Increase Your Revenues: Why Rely on Passive Income
<p><em>Freelancers and self-employed often face more quiet periods. It is the perfect moment to update your website or take the time to create new offers while waiting for new contracts. To help you with this, why not rely on passive income to increase your daily revenues? Let us see this more closely.</em></p>
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<h3>What is passive income?</h3>
<p>To begin with, what is a passive income exactly? Once implemented, it is a form of income that requires little or no work. You can then make money automatically without you having to do anything on a regular basis. Over the last few years, more and more people have started to rely on passive income to increase their business revenues; there are now several business opportunities in many fields of activities. </p>
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<h3>Why a freelancer should think about having passive income</h3>
<p>For most self-employed and freelancers, income is related to contracts. Although asking for a <a href="https://www.momenteo.com/blog/freelancers-should-you-ask-for-a-down-payment" target="_blank">down payment</a> before starting work remains relevant, you may have to wait a few weeks or months before being paid. </p>
<p>A way to ensure regular money inflows is to rely on passive income. It can add some sustainability to your business while increasing your revenues. Whatever your domain or specialty, there is likely a way to use your expertise to meet a need and make money.</p>
<p><a href="https://www.momenteo.com/blog/7-ideas-to-take-advantage-of-your-downtimes" target="_blank">Benefit from downtimes</a> to implement passive income. This way, when you are busy again, you only have to reap the benefits. Moreover, having professional notoriety and being active on social media can help you promote your passive income more effectively. </p>
<h3>A few passive income ideas</h3>
<p>Now that you know more about passive income, how can you increase your business revenues? Momenteo found seven passive income ideas that could be relevant for freelancers and self-employed people.</p>
<p><strong>Online tools</strong></p>
<p>Among the most popular passive income options for businesses, we find online tools that can be downloaded or printed. Whether it is a checklist, planner, Excel sheets, templates, recipes, or educational exercises, there is undoubtedly something to create. Start by asking yourself what the needs of your clientele are and try to meet them by making a simple tool. Moreover, these tools can cost a little money, while others can be more complex and expensive.</p>
<p><strong>A training course</strong></p>
<p>Another way to implement passive income is to offer a training course. Several online platforms can help you with this. Think about your clientele’s and colleagues’ needs. How can you help them? You likely know a lot about something, whether it is about creating a website using WordPress, taking great pictures, creating engaging content for social media, etc.</p>
<p><strong>A book or ebook</strong></p>
<p>Whether you have the soul of a writer or not, it could also be interesting to sell online books or ebooks. If you master a topic, an ebook of several pages could be relevant as long as it interests your target audience. It can be an ebook about marketing or personal finances, a cookbook, a novel… Regarding novels, you can publish them easily on websites like Amazon KDP.</p>
<p><strong>Affiliate marketing</strong></p>
<p>If you do not necessarily want to create a product to increase your revenues, there are other options, like affiliate marketing. Indeed, you can get commissions by promoting the products of other businesses. Of course, please choose products that you love, or that could interest your clients. You only have to add a mention on your website or social media to generate revenue.</p>
<p>If you like Momenteo, we also have an <a href="https://www.momenteo.com/affiliation/" target="_blank">affiliate program</a>! Promoting our invoicing software gives you a $20 commission on every sale. </p>
<p><strong>Selling pictures</strong></p>
<p>If you are a photographer, did you know that you can sell photos on image bank websites? It can become an interesting passive income. Whether it is on sites like Shutterstock or Unsplash, you can get some revenues or a commission when one of your photos is used or downloaded. You only need to take a look at these platforms to see that there are photos for every topic.</p>
<p><strong>A YouTube channel</strong></p>
<p>In all honesty, we hesitated to add the YouTube channel as a passive income since creating videos requires a lot of work and time; however, once the video is online, you can earn money with this platform's monetization program. Please note that there are many rules to follow before becoming a YouTube partner. For example, according to the latest updates, a channel must have a least 1000 followers or 4000 watched hours.</p>
<p><strong>Starting a blog</strong></p>
<p>Similarly to a YouTube channel, a blog can generate passive income, although there is a lot of work to do to achieve it. There are different ways to monetize a blog. First, you can promote the products or services of other companies (remember to add an affiliate link). Then, you can add ads on your site and accept to earn money in exchange for guest posts or links. Of course, you must work hard to ensure your blog works well and catches people's attention. </p>
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<p>In conclusion, it is always relevant to <a href="https://www.momenteo.com/blog/6-ways-to-diversify-your-revenues-when-you-are-a-freelancer" target="_blank">diversify your freelancer revenues</a>. As we saw in the last few years, no one is safe from a situation where finding new clients and contracts is more challenging. Consequently, having one or several passive incomes can help you earn money while working on other projects. You should think about it!</p>