Ideas for Passive Income Streams

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Income Streams At-A-Glance Definitions:

This is likely the shortest blog I’ve written, but wanted to fire off a quick overview on Passive Income Streams. Take a look at my Multiple Income Streams blog here if you would like more information.

Active Income: Income earned that you are actively involved in (i.e. one-on-one delivery of services, such as therapy sessions, couples sessions, and coaching sessions)

Leveraged Income: Income earned from working with multiple people or groups at a time (i.e. facilitating a workshop, webinar, paid public speaking, or group therapy)

Passive Income: Income earned from any person, place or thing that brings money into your business without you being present

Passive income is a great way to generate income with the least amount of long-term effort. 

Ideas for Passive Income

1. Publish a book

While you won’t get rich with book income, however, receiving a quarterly royalty check is a nice way to make “mailbox money.” Additionally, having the designation of published author can help open other money making doors such as paid speaking gigs.

2. Publish an e-book on Amazon

The process of publishing a book or e-book on Amazon is simple and there are many how-to resources to walk you through how to publish a book or e-book. 

For more information, visit: https://kdp.amazon.com

3. Create a Website Store

There are a variety of website platforms you can use to create a simple yet professional website for your business and/or online store. While this list is not all-inclusive, it is a good start as you begin to find what will work best for your individual business and goals.

  • SquareSpace: (www.squarespace.com) Create a professional and mobile friendly website and store for physical and digital products (like e-books)

  • PayPal: (www.paypal.com) Accept PayPal payments from your online customers

  • Stripe: (www.stripe.com) Accept credit card payments from your online customers – integrates easily with SquareSpace

And consider other platforms beyond your own website that may work with you to sell your passive products.

4.  Create an “evergreen” course for individuals and couples

There are several on line platforms that can walk you through the particulars. Think about what it is that you specialize in, what would benefit the person who might purchase your course, and how you can monetize your expertise.

Need additional support for your passive income product, you may schedule an appointment here, and take a look at what other therapists have to say about working with me here.