Do you want to make money while you sleep? Of course you do! Everyone does. That’s the dream, right?

Passive income is the key to making that dream a reality. But what is passive income, and how can you create it for yourself? Keep reading to find out…

1. What is passive income?

Passive income is an investment that generates additional revenue without extra time or effort from you. It’s what you make when your money works for you, rather than you having to work for it. It requires you to put in some effort up front but can be very lucrative over time if developed properly, so it’s important to know what it is and what it’s not.

2. What are some common ways to make passive income streams online and off?

• Create a course
• Sell digital products
• Write an ebook
• Rental income
• Affiliate marketing
• Flip retail products
• Invest in a high-yield CD or savings account
• Sell digital designs

3. How do you decide which of these methods are most interesting or feasible for you?

These are 5 important things to consider when deciding whether to invest your time, energy and/or money into any income generating activity:

1. What are the risks associated with it
2. How to get started
3. How much work does it take to get it going
4. How much work is required to maintain it over time
5. What is your long-term goal

Immediately run from anyone who tells you that passive income is a set-it-and-forget-it system. Number 4 on the list is one of the things that is often overlooked during the excitement of the possibilities that passive income provides. Rental income, as an example, is something that my husband and I are starting to invest in and it can seem like the monetary investment up front is the biggest struggle to get it going, but maintaining the property and finding the right tenants are just as important for the long-term success.

The easiest way to work through this is good old fashioned pen and paper. List out pros and cons, answers to those 5 questions above, and any other notes about the passive income stream you’re researching.

4. How do you turn a digital product into a passive income stream?

Congratulations on your new product! You’ve put in the hard work and now it’s time to sit back and watch the sales come rolling in…right? Not so fast. Just because you have a product doesn’t mean people will automatically start buying it around the clock.

In fact, unless you take some proactive steps, your product could end up sitting on a sales page or shop on your website collecting cobwebs. But don’t despair! With a little planning and effort, you can set up your product for passive income success.

In order for a product to be considered passive income, you need to set it up so that it can be sold without you being present.

• What is required to sell your product passively?
  • Sales Page & Checkout – so you can share the benefits of your product and provide a way for them to pay you.
    • Recommendation: ClickFunnels
  • Tech & Automation – to connect the checkout to your email system and product delivery. This adds them to your email list and gives access to the customer.
    • Recommendations: Active Campaign for email and tech systems, MemberVault or even Amazon S3 for content delivery, and if needed, Zapier to connect platforms
  • Traffic – this includes marketing, advertising or affiliate partnerships to bring ideal customers to your sales page
    • Recommendations: Instagram, Facebook, YouTube, Pinterest, Concierge Selling, Relationship building for affiliate partnerships
  • Find Ways To Reduce Your Costs – so you can increase or keep your margins in check so that it remains a profitable income stream. This can include using a less expensive software for your sales page or keeping your advertising costs within a certain threshold.
    • Recommendations: A combination of UTM Tracking, Google Analytics and Google Sheets for keeping tabs on advertising costs
  • Maintenance And Updates – in order to continue to sell products over several years time, you may need to update the content or what is included (depending on what is included in your offer). For example, one of my Tiny Offers includes calendars that need to be updated each year.
    • Recommendations: ClickUp or Asana for creating business processes to track and repeat your tasks so updates don’t slip through the cracks

Conclusion

So, to wrap things up, what does it take to create a passive income stream for your digital product? First and foremost, you need a product that can be sold without your presence. This means having a well-designed sales page and checkout process, as well as automating any tech processes related to the sale. You also need traffic: people who are interested in what you’re selling and will complete the purchase. Finally, make sure you have systems in place for consistent updates and maintenance so your product remains high quality and sells itself.

If you can check all these boxes, congratulations! You’ve created a passive income stream that will bring in revenue whether you’re sitting at your desk or not. That means having the freedom to do whatever, whenever!

I hope this article has inspired you to take the plunge and start creating your own streams of passive income. It’s definitely not easy, but it is worth it!

Are you looking for a way to quickly create a digital product and easily increase your email list in pursuit of passive income? A Tiny Offer® is the perfect way to do just that. It’s a system that’s been proven to work, and it’s easy to set up and use. Plus, it’s affordable – so you can get started without breaking the bank.

Imagine being able to quickly grow your email list with high-quality leads who are actually interested in what you have to offer. With a Tiny Offer®, that’s exactly what you can do. And the best part is, this system will continue to work for you long after you launch your offer.

Start creating your digital product today by clicking this link >> tinyoffertoolkit.com

Already have a digital product and you’re ready to move to the next step? Tiny Offer Lab will help you create your sales pages and checkout process, tech and automation, copywriting and traffic (yes, including how to run ads!) Check it out here >> alliebjerk.com/tol