In this article, we are going to talk about how to generate passive income sources that can be sustained over time, understanding "passive" as an income that requires little or no work. All these ideas are the result of our experience and the Wix platform resources to obtain passive income linked to the main channel in which content is created. Regardless of whether you are a well-known brand, today all companies gain popularity by generating an audience that receives valuable content on a regular basis. This very loyal audience can become a profitable business if you get to know their characteristics and interests to offer solutions to their problems with your products or services (also with products of others with affiliate marketing, sponsorship, placements, etc).
What are the steps to create passive income?
As we all know, just as investors in the stock market need to have seed money to start investing, creators need to have an audience to earn that income with these three steps:
Find your niche: If you have an email list or an audience of followers on a platform, it is important to keep in mind that your audience is not homogeneous and has many segments that you have to take into account to find your niche. To do this you will have to analyze your database in depth, to detect what your niche is you will have to take into account demographic aspects (age, gender, location...) and their interests. Then you have to detect which segments that are more related to the paid products and services that you will offer them.
Create your products: First, think about how you can generate more than one source of passive income that is of interest to your audience. Then use different criteria (financial, availability, intuition) to assess these options and stick with the one that most relates to who you are for your audience. Finally, you can create a business plan with the goals you want to achieve. These sources of passive income can be online courses, exclusive content, digital products, services, subscriptions, affiliate programs, etc.
Boost your business: Create a strategy that includes elements to capture the attention of your audience with your offer, and present your product or service in the most natural and least "commercial" way you can find. We recommend you to use the inbound marketing methodology to do it, if you don't know it we leave you in this link a guide that we have prepared with everything you need to know to do it.
Last but not least, now we'll see how to implement this strategy with Wix platform resources:
Online store: Create your own online store in a few hours with a lot of integrations to many Marketing tools to boost the sales of your physical or digital products.
Events: With Wix you can create and manage your paid or free events. Send invitations by email, SMS or in-app notifications.
Multimedia galleries: If you are an artist you can create your own gallery to share all your work. Showcase your albums, tracks and playlists.
Meetings and reservations: Wix Bookins is an excellent tool to get booked for any services you offer on desktop and mobile.
These steps take a lot of work and may take a few unsuccessful attempts to achieve the results you expect, but once you do you can enjoy having your "cash cow", your new passive income that will grow your business every month while you sleep.
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