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Biz Advice

5 Passive Income Ideas to Diversify Your Revenue Streams This Year

June 8, 2022

Today, we’re chatting about 5 passive income ideas that you can add into any business or brand to immediately diversify your revenue streams this year. As a small business owner, it’s important to have multiple streams of income for yourself. I hope these 5 ideas show you that it’s way easier than you think to diversify income.

5 passive income ideas to diversify your income as a small business owner or online brand

#1: Affiliate links

The first idea I love to talk about when discussing diversifying income streams is affiliate links! These affiliate links are super easy to incorporate what you’re ALREADY doing as a business owner! In 2019, I began to diversify my income – and at the time, I was still primarily a wedding photographer. I was often asked about my off camera flash setup and I created a list of Amazon links for all of my equipment and shared it…a lot. From that list alone, I generated $1,645 through the Amazon Affiliate program that year by simply having a blog post that listed out every single item I used. This post gained traction, it’s where I sent people when they asked, and it paid off! 

Another example is the affiliate income I made from Honeybook. Honeybook was my CRM and I loved using it for my business as a photographer. In the first year I was an affiliate for them, I made an extra $3,800 just from sharing my referral link with my community. Now, I share affiliate links for different products I use every day, like my website template, email marketing program, and wall calendars. I share these in blogs, my YouTube videos, and in newsletters. These are all things I’m passionate about talking about with my audience, which means it feels natural and not forced. Through these discussions and links, I’m creating an easy stream of income for myself!! 

#2: Downloadable templates or PDFs

The next idea to diversify your income is to create a downloadable template or PDF that you can then turn around and sell to your peers. For me, I began the first version of the SK Shop in 2019 and created products based on the questions I was asked about most. In the first year, I made over $9,000 selling my presets because people had been asking about how I edited images. At the time, I did that with no launch plan or really having to try too hard – because I knew that people wanted the product! 

Think about what you do every day in your business or what you’re asked about daily and then turn that concept into an income stream. The key for downloadable products or templates is that it should be something you’re already using (so it’s easy to talk about!) and people need to WANT the product you’re creating. 

#3: Online course

To jump off of digital products, the next idea is to create an online course. Building an online course is more time intensive from the start, so make sure that you really have a good grip on who your ideal audience is and what they need before you begin to put work into creating a course. While they are higher return products, usually, they’re definitely going to take more work. Honestly, I’m a big fan of doing something smaller to start your shop and new income streams so you truly understand what your audience wants and needs from you. My courses currently are one of my biggest revenue streams for my business, but they really require strategy and time. 

#4: Start a YouTube channel

The next idea is to start a YouTube channel! YouTube is something that should correlate with your brand as it is now. Use these videos and yoru channel to push viewers to your brand and your products to sell. The wonderful thing about YouTube is that the videos are evergreen – so videos that are well-made will have a longer shelf life than social media or other platforms used for marketing. One of the things to remember about YouTube is that the results may be more long-term than you’re used to. There’s not going to be an immediate return, but over time, you’ll find more benefits from your hard work. 

Currently, after growing my channel for over two years, I now receive over $2k in income each month from my channel. You can see more tips about starting a YouTube channel HERE. Remember, this has taken me time and a lot of growth to see that kind of financial return. 

#5: Physical product shop

The last idea to diversify your income stream is to create a physical product shop. While I don’t currently have this in my brand, it’s a great idea to generate more income. There’s so many easy ways to create a physical product shop – whether it directly relates to your brand or not. One of the easiest ways to make it more passive is to offer drop shipping, so look for possible companies that will help with that to take work off of your hands. A quick note – your profits may take a slight hit but it will truly be more passive that way! 

If you have any other questions on passive income, make sure to let me know! I love helping business owners find new ways to diversify their income, making their business even more successful and secure. 

PS! Check out some of my favorite products mentioned in the video! 

HoneyBook! Get it for 50% off

Later! Plan your Instagram feed & get 10 free posts

Flodesk for email marketing! Get 50% off

The Legal Paige contract templates! Code “STEPHANIE” for 10% off 

Canva for easy graphic design

EM Shop website templates! Code “STEPHANIE” for 12% off: 



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