Today I’m talking to all my service-based business owners out there about passive income and how that can be added to your business. I think we’ve all come to realize, especially this year with everything going on, that having multiple sources of income is smart for any business owner. And now’s the time to take it a step further and have multiple streams of passive income for your business! 

I want to preface this by saying that passive income is really scalable income. Nothing is really passive, some might have more work than others. But passive income is essentially just scalable income: easy to scale and make more money, without having to spend more hours in your business. As a photographer, there’s only so many hours in a day that I can be in a session or wedding, editing, and only so many times I can raise my prices. But with passive income, I have the chance to make more money without exchanging my time for it. Whether you’re a photographer, content creator, graphic designer… we will talk about some ways to add passive income to your business! There’s three main ways that we think about passive income, so let’s get into that! 

Affiliate Links

The first way is Affiliate links. It’s simple but a SUPER powerful way to add some money into your business. Although upfront you have to do some work to find the programs that you want to be an affiliate for, after that it’s pretty much automated and you’re bringing in income. This can for really anything. The most common ways are for programs you use in your business, Amazon products…. Really anything you can think of! I love to use it for Amazon – particularly with camera gear. I use it anytime I recommend something to you guys and then I get a little kick back anytime someone uses that link to purchase the product.

Another way is through programs I use, like Honeybook, Later, and QuickBooks. These are things I use all the time and genuinely love them so it’s a natural extension for me to be an affiliate with them since I’m already SUPER obsessed! I can share these links in my videos, blog links, and anytime I work with clients. It’s really nice too when the person uses my link and they get a kickback or a discount too. Honestly affiliate links are really no brainers! So think about things you already use and LOVE in your business that you could share about! And remember, one may not bring in hundreds of extra dollars for you – but if you have a few, and you link to them often, it will add up! 

Add to Your Client Experience

The second thing I want you guys to think about when it comes to passive income is how to incorporate passive income to your client experience. However you serve clients whether it’s coaching, as an assistant, or education, you’re exchanging your time for money. There’s tons of ways to make more money without having to spend more time with MORE clients.  For example, if you’re a photographer you probably have an online gallery. Turn on your online store option! They can purchase prints for you, have it self-fulfilled through the lab, and you’ve made some extra money! You can set your own prices and make a few extra hundred dollars a year… maybe it will even pay for your online gallery system! Again, I literally did NOTHING but turn the option on!

Another option is to add your clients to a sale sequence after you’ve completed their process for you. Have an email funnel that leads them to a product, an incentive to work with you again, or a discount code. You’ve already created the emails and products, so you aren’t having to spend time trying to sell to them again. And finally, don’t forget to use your affiliate links to your advantage in their experience. If you have clients signing up for software, use your own link so that you can get the kickback! For photographers – use an Amazon affiliate link for clothing recommendations! 

Another idea is add ons or upgrades. Are there items you can add to your experience that don’t cost you a lot of time but give you more money? Two quick examples for you… As a wedding photographer, can you add on rentals to your package? Maybe you just have to make one call and pay one person to drop them off but you’ve increased YOUR income. Or if you’re a business coach and you have an e-book, offer it to your current clients for a discounted rate. You’ve already made the book so you’re making more money and not losing any time by simply offering it to them.

Create an Online Shop

The last thing I want you to think about is opening an online shop. Hear me out on this one! This can look like so many different things. I think there’s such a huge base for you to open a store for all the things you’re already doing! For example, photographers could sell prints that others could purchase. Or you could sell mobile presets that match your professional work. No matter what kind of business you have, think about what you could add on and sell in an online store that would enhance your clients’ experience but doesn’t require more time from you. 

As an example in my business, a few years ago I decided to sell Lightroom presets for photographers. I knew I wanted to become an educator eventually and I was constantly being asked about editing. And since I created my own presets, I was able to sell them and earn some extra money! I had no idea what I was doing, but I still made about $10K in sales that first year. Because my audience really wanted it from me, I was able to sell it SUPER easily! 

Know Your Clients

Honestly, that leads me to the MOST important part of passive income: knowing what people want. Think about what clients ask for from you. That’s what you need to focus on as you build your passive income for your own business. Think about the questions you get, whether it’s clients, people on Instagram, and emails… whatever it is, find how you can offer something that speaks to that pain point for those following you!