How to Make More Passive Income From Your Existing Business

Being an e-commerce expert has afforded me the ability to make millions while working just 30 minutes per day on my Shopify store. Now that I have a full team, sales force and other projects going on, my day is getting more and more booked, but my tried-and-true e-commerce business is relatively autonomous at this point.

I’m a big believer in working to live, not living to work. So, how have I made millions working for shorter amounts of time? I have become an expert on making my money work for me and creating passive streams of income. Curious as to how? Well, please read on!

Utilize Your Existing Knowledge and Share It With Others

After I created my highly-successful Shopify store, I realized that others could benefit from my skills and change their lives for the better. I never wanted to work a 9-5, and I knew that based on some of my family and friends, there were many out there who wanted to create passive income as well, even to supplement their full-time job. I decided to take action. I made a series of simple video recordings that shared my screen and walked a would-be student through how to sell products online. 

Now, selling products online, specifically dropshipping low-ticket items, is a great way to make passive income. But let’s say that you want to excel in your field to make more money. You love what you do, but you just wish it could make you more money for not too much extra work.

Well, let’s say you’re a real estate agent. Why not create a webinar or video series on how to start flipping houses? If you’re a marketer, how about a downloadable information packet on how to increase SEO? You may be thinking, these take time to make. Yes, but the investment will pay for itself multiple times over if you sell your knowledge online.

The key to success here is to offer an immense amount of value for a fair price to start, even offering partial sections for free to drive downloads. Through social media advertising, you could be looking at thousands of downloads and a nice stream of side income for years to come, as long as the information is still relevant.

Tap Into Other Companies Who May Benefit From Your Users or Customers Through Affiliate Links

Affiliate links are a great way to make passive side income for business if you already have an engaged customer base. According to research from VigLink, 91% of merchants plan to increase or keep their affiliate marketing budgets the same in the future.

This stat shows how the industry is still growing, especially as e-commerce continues to soar in popularity. Let’s revisit the real estate agent example from above. If you have thousands of subscribers to your social channels or blogs, do some research to see if there are like-minded but non-competing businesses you could promote on your channels through affiliate links.

Maybe it’s a link for home improvement materials or services. Get creative and try to bring value to your customers, not push unwanted products on them. After all, the goal is to get them to click through so you can earn some cash!

Build Out Your Business With Software Offerings

Does your business offer any software to make your customers’ lives easier? If not, this should be something you consider. 

Although buildout costs can sometimes be high, supplementing your product or service with additional software available for purchase is an easy way to generate side income while having to do little or no work at all once the offering is created.

For example, I created a software tool that helps e-commerce store owners find products that are trending and sell them on their websites with plug-and-play content. I make selling easy for these individuals through my software.

Is there a way to make your customers’ lives easier? Consider making that idea into a software program that can be used as an upsell or supplement to an existing offering!