What is passive income?
The definition according to my favorite blog, Smart Passive Income is:
Building online businesses that take advantage of systems of automation that allow transactions, cash flow, and growth to happen without requiring a real-time presence. In other words, we don’t trade time for money. Instead, we Internet entrepreneurs invest our time upfront creating valuable products and experiences. We work hard now to continually reap the benefits later.
While having a service based business is viable business model, having additional steams of income, bridge the gap when:
- Business is slow
- You want to take an extended vacation
- You want to work smarter and not harder
For the last couple of years, I have been slowly growing my creative design business HNIK Branding + Design Studio. When I first started, I traded my time [designing websites + brand identities] for $. At first it was exciting and lucrative, until last year I got overworked, sick and landed in the emergency room.
I realized that at that point I had to work smarter not harder. Since I provide a service, in exchange for payment, how would I be able to make $, while not having to constantly trade my services for money?
Here are some ideas you as a blogger or service based professional can make additional and passive income, in your field of work.
Last weekend, I had the pleasure of watching some passive income in action. I loved watching female business owners in action, so I had the pleasure of watching My beloved nail artist Temeka Jackson [you can see my nails slayed all over her IG] + her nail slaying colleague Lavette Cephus, host their very first, Lay It Down Nail Tour (Acrylic Hands on Workshop), here in Los Angeles. Their Workshop not only created 3 ways to build + market their expertise as educators, but also created 3 different ways to creative additional steams of income for their businesses.
As top nail artists, [Temeka was a contestant in the Oxygen hit show Nail’d It] they offered their expertise in the form of hands on Workshops, for $350 each student.
If you’re an expert in your field, you can host workshops, brunches or even retreats for additional income on top of serviced based business income.
2. Digital Products
In addition to Temeka + Layette teaching the live version of their class, they are preparing to offer this as a downloadable video, for those to watch at their leisure. The session was being recorded, so it will be packaged up nicely for those that weren’t able to attend the live show.
I spoke with one of the students who learned how to apply acrylic nails, solely using Youtube videos. Imagine if she had a professional course, she could easily download, instead of searching tirelessly through the internet for videos.
Digital products are the perfect source of passive income because you only have to create or design it once, and solely focus on the marketing aspect and make $ while you sleep. Have you checked out my design shop? I’ve created some passive income products of my own to help businesses + bloggers like you, market your brands on social media.
3. Live Webinars
People love to learn in the comfort of their own homes. Not only did Temeka + Layette create a video version of her workshop, but they broadcasted live, to show those that wanted to come, a portion of the bigger piece of the pie. While they didn’t share this portion of the workshop, during their next event, they will offer a live webinar for those that aren’t able to attend, which they can also sell the replays.
These are just 3 ways you can create additional + passive steams of income if you have a service based business. There are tons of other ways to make passive income, that I’ll share in Part 2 of this post.
Want to learn more about the Lay It Down Down Nail Tour, or book these beauties if you’re in the Los Angeles, CA or Toldeo, OH areas You can find Temeka on IG @CustomTNails1 and Lavette on IG @beaute_asylum
Do you have any passive income products or additional streams of income for your business? What other passive income ideas have you tried?
This post is sponsored, but all thoughts + tips are my own