Do you own a local business? Did you know that even local businesses can create passive income streams? No matter what type of business you have, you should add passive income to your repertoire because it adds to your bottom line and builds on itself – providing far into the future.
Passive Income Idea 1: Promote Related Tools & Services
No matter what type of business you have, there is always something related. If you have a smoothie and juice shop, why not set up a related online membership into a diet club or smoothie club. For example, people can pay a small monthly fee to get a small discount at the store and enable them to order large quantities of juice for their monthly cleanses.
Passive Income Idea 2: Get Commission Deals
Going back to the Juice shop, there are a lot of health-related items you can promote. You can work with other businesses to add to your bottom line too. For example, you can have a kiosk set up with Amazon Links to health-related items such as bikes, shoes, clothing, etc. This offer can also be on your website. You can even work out a commission deal with the nearest local gym to pay you for your referrals.
Passive Income Idea 3: Write a Book
It’s likely if you have a local business, you’re an expert in something. Let’s say you’re a real estate agent. You can write a book about getting your house ready for selling at the highest price. You could also write a book about before and after for homes you have sold at high prices where both the buyer and the seller are super happy.
Passive Income Idea 4: Create an Online Course
What is your business good at? There is no reason any book can’t become an online course you deliver via the net. Once you set it up, it’s passive because you don’t have to do more than promote it for people to sign up. How about a nutrition course and why raw food is good for you when trying to get healthy if you have a Juice shop?
Passive Income Idea 5: Start a YouTube Channel
Another fun way to get extra money through passive means is to start recording your life at work. Set up a camera and notify customers that they may be recorded and used on YouTube to get the legalities out of the way. Then record the day, edit it down to just a few minutes, and post. People love seeing a “Day in the Life.” That’s why reality TV is so popular and YouTube is so lucrative.
Passive Income Idea 6: Host a Podcast
Want to promote what you stand for in your small local business? Why not start a weekly podcast? The podcast can be about what you want it to be based on what your audience will enjoy listening to. If you own a lawn and garden shop, it can be all about that. If you own a restaurant, it can be all about the business end or training employees. It’s up to you.
Passive Income Idea 7: Sell Your Pictures
If you already take pictures of your products, consider adding them to one of the many stock photo sites. You’ll earn a small commission per download, but you already took the pictures anyway. You may as well make more money from them than just using them in your ads. This is a great side gig and can become a full-time income if you add enough pictures each month.
Adding passive income to any business requires some thought about what the company is selling, who they are selling to, and why they’re doing it . You can find unique ways to add to your bottom line when you are willing to think outside the box.
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