Entrepreneurs, small business owners, stay at home moms (and dads) and professionals with a 9 to 5 workweek say the same thing to me: There isn’t enough time in a day. Because there are only so many hours in the day, you need to maximize your profit-making activities through every possible resource. Passive Income (PI) can best be described as a source of profits that are yielded through very little effort on your part. Passive Income should be seen as a supplemental income source – NOT as a primary income source.
As I explain in How to Start Your Business with $100, PI is important not only for the sake of increased profits but also for marketing, networking, and strategic partnering. One of the most common forms of passive income are affiliate marketing programs. Affiliate programs are incredibly fruitful for small businesses. One way that I’ve utilized affiliate programs is through the Wild WE website; I’ve identified partners that may be useful to Wild WE members, and provided a link to these partners’ websites from the Wild WE homepage. In return, the Wild WE received space on partner websites as well. Affiliate Scout, an extensive directory of affiliate programs, is one of the many PI resources I cite in How to Start Your Business with $100, and is a great place to get started if you are new to the world of Passive Income.
I encourage you to share your experiences in generating passive income. What has worked for you? What kinds of affiliate programs have you participated in? What about joint ventures (another form of passive income)?