Passive Income streams should be one of your main focuses when building a Virtual Business Lifestyle. The ability to create numerous money-making vehicles, switch them onto auto-pilot and then reap the financial benefits is paramount to living a successful entrepreneurial life in the modern world. There are many people doing it successfully, and there is no reason why you can’t join them!
In this short video I share with you SIX ways to be able to produce passive income streams online and ‘make money as you sleep’. Also, try to keep in mind that although its not required to begin with, all of these passive income generating ideas can be made a LOT easier by utilizing a virtual assistant. Be sure to download my free eBook on this subject to get a head start to the whole thing!
There are countless avenues to explore when creating passive income streams, the six I discuss in this clip are:
- eBooks and eCourses
- Affiliate and Niche Websites
- Membership Programs
- Software Development (iPhone & iPad Apps)
- Consultation Services
- Packing and Selling of Podcasts
As you can see, there are many different ways to create passive income streams, the most important thing is that its done with passion and great content. Putting something together is one thing, but making sure that people get genuine value from it is a different ball game completely.
To speed up your passive income journey a little, I suggest you download my other free eBook, and get going with building up your own online personal brand, too. People like to buy from people. Remember that. And if you have any questions, just tweet me, or drop a message on the VBL Facebook page.
If you have had success with your own passive income streams online then please tell us all about it in the comments section below. Don’t keep it to yourself, share the wealth!
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Yeah buddy very cool! Thanks for the shout. One other way I think of passive income is having really great staff for your core business, I consider a lot of the money I make from the businesses I own to be “passive” because my employees are making the sales and managing the business.
Dan
You bring up a very good, clear point. Something I should have mentioned..!!!
The quality of your support (be it sitting right next to you, or virtual) is paramount in the advancement of your business and your bank account. And I still remember your video guest post (the one with your six string!), where you mentioned you had no idea what to talk about, and then it hit you… automation in effect right there!
Thanks for the comment, bud.
Chris
Hey Chris, thanks for the shout outs in the vid! So cool
I think your last point, packing and selling podcasts, is definitely an under utilized tactic. So many people love to listen to audio, either on a drive, at the gym (and even sometimes secretly while at their jobs, haha), and people will pay for good content.
I know a few people who make money…GOOD money online using this method…from podcasts about project management, to learning a new language. The possibilities are really endless.
Is this something you’re looking to get into?
Great video Chris. Cheers! Kind of goes hand in hand with the podcast I just published too
And what a fine, kick-ass podcast it is, Mr Flynn!
Something I’m looking at getting into? No, not really, but possibly ‘related’ in some way, in the future sometime…
What about yourself? What else are you utilizing on the passive income front – you’re basically my personally go-to-guy on the subject!
Thanks for stopping by.
Chris
Nice inspiration, Chris!
Thanks for that! What you’re mentioning on packing “old” podcast episodes is a very important point for nearly every digital information product…
Pack together what already exists, perhaps make it a little better, or bring it into another form and sell it. That’s convenient, out-of-the-box information for those that are looking for it, and every one of those will pay for it.
Get video Chris, I always like when people give out an idea that spark more ideas. You got me thinking about how I am going to do more than right the eBook I have in the works.
Anything to improve you results of passive income would be to outsource it as you have stated.
Thanks again Chris
Great advice here Chris.
I love the idea of money just rolling in because of what you’ve worked on previously. I’ve got one of these in production now actually, would love to be able to send you a copy when it’s done if you like?
Great idea about repackaged podcasts. Would love your thoughts as to whether you could do it for blog posts.
Keep rocking and rolling dude
Don’t we all, Ben!
Sure thing, send it through – would love to check it out.
Blog posts, repackaged, I believe have been ‘done’ a little already, in terms of eBook’s / Books already. Even Mr. Ferriss did it in the ‘expanded’ edition of 4HWW – a lot of the content was added from the most popular stuff on his blog, which I thought was a bit of a swizz. But, it WAS and IS great content, so if you weren’t following his blog it was well worth the money, for sure.
Thanks for the comment, mate.
Chris
I’m really liking Dan’s idea of the packaging the podcasts. Really cool!
Hey Tony
First time I’ve seen a comment from you in a while, buddy – thanks.
As I reply to this, I am enjoying a fine Chardonnay and delightful cheese, sitting in my home office.
I thought you might enjoy that idea – hey, you have some great interviews over at Venturemixx.com!
Cheers,
Chris
Great tips here Chris. Generation of passive income is the number 1 goal for my business this year.
Thanks for sharing these awesome tips!
Hi Matthew
Glad you enjoyed the video and the tips included.
Its funny how great minds think alike. It’s my plan to have 5 streams of passive income in place, and making me money in a 100% passive way by the end of the first quarter of next year. FIngers crossed for both of us, buddy.
Chris
Hi Chris, knowledge which is shared is twice blessed,it blesses he that gives and he that receives.
I am looking to take the whole VB /VA concept and push it very aggressively in West Africa.
There is gold in them hills. Keep up the good work.
From your UK fan club president
Hey Coach
Wow.
I have officially ‘arrived’… A comment from the greatest basketball coach in the world. A man that was a second father to most of us throughout our teen years at the YMCA… Thanks!
Looking forward to speaking with you on things when schedules sync properly.
Regards,
Chris
Great wrap of Chris. Just did finishing touches on a post that’s touching this subject as well (publishing it tomorrow)! There seem to be a lot of valuable conversation going on around the subject right now in various blogs.
We actually formed a mastermind group of 6 Finnish bloggers around this very subject just a few weeks back and it is turning out to be one of the best things I’ve done yet for pushing my own blogging and business to the next gear. It’s amazing what you can accomplish when you have a group of dedicated people working together towards a mutual goal!
Hope you’re having a superb Tuesday. Cheers!
Hi Juha
Yep – its a fascinating topic right now, and I think we’ll be seeing more and more on it in the coming months. Entrepreneurs are simply wanting to gain and create more control over their money-making, whether its online or offline.
Mastermind groups are great. I’ve been involved in one before, but I’m currently not – would like to be though, at some point again.
Thanks for the comment, buddy.
Chris
Some nice ideas Chris; personally I think the most valuable are those that allow one to expand, limitlessly. ie consulting has a ceiling.. there’s only so much time in the world.
Quick comment – I went to email myself this article, and it loaded up my Outlook program! argh! Was expecting to see a webmail form, so I could send it to my gmail account, for later reference. Maybe worth thinking about a different email sharing tool?
Regards,
Lucas
Hi Lucas
Thanks for the feedback, and the comment on the email sharing – I’ll have my guys look into it, when we ‘refresh’ the blog in the next month or two.
You’re right, consulting is not really 100% ‘passive’, but if you set it up so that you do nothing until the money hits the bank, its pretty close to it!
Appreciate you dropping by, and hope to see more of you around in the coming months…
All the best,
Chris
At the moment, I have a few passive income streams that have been picking up in recent months but I’m not settling just for that.
Recently thought up a really great software product I’d like to have developed.
Even from my limited experience software side, I think what is really helpful is to think “what part of X isn’t being taken care of?”.
Find what others aren’t doing but have a problem with and you could set yourself up for a really amazing piece of passive income
Hey Murlu
Its been a while – hope you’ve been fine.
Totally agree – there are a lot of passive income streams that either a) haven’t been thought up yet, or b) could be improved upon!
Glad to see things are moving forward for you on this side of things. Good Job!
Chris
Hey Chris,
I love what you are doing here, and your writing on passive income especially as it is one of my passions.
My focus is membership websites and mobile marketing, so I combined the two to create a community website around mobile and how to make money from it.
I focus a lot on mobile affiliate CPA marketing via a mobile advertising networks.
Once you have followed my testing process, you set it and leave it for a set time, and bank the profits
Danny
Hi Danny
Awesome stuff. Straight out of ‘Work the System’, no doubt.
Good for you – I’m gonna be hopping over to your site for a look now!
Thanks for dropping by and hope to see you here on the blog more often, too!
Chris
I would like to feature your video(s) on my site, especially the one where you are talking about living and working in the Philippines. Could you log in and become a member of my site and possibly post some content there. I will upgrade you to an editor or something higher to add your own posts and videos. My site is mainly an informational site on the subject of Retiring Philippines. I want to place your video on the main page where everyone will see it. My blog in on a page called “Blog” I need help finding ways to make money here,can you help with that? And I sure would like to meet you some time since you are so close to me.
Charles
http://retiringphilippines.org/
http://www.webbuilderspro.com/
Hi Charles
Thanks for the comment.
I got your email, too. Replied.
All the best,
Chris
Hi Chris,
This post is one of those things that inspired me to push myself to be an entrepreneur and start creating some passive income streams. There are lots of ways for you to show your experience into money-making concepts and passive income streams online. To generate passive income streams by simply starting in choosing one or maybe two different product varieties to start on. You’ll have totally different passive income streams created in no time.
Just like Chris and Pat, they’re totally good at it. Congratulations to both!
Hi Ashlyn
Thanks for the kind words.
Yes, there are plenty of ways to create passive income – you just have to get creative!
Stay tuned.
C
Aaargh – the internet connection in my house is so temperamental – too many of us trying to use it at once maybe or its just too slow. I dunno but I can’t watch this video and I soooo wanted to!
Is there a transcript somewhere? I couldn’t see one but maybe I missed it?
I really wanted to hear what you say on iphone apps…
Hi Bridget
I’m sorry, right now there is no transcription available.
Try the video on YouTube, or tell everyone in the house to stop surfing!!! Lol.
Thanks for the comment.
C
While Im working on developing my husbands web presence: I cant seem to make a decision for my own business between becoming a social media consultant OR doing the niche website biz. Niche webstie biz is more appealing to me. It would be great if I could help to make that final decision. I love all the options you mentioned. All very good. Apps biz takes upfront cash flow for sure.
Hi Susan
I suggest doing BOTH. A couple of reasons:
First up, its silly to put all your eggs in one basket.
Secondly, the Niche Website ideas can easily be taken care of by a virtual assistant. Look around the site a little more, and you’ll see that there are tons of tasks that VAs can handle for you.
Focus on the Social Media stuff yourself, making sure that the sales copy of your website, etc., is all tip-top, and then have your VA do the niche stuff.
Thanks for the insightful comment and question.
C
Hey Chris… Good video!
I decided to develop some passive income streams late in 2009 and started with writing an ebook… It took me 10 days to setup, writing the book, creating the pdf, wrote the sales page, created the website, registration on Clickbank, etc. It sold so well, on complete autopilot, that I used the ebook content to create a membership site and over 1,100 people have been through the membership site.
Mid last year I stopped all the paid promotion I was doing and just focused on recruiting affiliates who make an average $72.00 per sale, according to the Clickbank stats… and that made all the difference!
I do coaching and consulting, but nothing beats waking up in the morning to see $500+ of sales and recurring payments (while I’ve been sleeping) of one ebook that I wrote 18 months ago.
I should outsource the support and newsletter writing to make it 100% passive income… one day!
Cheers
Ian McConnell
Western Australia
Hi Ian
That’s an awesome story, mate. Good for you, well done!!!
It’s just goes to show you that anyone can create some passive income for themselves. The secret is just doing it the RIGHT way, to be able to maximize profitability. You’ve obviously had a great run with that first product.
Time to launch some more, I reckon!!!
C
Chris,
Thank you for the video.
I’m so excited to find people like you and Pat Flynn who are speaking my language.
I’ve just finished my blogging and internet marketing “apprenticeship” (as I call my trial-and-error phase). Now, I’m going pro (to steal a line from Steven Pressfield).
Anyway, your blog and podcast have been instrumental in moving me in the right direction. I look forward to connecting with you in the future. Perhaps I’ll be worthy of an interview on your show some day?
Kudos, Adam.
Hi Adam
Thats awesome to hear, buddy – thanks so much for the kind words…!!!
Please keep me up to date with what you’re doing. Good luck with everything.
C
Hi Chris
LOVE your point about packaging podcasts of information on a specific topic, then selling it online to make passive income. I don’t have time to research/write an e-book or produce/manage an e-course.
I had the idea about a year ago to create a simple website in WordPress and re-package the absolute plethora of data which has inundated my email Inbox for the past 18 months. I have literally over 5000 files I have downloaded from many sources and saved on my Internet Favourites. These files cover a whole range of subjects which I consider important for me to know in order to fulfill my ambition of being a successful Netpreneur and SME (small-to-medium enterprise) owner.
One day I thought to myself ‘This is BS! SURELY there must be other people out there in CyberLand who also need this info. I’ve spent money on subscribing to email product, purchased e-books and also downloaded lots of information which is provided by suppliers for free. However, it takes a ludicrous amount of my precious time reading the content, deciding whether it is worth saving or not, creating folders on specific subject matters, storing the data in those subject folders and it’s all eating away at my productive time. I’m NOT productive because I spend around 70% of each supposed-to-be business day just going through all this freaking content! If I packaged it up to on-sell to other people in a super-user-friendly way, surely I could make money to support myself so I can actually get on with my REAL job of building the website-with-blog I WANT to create on a subject dear to my heart?” (This subject happens to be astrology, about which I know a great deal as I have practised it professionally since 1998.)
So when I saw you on your video saying re-packaging of podcast information was one of the six ways to make passive income online, I felt like a bloody genius! If Chris Ducker says it’s a way to go, then it’s a way to go! Wish I’d done it when I first thought of it 12 months ago …
The point I wish to communicate to you and the community members from the example of my thought process above is this: since deciding to become a Netpreneur, I’ve never been SO miserable in my entire life. I’m overwhelmed with all this data I have gathered and it paralyzes me to the point I’ve NOT set up a blog or website because I’m too confused to do so!!
However, if I sorted through the data, grouped it into specific subjects, created a simple website, did the Internet marketing necessary to bring the website to the attention of other newbies and sold the re-packaged data (which would now be my own product because I’ve applied process to it), I could save other people from such overwhelm AND make some income for my impoverished self.
Just want to ask you the following questions which I think are vital to making my idea work.
1 Would you choose WordPress as an easy-start blogging/website content management system? The only thing I know about it is that it exists, I’ve been told by friends who have WP it’s easy to set-up and maintain and I’ve since read lots of info on the Net which reiterates this claim. I believe I read in a reply you wrote to another community member who commented on another post of yours you recommend WP. Is this correct, Chris? Or did I just make that up?
2 You are talking podcasts and a lady who commented above made the point people love to LISTEN to information. The data I have contains some videos, but they’re not podcasts as such. (Hmmm, maybe I’d better find out exactly what a podcast IS.) Do you think it would be worth my time to conduct this exercise as the vast majority of data I have is written information. If I’m too bloody exhausted after reading info to enact it, maybe my target audience – Net marketing and SME absolute beginners – would be too exhausted also? I’d hate to waste any more time and money than I already have.
Sorry this post is so long, Chris. I know you have gazillions of other people to attend to. However, please, if you can, write me an email here to give me your opinion. I would value it most highly.
I’d love to hear from other community members also. Guys, what do you think?
Look forward to hearing back from you people as you are much more advanced and knowledgeable than me. Thank you very much.
Cheers from Caitlin in South-East Queensland, Australia
Hi Caitlin
Thanks for such a great comment, and for taking the time to put pen to paper, virtually, of course!
Yes, I do recommend WordPress. I run ALL of my sites on it.
Podcasts can be either audio, or video – or sometimes a combo of the two. Just remember one thing – when you start producing all this audio content, make sure you dont blatantly COPY other peoples work. No1, its not cool, and No2, you’ll do doubt get into hot water, copyright wise, sooner or later.
Thanks again for the great comment.
C
Hi Chris
Thank you VERY MUCH for your courteous professionalism in posting a reply to my comment and for giving me your sought-after opinion that you recommend WordPress. Once again, if it’s good enough for Chris Ducker, it sure is good enough for me!
Yes, good point about not blatantly copying other people’s hard work. I should have said in my original post that I would NEVER do that. I have eight years’ of University education behind me which resulted in three degrees, including a Masters. If I learned one thing at college, it is that plagiarism is, as you say, SO not cool. Not the done thing. I plan to give full attribution to the originating author and paste a link to their website on my website so my subscribers can follow up the data with the source if they choose to.
If someone stole my hard work and passed it off as their own, I’d be livid and would pursue them to the ends of the Earth for full restitution. A man I hired to work with me registered my preferred domain name of my business and has re-registered it in subsequent years. That’s bad enough; I’m mad as hell. The worst aspect of his behaviour is that I don’t know WHY he has done that; I paid him the fee we had agreed on and thanked him for his input. We also got along perfectly well during the project so far as I know, so I don’t see what his problem is.
Anyway, that’s by-the-by. Just wanted to illustrate I understand completely your point about not stealing anything which belongs to other people. Ever.
My pleasure to write such a “great comment”. I feel chuffed you regard it as such. Have worked hard to keep this comment down in size so it’s not so much War and Peace-wordy!. Lol …
Many cheers to you from Caitlin. Think your business is fantastic and I’m glad to be a loyal fan.
Considering how little I’ve done so far, you could say I’ve had considerable success with online content creation. It’s only a few hundred per month but I’m aiming to turn it into a lot more (aren’t we all?).
I think passive income is the best way to earn money there is – better even than doing a job you love.
Hi Adi
Awesome, buddy!!! Congrats on your success, then.
Keep it up!
C
There are a lot of podcasts and blogs and youtube videos out there for free. People don’t really like paying for things they can find similar for free. Most of the podcasts and blogs make their money off of advertisement. I believe the niche market is where to be. But of course finding a niche is not always easy.
Hi Chris!
I’ve been a lurker for these past few weeks and here comes an excellent post summarizing all the things I want to know about ways to generate passive income. I’ve had this idea in my mind (and somewhere in my notebooks) about a niche site but am torn between making it an excellent means of passive income and keeping it a professional space. Should I make two sites, one for the professional side and another for the passive income? I am also considering “personal branding” but I’m too young to be a consultant on the niche/subject matter (okay, it’s education).
Hi Christine
Glad to be giving you a little inspiration and help – welcome to the VBL Tribe!
I think that if you craft the site in the right way, in regards to your content, you could do both.
As for personal branding – you’re NEVER too young to start doing that – get started. NOW.
Thanks for the comment.
C
Hey Chris,
Just wanted to thank you for putting this together.
Sometimes we forget things because we’re so immersed on other stuff that we often give everything for granted.
I keep forgetting to put up a “Hire Me” page for offering consultation services and is from posts like this that I go “Oh riiiight the freaking hire me page!” lol
Anyway, thanks for reminding me mate and I think that from all these you mention, I wouldn’t dive into:
1. developing for apple devices and
2. podcasting
For the rest I’m most definitely in!!
Take care and have a great day man!
Sergio
Hi Sergio
Glad you enjoyed the post, buddy.
Podcasting, for me anyway, hasn’t really been a direct money earner, however, it has helped to build my brand and thus, bring in business in an indirect way – don’t discount it completely, my man.
C
hey chris i like this post iv been learning how to generate income online but i am finding it difficult any idea where the best place to start? I have a website but no traffic lol
thanks man
Hi Laurence
Niche Marketing is a pretty quick method, although won’t make you massive amounts straight away. You can also think about running a review of a product that you can be an affiliate of, and make commissions on sales coming from your referrals – just be sure that the produce you promote, will HELP your readers. That’s the best way to go.
Good luck and hope to see you back on the blog again soon.
C
Yeah
I’ve just started my website im trying to promote GDI. Please take a look and tell me what you think via email, if you have time, Chris.
I could do with some advise, thanks.
Laurence
Congrats and good luck, Laurence.
I simply suggest you get as much original, excellent content up there ASAP and then work hard to build a great community – with those teo simple things in place, it’ll be easier for you to make money via your blog.
Cheers,
C