Passive income products allow you to make money while you sleep. 😴
You can create these products anytime during your VA journey. In fact, I created my first ebook within the first year of becoming a VA.
You can also create passive income products for people who can’t afford your 1:1 services. For example, if you offer social media management for Instagram, you can create a template with captions that people can edit and use themselves.
In this post, I’ll be covering different types of passive income products you can create, plus tips and tools for creating and selling your products.
This article may contain affiliate links, which means if you make a purchase through the link, I get a small percentage at no additional charge to you. See my disclosure for more info.
WHAT KIND OF PASSIVE INCOME PRODUCTS CAN VIRTUAL ASSISTANTS CREATE?
There are lots of ways you can earn extra money in your VA biz. Here are a few products you can create and sell:
- Print-on-demand products
- Paperback/Kindle books
- Membership sites
WHICH PRODUCT SHOULD I CREATE FIRST?
I’m all about the quick wins, so the best strategy is usually to go with the easiest option first. This would be a template, printable, or ebook/workbook.
10 PASSIVE INCOME TIPS TO HELP YOU SUCCEED
I’ve been offering passive income products for several years now and have learned a few things along the way! Here’s what I’ve learned.
1) Start small! Don’t dive headfirst into creating a membership site. Start off with a small, low-price product first, such as a template or ebook. It will be a lot quicker to make, and therefore you won’t get overwhelmed and quit.
2) Some products are more passive than others. When figuring out which product you want to create, consider how much time you have to maintain it. Some will take more time and energy to maintain than others. Templates and ebooks tend not to need much maintenance (unless you create it based on a topic that is constantly changing…more on that next).
3) Some topics are more passive than others. For instance, let’s say you want to create an ebook or course on how to use Pinterest. Well, Pinterest’s algorithms are constantly changing; therefore, you’ll need to update your material a lot to keep it relevant. This also applies to any tech tutorials that you need to update (cuz tech platforms LOOOOVVVE changing their interface once you make a whole course on their tool!! 🙄 )
4) Some products are less time-consuming to maintain. An ebook or DIY ecourse is less time-consuming to run than a live ecourse or membership site.
5) Some products will require you to consistently create new content (like a membership site) where something like an ebook won’t.
6) Every business is different. Something that works for me might not work for you and vice versa. Running a business requires testing and experimenting to see what works. You’ll eventually figure out which products your customers like best and at which price point.
7) You can always change the price of your products. Don’t stress too much about the price because it’s not set in stone and can be changed at any time – even a book you publish on Amazon! It’s usually best to start low and raise your price rather than the other way around.
8) You can always update and improve your products. Don’t get caught up in making everything perfect – you can always go back and improve. DONE is better than perfect. 😀
9) You must promote your passive income products to reach customers. Just because you make an ebook and put it on your site doesn’t mean people will flock to buy it. You need to create a sales page, use SEO strategies, write blog posts about the topic, promote on social media, have an email list, and send emails to your subscribers. Don’t let this stop you, though. Making money in your sleep is the payoff!!
10) Making money from a passive income product can be a slow process, especially if you don’t have an audience or email list yet. Just keep promoting it, grow your email list, and give it time.
MY FAVORITE TOOLS FOR CREATING AND SELLING PASSIVE INCOME PRODUCTS
Canva – You can create templates (ebook templates, social media templates), design ebook/workbook covers, create presentation slides AND record your presentation!
Creative Market – You can find cute clipart and patterns for your printables or print-on-demand products. You can also sell your designs here!
PDF Escape – Make your templates, printables, ebooks, or workbooks editable so people can fill in digitally (instead of printing).
DPD – Digital Product Delivery software that makes selling your templates, printables, ebooks/workbooks easy AND affordable.
Screencast-o-Matic – Easily record and edit screen recordings.
Ring light – Good lighting is essential if you’re doing videos of yourself talking.
Lavalier microphone for recording videos of yourself talking. It attaches to your shirt and connects to your video recorder or phone.
If you create videos of yourself talking (referred to as talking head videos), I highly recommend these videos by Dennis Schrader on Skillshare: Make Engaging Videos with a Teleprompter or Phone, Framing and Composition for Videography, and Lighting for Video.
Teachable – Super easy to set up and sell a training/workshop or ecourse. You can even create a simple membership if you like.
40 Days to a Finished Book – Writing a book can be a daunting task! This course will help you write and publish your book in less than 2 months.
As you can see, there are many ways to make extra cash with your Virtual Assistant business. Remember to start small, promote the heck out of it, and give it time.
Want to learn more about the passive income products mentioned in this article?
I cover the pros and cons, examples, and my experience with each in the Passive Income Ideas for Your Business course (only available inside the Introvert VA Club).