If you’re a small business owner, this one’s for you! I know you are BUSY. Once our days are full sometimes it can feel like we’ve reached the top of our earning potential – but it’s not true! There are some easy things we can do to help us make money behind the scenes – without having to increase our direct client hours. Read on for my top 4 ways you can start to build up some passive income in your business!
Open up a High Interest/High Yield Savings Account
Chances are you have some money sitting in your bank account reserved for large expenses (like tax payments) as well as an emergency fund (I hope!). If this money is just sitting in your regular bank account then you are missing out on getting that money to work for you before you need it. At a regular brick and mortar bank you’re earning somewhere between 0%-1.5% in your savings account. My credit union offers 1% on my savings accounts. But, there’s a better option in town, and it’s an online bank called EQ Bank. They offer 2.5% interest on their Savings Plus Account (plus no monthly fees and free e-transfers).
If you use my referral link, when you open an account and fund it with at least $100 within 30 days you get $20 for free!*
Get your cash back by clicking HERE!
This is Canada-specific so if you’re in another country please do some research and check out your options!
Use a Cash-Back App like
"Rakuten" when Shopping Online
This really works, and you can use it for business and/or personal purchases! It’s totally free for you as well. You’ll be surprised how many online sites Rakuten works for and you receive between 1-3% (and sometimes up to 11%) back on the amount you spend. I installed the google chrome extension and it easily reminds me to activate cash back before I make the purchases I need to make for the business anyways (or my latest personal obsession… H&M Home).
Use my referral link and you’ll get $30 free when you spend $30 online using Rakuten in Canada, or $40 back when you spend $40 using Rakuten in the USA.*
Canada referral link: Click Here!
USA referral link: Click Here!
Go get that money!
Start Using Affiliate Marketing via Amazon
Do you have tools that you love to use in your business? Are you constantly recommending something to your clients (that you don’t sell)? Sign up for business affiliate marketing through Amazon and get a small kickback (from Amazon – the price stays the same for your clients) every time someone purchases something you recommended (they must purchase through your personalized link to the product). Most people like the fact that they can support your small business further by purchasing something they were going to purchase anyways!
Sell Digital Products!
The best way to create passive income for yourself is to take your knowledge or a tool you already use and sell it as a digital product! This is the ultimate passive income because you create something once and can profit from it again and again. It could be a one page template, a checklist, a how-to guide, an ebook, prerecorded videos, audio files, or even an online course. You’ve already got the content so you just need to package it up!
Think about what would have been the most useful to you as a professional 5 years ago… what would others find valuable that would save them time and help them to “skip a step”? If you don’t want to set up a shop on your website or worry about payments you can use already established sites like Etsy or TeachersPayTeachers to sell your digital products!
I hope this post gave you some ideas on how you can increase your profits without increasing your workload!
*I also benefit from you using my referral links so thank you so much for the support! They allow you to access special offers when following my links but if you’d prefer not to use them please don’t feel obligated.
