My brother Matthew has 196.000 followers when we combine his Youtube, Instagram, e-mail list etc.
He came on the podcast to tell us about his story as an online creator and how he got started creating a steady passive income stream.
You know the old saying, make money while you sleep?
Well, have you ever wondered how to make that happen?
I’ll let you in on a little secret. It’s definitely possible, but it’s not quite as easy as you might think.
I invited Matthew onto the podcast to share the five passive income streams that you can implement in your biz TODAY, so you too can earn money while you sleep (or sit on the couch sipping wine. You do you.).
Before we get started, let’s get one thing straight.
Passive income streams take a long time to set up. Buuuut, when they’re set up, they can make you some serious money. What I’m saying is this: don’t expect passive income streams to be like magic if you don’t do the work first.
Okay, now the hard truths are out there, are you ready to get those passive income streams going?
1. Digital products
The clue’s in the name: digital products are products that are, well, digital. Duh. Examples include software plugins, photo presets, courses and ebooks. You might know that I sell a whole bunch of digital products to help you lift your business and your life, from time management templates to online courses that turn you into a business boss.
2. Affiliate links and referral marketing
Affiliate marketing works by getting a link to a product/ webshop that you can share with your friends. If they buy that product or book the service through you using your personal code, you get a percentage of the product price. If you’ve ever taken an online course, you’ll probably find that you can get an affiliate link to share with others who might be interested in taking the course too. In return for driving sales to the site, you get either a flat fee or a percentage of the cost.
Referral marketing is similar to affiliate marketing. The key difference is that in referral marketing, you know the person you’re referring, whereas with affiliate marketing, it can be anyone. Both are great options for recommending products or services you love to your audience. You can have a referral or affiliate link for anything from online courses to an online fashion store.
3. Membership sites
Another option for passive income is to create a membership site. You can choose to work with a one-off, yearly, or monthly fee. Plenty of platforms exist that allow you to have people subscribe to view your work. Patreon is one example, with differently monthly payments granting people access to different levels of exclusive content. My brother Matthew’s highest tier includes coaching, and he works with people around the world to mentor them and help them improve their skills.
4. Enable ads
If you have a blog or website that attracts a large amount of traffic, you could consider enabling ads on your site. Different platforms work with different systems, but host sites like Wix and Squarespace offer options to have ads run on your site, with money going to you.
5. Content licensing
Finally, if you’re a content creator like Matthew, you can consider licensing your content. Let’s say you make videos and photos. You can then sell that content on stock websites, and either receive a flat fee, or a percentage cut every time someone buys one of your stock images.
So there you go – there are endless ways for you to make money while you sleep.
“But Amy, I’m scared of always asking people to buy. I don’t want to force people to give me money,” I hear you ask.
Forcing people to give you money is illegal.
But guess what?
People who don’t want to buy from you, won’t. Simple as that. So shift your mindset, and help the people who want to buy from you to do that.
Now, do you want to learn more passive income streams? My brother is here to help you out. Check out episode 18 of The FastForward Amy Show on your favourite podcast hosting platform:
Listen on Apple: https://fastforwardamy.com/apple18
Listen on Spotify: https://fastforwardamy.com/spotify18
Listen on Google: https://fastforwardamy.com/google18
Discover the eBook “Passive Income for Creative” by Matjoez here.
Use the code: FASTFORWARDAMY and get 10% discount.
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