5 Ways to Create Passive Income Streams (AND ENJOY) This Summer
Pop quiz: What’s just as important as making money for small business owners?
The answer: Self-care.
Come on, don’t roll your eyes! 🙄
Think about it. How can your business thrive if the person who runs it isn’t thriving? If you’re like us, you love being on the grind year-round, and that includes summers. But we also love the summertime too, and we want to help you get the most out of the season of sunshine and relaxation without stressing too much about your business’s income.
The secret to having your cake and eating it too—in this case, relaxing and making money—is to create passive income streams. And for passive income streams, the more the merrier. Multiple streams is always a good idea, especially to have support systems in place during times of uncertainty. (Do we need to mention 2020’s COVID pandemic?)
Put Together Your Own Course
Even before last year’s pandemic outbreak, eLearning and distance learning were seeing an upward trend. This was particularly true for entrepreneurs who strived to be experts in their field. In fact, believe it or not, you should consider yourself an expert in whatever field you’re in! Why else would you be there? So, consider this an exercise in empowerment, too: you do, indeed, have the knowledge you need to lead your own course. And if/when business slows down, like in the summer, you will still be able to bring in clientele who want to learn from you.
Start a Mastermind Group
If you don’t know what a mastermind group is, we’ll tell you! Essentially, it’s a group of people (masterminds) who are equally invested in a common goal. If you thrive in group settings or find group work to be helpful, even better. One of the biggest benefits of masterminds is that they offer a space in which you can work through problems or challenges with other business owners and entrepreneurs. Much like a support group, being in a mastermind group can provide:
- Networking opportunities
- Peer support and problem-solving
- Opportunities to learn from other leaders’ experiences, strategies, and more
What does this all lead to in the end? More money for your businesses, and more opportunities for your business to grow.
Add in Affiliate Marketing
The idea behind affiliate marketing is to promote other products and earn commissions when people decide to buy because of your marketing, specifically. This is a great option, too, for people who have websites with regular traffic and a decent online following (like through social media).
There are many ways to go about affiliate marketing, but one popular way for entrepreneurs is to find an affiliate program through a website or service they use often, like Canva (ahem… insert affiliate plug 😉). You’ve probably already seen it: bloggers or influencers who will encourage you to sign up for a service or purchase a product using their discount code. On the backend, when you use their code, they’re earning a commission for helping to promote their product or service. Most of the time (and highly recommended), entrepreneurs will only associate with services or websites they use themselves, really enjoy or feel passionate about, or know will resonate with and benefit their audience.
What a great way to bring in some extra cash, am I right?!
Consider Digital Products
Take stock of your business and all that it offers, and start thinking outside the box. How might your business offer digital products? This can include anything from eBooks, templates, guides, videos, packages, and more. The possibilities could be endless if you let your imagination fly! Ultimately, this could become a quite lucrative income stream for your business as it will be passive—people will be shopping your website while you’re digging your toes in the sand under the sun!
Not sure where to start, or how? Check out Wear Wag Repeat’s Masterclass on Launching an On-Demand Online Store for Pet Lovers.
Invest in Your Education
That’s right, educating yourself is one form of growing your business during a slower time. Why not take some time during the summer and invest in yourself so you can grow your business all why maxing and relaxing with, say, a cold marg?
For starters, we recommend podcasts. Try Pet Sitter Confessional, a podcast that explores the world of pet sitting and pet care. You can learn so much from Collin and Meghan, who cover topics ranging from business, marketing, customer service, and much more. Another podcast we love is the Wear Wag Repeat podcast, a podcast specifically for petpreneurs and influencers.
Other resources include:
- Pet Marketing Unleashed: Blogging For Your Pet Biz – If you aren’t already doing so, you should have a blog on your business’s website and be blogging regularly. Not only will this attract and engage audiences, but you can capitalize on that affiliate marketing we mentioned earlier. Think you’re not a good enough writer or don’t know how to go through the process? Mikaela’s got you covered. This workshop-style course walks you through the full process of developing a blogging strategy, planning a year’s worth of content, and writing the actual blog posts for pet service businesses. Check it out here.
- Side Hustle School – A great educational resource and coach for anyone looking to earn extra money, have back-up plans, and more. This is a great place to start, especially while you’re sipping margaritas by the pool this summer! It’s a win-win!
We at Dox Design have a course, too! It’s called BYOB: Build Your Own Brand, a 5-day course that will give you all the tools and resources you need to build a brand from the ground up.
We understand that investing in a full-time designer isn’t always feasible, and we strongly believe that you deserve to thrive, no matter the circumstances. That’s why we work to provide resources like BYOB at a fraction of the cost of a designer. Empower yourself and learn how to do what the pro’s do. Enroll now and get started!