It goes without saying that modern work culture has become very draining more everyone and its is normal for employee to seek some work where they can work half the time they used to and earn more double the amount. If you want to boost your earnings, perhaps working harder is not always the right choice for it. Other than your main source of income; you should also opt for a passive income source that allows improving your annual income.

A Framework for Passive Revenue

Let’s be honest, the idea of working half and earning double sounds more like a fantasy in this modern economic situation. But it is possible if you already own a business and you have a clear focus to run asystem that can run without you. The key here is not perfect but more like retaining progress that can stay with a lasting impact in the market. Here is a complete framework for passive income,

• You need to audit your current assets to identify whether you have proper system, framework, client base and everything required for the revenue generation.

• Think of how to package your asset into something worthy that people would like to pay for. Whether it is a digital product or a service, make sure it can be bought without you.

• Try to automate the delivery process with different online tools like Gumroad, ConvertKit, and others. It can help to sell and delivery products without the need of human intervention.

• Market your product or services to share it with the audiences.

5 Ideas for Passive Revenue Generation

• Sell a Digital Product

Think of digital elements like planners, swipe files, checklists, templates, and others that can be downloaded. Now package those elements that you have already used and showcase it on your website as a sample for the clients and if it is able to gather attention, it will sell itself on repeat without you needing to go back to the website every time.

• Mini Online Course

If you are specialized in any domain and you think that you can teach people, you can embark on a mini online course which does not have to be massive but only 60 minutes is enough for the hob. Offer the course on relevant topics record it once and host it personally with paid access.

• Launching Paid Newsletter

If you are good at writing and research, you can also gain an adequate amount of income through a paid newsletter where you share your critical insights every month. It comes with low overhead and high trust which equals to higher yield, meaning better chances of securing good revenue.

• Affiliate Marketing Benefits

Affiliate marketing is not a new concept but already prevailing in the market for years now. You can recommend lifestyle products, software, books, tools or anything you have ample knowledge in and then suggest to customers through the affiliated platforms. There is chance to gain compound profits in this case.

• Renting Out Assets

You can have a lot of possessions that are just eating dust without any value. Try to get the value out of it but maintaining your old assets and renting them out. Whether it is a small workplace or an expensive photographic gear; you can rent out almost anything that is being unused. It helps in to both earning and maintenance of the assets.

Other than that, you can also become a YouTuber or a podcast host with an official channel where people watch your content and you monetize it. Always remember, you do not need to burn out yourself for more money.