Establishing a website can create numerous passive income opportunities for your business. It is important to be strategic in how you generate your revenue so that there is always the potential for your business to grow without you being actively involved. Similarly to planning for passive income in retirement, generating a passive income stream for your business requires planning, patience, and diversification. Here are seven ideas for setting up passive income opportunities for your business using a website.
Affiliate Marketing - Join affiliate marketing programs of companies that you would like to collaborate with or are already supporting. As an affiliate partner, you will receive a unique link that tracks revenue credit back to you when someone makes a purchase when it is clicked. Affiliate links can be used on your website as well as within social media and e-mail marketing. You can also offer an affiliate marketing program for your own products to encourage other people to promote and sell for you.
Member Portal Subscription - Lock up exclusive digital content in a member's portal that only paying customers can access. Charge subscribers monthly, annually or at a custom frequency until they cancel. Members' portals can store workout video content, exclusive digital documents, and access to communities.
Sell Audio Files - Music and audio content can be downloaded for a price. Sell songs, albums, or workout audio programs.
Sell Digital Documents - An e-commerce store can be used to sell digital files. Selling digital files eliminates the constant attention that selling and shipping physical products come with. Examples of digital downloads can include templates, resources, and packages.
Sell Online Course - A structured class can be sold that walks students through the steps to complete a program. Video recordings, photos, and digital files can be integrated to give a comprehensive user experience. Quizzes can be added and badges of completion can be awarded.
Ads - Code can be added to your site for Google to automatically place relevant ads to the consumer, where it sees the most opportunity. You can also consider selling advertising space on your site to an interested businesses.
E-mail Marketing Automations - An e-mail drip campaign can be linked to automations that trigger when a website visitor completes an action. Some ways that automations can be initiated are from purchases, abandoned carts, and when forms are completed. Linking call to actions buttons within the e-mails can then point people to purchase your products and services.
Small Business Startup Solutions strives to make it easier for entrepreneurs to do what they love as their career. Schedule a consultation if you are interested in discussing how having a website professionally designed can be used to drive efficiencies in your business.