And while each course tackles a different topic ( finding good product ideas vs. launching your shop vs. scaling it), they all lead to the same path — making moolah from your digital product shop.
So, I thought, why not bundle them together? That way, people can think of it like an education program that is comprehensive enough to show them how to eat the whole enchilada…erm…you know what I mean.
Doing it this way makes it much easier to follow along!
And this all pretty much runs itself since the courses were already created, have been tweaked to fit this new brand, and can be purchased online.
In past videos, I’ve talked a little bit about getting into real estate, mainly in the last year. Now, I’ve got my rental property out in Colorado. And a few renters calling it home sweet home!
But, it’s not very passive. I still have to make sure the mortgage and other bills are paid on time. I still have to check in with the renters to make sure they have everything they need. And then, of course, all the maintenance that comes along with being a landlord.
It’s not exactly an out of sight, out of mind experience, but it is a nice extra bit of income each month.
Investing is still a somewhat new venture for me, but I love doing it! It’s so much fun to keep tabs on and even more fun when the stocks are doing well.
I think many people shy away from investing because it seems confusing AF. And it is at first. It’s just like learning a new language — you only understand bits and pieces until you dig into more and more and get a broader understanding.
And if the stocks end up doing well, then I can take out the money I’ve made and reinvest it again, making me more money should the stock continue to do well.
Ultimately, for me, it’s not just about income, it’s something I truly enjoy doing. But hey, paydays are nice, too!
Now that you’ve got a few ideas of how to increase your income, it’s time to learn how you can continue making your biz your #1 money maker!
I’ve been in business for about 8 years (more than that if you count the ones that didn’t make it very far…there might have been yoga teaching somewhere in that mix), and I’ve learned A LOT about what it takes to bring home the bacon.
And most of the time? It has nothing to do with working more and has a lot more to do with how you spend your money, how you save it, and where you invest it.
That’s why in the video below, I’m covering six very important things I did to help my small business grow in revenue over the years! Check it out!