Five Passive Income Options for Your Small Business Website
Looking for incremental revenue streams, consider adding any or all of these Passive Income options to your business model.
As an entrepreneur, and, small business owner, you’re always seeking ways to generate more revenue. Several great options exist for your small business to take advantage of your current business model and drive additional revenue with passive income.
Passive income is static income that requires little to no effort once established and can be a great source of revenue for your business. In this article, I’ll explore five passive income strategies that you can integrate into your small business website to generate passive revenue..
Table of Contents
Print On Demand
Create a Drop Ship business.
YouTube Affiliate Channel
Turn your business materials into online training materials
Use eCommerce to sell products and services.
Conclusion
Key Learnings
Setting up a YouTube account is fairly simple and once you reach 500 followers you can set up an affiliate account and start earning commissions.
Once set up, the POD service does all of the work for you, including printing, and fulfillment. You do not take possession of the products so there is no inventory to account for.
Creating online training materials can also be an excellent source of passive income. Use your business materials to create courses, lessons, and videos that you can sell.
Print on demand (POD) is a great way to generate passive income for your business. POD allows you to design and sell customized products such as t-shirts or mugs on your website without having to hold inventory or worry about shipping. With POD, your design is printed on demand, once the customer places an order.
Once set up, the POD service does all of the work for you, including printing, and fulfillment. The small business does not take possession of the products so there is no inventory to account for. Some of the Print on Demand suppliers will also handle customer service. There are many POD services available such as Printify, Teespring, or Gearbubble that allow you to integrate with your eCommerce platform.
Capstone is adding Print on Demand products to our business website. A couple of our products are shown below.
View a video on Print on Demand.
Create a Drop Ship business
Drop shipping is another popular passive income strategy. A drop shipper would handle the order processing and shipping of the products directly to your customers, allowing you to avoid the hassle of inventory management. .
With dropshipping, you can choose your supplier based on their quality, delivery time, price and other factors. Most eCommerce platforms can interface with drop shipping platforms.
One drop shipping vendor to consider is Dsers.
Turn your business videos into a YouTube Affiliate Channel.
Are you already making videos for your business? Do you use videos on Social Media to stay in touch and educate your customers? I was shopping at a farm store recently and the owner shared how they used videos to inform their customer base when certain vegetables were being planted and ready for harvest. She shared how their Facebook account “blew up” when she posted a video of the farm planting onions. Nothing fancy, not scripted, just simple, authentic, and informative.
Setting up a YouTube account is fairly simple and once you reach 500 followers you can set up an affiliate account and start earning commissions. Take advantage of those, how-to videos, education videos, and reviews set up a YouTube account, and become a YouTube affiliate.
An example of a YouTube Affiliate channel Joshhall.co:
Turn your business training materials into Online Training materials
Creating online training materials can also be an excellent source of passive income. You can make use of the materials you already use in your business to create courses, lessons, and videos that you can sell to your audience.
Many popular courses on websites like Linked In Learning, and Coursera give you an idea of what courses sell well. You can host your courses on your website or on a dedicated learning platform.
A great example of a small business taking its own training materials and turning them into a revenue source is Zingerman’s Deli in Ann Arbor, Michigan. They have turned their training materials into webinars, printed materials, ebooks, and in-person training that they are selling to other small businesses. They are enhancing they are own business while fulfilling their mission.
Visit ZingTrain.com the Zingerman’s Training website.
eCommerce for products and service businesses.
While eCommerce on its own is not necessarily “passive” if done correctly, eCommerce can be put on something that is almost like autopilot. SEO for an eCommerce site should be monitored and updated consistently. A good digital marketing plan will help keep your business top of mind with customers.
Use eCommerce to sell your products online and keep them in front of customers 24/7. eCommerce is the perfect tool for selling your products on the web. eCommerce continues to be underutilized by the service industry. Consider scheduling appointments, offering maintenance plans, and taking payment for service fees through an eCommerce website.
A perfect example of scheduling and accepting upfront payments is Capstone client Precision Driving School. They schedule students and accept payments for their Drivers Training School.
Conclusion:
Passive income is a great way to generate revenue for your small business website. Whether it’s print-on-demand, dropshipping, YouTube affiliate marketing, online training materials or eCommerce, there is a passive income avenue suitable for your small business.
Remember, passive income shouldn’t be a reason for complacency as they still require attention and regular monitoring. Determine which strategy would work best for you and your business, and start generating passive income today.
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