Some of you might be wondering what passive income is and how does it serve online mompreneurs. To define passive income in simple terms, it allows you to earn money even when you are not actively doing any work. You can sell your products and receive revenues while you sleep, read a book, but most importantly, while you are spending time with your kids and family.
How does this idea sound? As a new mom, this concept of automatically recurring revenue streams immediately resonated with me. While being a young and ambitious graduate, I used to spend most of my time working. I couldn’t imagine how would family and kids fit into this dynamic. Furthermore, observing my colleagues, who were moms of young kids at that time, I have decided to focus on my babies once I have them. And indeed, being grateful for my circumstances, I did so.
After some time spent as a homemaker, I have been realized how much financial independence and professional growth are important to me. Saying that, for some moms, a career becomes truly obsolete, some want to bring it back to their lives. There is no right and wrong here. We should just do what makes us happy, as happy mom makes happy kids. And the other way around, frustrated mom cannot be happy, and her kids will be unhappy (and the rest of the family) as a result.
Coming back to my story, during my career break, I would invest some of my limited free time in learning. I have studied about anything that caught my attention, mostly by listening to different webinars, online lectures and taking online courses. During this time, I learned about passive income. This concept blew my mind. I was exactly what I was looking for; a perfect set up for my ideal lifestyle. But how to do it. Well, there are a few ways. Let me introduce to you at least those examples that appeal to me:
- Sell your own e-products, such as e-books; online courses, creative products. E-books could be sold on Amazon, Google play, Apple Books or Kobo. Online courses for example on Udemy or Teachable (You can read more about online courses here)
- Sell membership to your platform (read more).
- Sell e-products of others via affiliate marketing. To become an affiliate marketer, just choose a product you would like to sell, register to its affiliate program and then sell it to your readers, followers or members (CJ Affiliate, Rakuten, ThriveCart)
- Rent or sell your domain. This could be another source of passive income in your portfolio. Firstly, think of a good name for a business, product, service or concept. Then buy this domain (usually you would pay 15 dollars). Post it on one of the platforms that sell and rent domains. While waiting for your domain to be sold, you are getting some small amount of money for its renting (GoDaddy, Sedo).
- Sell other online materials, you created, such as photos, teaching materials or templates (various excel sheet templates for budgeting, planning, analysis or other purposes), is passive income friendly too (Etsy, Teacherspayteachers).
Don’t mistaken this for an easy and fast solution to earn money. The central idea of passive income is that you work hard once to produce the material and prepare your marketing strategy. After that, you set up everything on autopilot. Surely, from time to time a check, update, improvement or repair is necessary. Nothing comes free. But the idea of using autopilot for you to gain more time to spend with your kids is awesome.
How can passive income make a difference to your business and lifestyle? Let me introduce you to Suzy. Suzy is a successful offline mompreneur with her after-school. She and her employees need to come to the club every day, however, she is happy with her business. Now, as we all know, the corona virus crisis shut down most of the childcare centers and so, Suzy stayed out of business. But she did not give up. To cope with the situation, she developed an online after school club. On her online platform, she is now posting various studying materials and activities and hosting online meetings with her kids every day. Moreover, she is recording videos as well. Besides, her first e-book is now selling on Amazon. And this is how Suzy transferred in a crisis from offline to online mompreneur and supported her before only active income with some passive streams. Her business is saved and today, she is earning even when cooking her lunch.
All the best luck.