How to Increase your Passive Income in 2023!
By: The Visual Collective
Firstly, what is Passive Income?!
Passive income is a regular flow of money that requires little ongoing time & effort to earn, unlike your active income which is earnt through the regular services your business offers.
No matter what industry you’re in, or what type of business you run- chances are there’s unlocked potential there for you to generate some passive income for your business in the new year!
If you already have a website it might be a matter of adding an online shop to it and selling products that complement your current business.
For example, if you’re a beauty salon you might consider selling some skincare products online or take-home kits.
If you’re in the bridal industry, you might consider selling some complementary products such as wedding stationery, homemade jewellery or gift cards for brides to be.
And if your business is currently operating without a website, setting one up is a great place to start!
Once you’ve established your business online, a new world of opportunities will open up for you & your business- You’ll be able to connect with a wider audience, reaffirm your brand identity and continue building your relationships with customers & clients.
Here are some other ways you can generate passive income for your biz in 2023:
Publish an eBook
Don’t overcomplicate this! Think about the services you offer and your area of expertise…
What value can you give to your audience through a self-paced eBook?
Having your eBook online for immediate purchase is a great way to generate some passive income for your business as well as increasing your brand awareness!
2. Create a pre-recorded online course or masterclass for your clients
Again, this doesn’t have to be scary or placed in the ‘too hard’ basket.
If you have an area of expertise that’s valuable for someone else to learn about, you can create a short course online or offer a masterclass to your audience.
If jumping on a masterclass live isn’t your thing, you can pre-record this & sell it as an evergreen product on your site.
3. Create some downloadable digital art
I LOVE this idea, and if you’re in the creative industry it’s such an incredible way to boost sales.
Everyone loves downloadable art, something they can print off & hang up for a reasonable price.
If you have a signature style or brand aesthetic that others are drawn to, creating art inspired by this is going to be a hit with your audience!
Again, this will be incredible for increasing your brand awareness as well as generating a flow of steady income for your business!
And finally…
4. Sell branded merchandise on your website!
Whilst this can be a little more costly to get set up, selling branded merchandise online is a great source of passive income for your business.
Get your logo & name out there, become a household staple!
Stick with products that compliment your business…
Some fun examples include reusable coffee cups or key chains with your logo!
Passive income isn’t your businesses main bread & butter BUT it can help you exponentially in the long run!
It’s time to think outside of the box & get creative with your biz in 2023.
