I met with a good friend of mine the other day and he's in a situation in which soon he'll be forced to find a way to make more money in order to keep his family afloat. This is definitely a tough place to be in, but it's also beneficial because it gets you thinking about new possibilities in generating income.
So… to help out a friend, I wanted to throw out some ideas. We want to do as little work as possible in the long run, so these options are not time-driven, but are product/skill driven.
1. Teach a 1 -2 hour course at a learning center
There are professional training centers that are dying for experts to teach classes. There are two reasons for this. First, facilitating successful workshops bring credibility to the learning center and its pool of instructors. Second, it helps them to offer other means of generating revenue such as having their experts become consultants for companies that have participated in a workshop (with a referral fee for the learning center of course).
Contact a local training center and see if they need your expertise. Even if it's a 50/50 arrangement that you make with them, if you can get even 2 people to attend an hour-long workshop at $50 a piece, that's $50 that you get for an hour's worth of work. Eventually, when you starting bringing 10 or more people, you'd be making $250+ an hour.
If I can do it, you can do it (Cheap plug): http://www.nrclc.com/Events/Internet_Marketing_Event.html
2. Hold webinars on a popular topic
The great thing about webinars is that you can do them whenever you want. You may have to hold a few free ones at first, but overall if you can get two or three people to participate in a valuable webinar at $50/per, it's well worth it. If you deliver a great event, attendees will likely return and tell their friends.
Even if you do a free webinar, you can use it as a means to build your email newsletter list or to let people know that you have a particular skill or talent that they may need in the future. Typically, when you attend a free webinar you'll get a hard sell at the end (i.e. they'll tell you about the latest paid course, program, or product that they have and give you a limited time to buy it). They already know you are interested since you are attending, since it's a great way to qualify leads.
3. Hire a virtual assistant to do work on your behalf
In my post “How to Make an Extra $600 a Month” I talk about how I hired a virtual assistant to do some SEO work for a client of mine. I paid the VA about $230/mo, trained them, charged my client $600 per month for SEO services and the difference was profit.
Yes, this takes a little bit of knowledge and selling on your part, but there are a ton of things that you can do with a VA that can generate passive income. You just need to figure out the business model and be able to sell it.
4. Try some affiliate advertising
My friend didn't have a blog so this won't work for him right away. However, if you've been blogging for a while and have somewhat of a following, why not tell people why you use certain products that you use?
For example, over the past few months my wife's friend has been blogging about photography. She shows off her pictures and has actually received numerous paid gigs. My wife recently bought a new and expensive camera for Christmas because of her friend's influence. Unfortunately, her friend missed out on getting a little extra cash for her hard work blogging and teaching since she doesn't use affiliate links for the products she uses and is missing out on big revenue.
Think about it, professional cameras are $500+ brand new. Just one purchase from an amazon Associates link would be around $25 – $50 per click, if not more. If the buyer needs a case, a lens, a new vacuum cleaner, all of those things would bring even more of a commission.
If you are blogging and creating valuable information, there's no reason why you can't be compensated for it.
5. Create a product from your blog posts or experience
We live in an information economy. People want to know more and learn how to increase the quality of their lives. You have talents that you need to make into a product. Nothing is more passive than creating a product that people find valuable and selling it to them.
But it's hard to create
Yeah, so? Anything worth doing is going to be difficult. Wouldn't you rather spend 40 hours creating a product that generates years worth of income, than to find a second job that requires you to spend more hours away from your loved ones?
I don't have the time
If you don't have the time, hire a virtual assistant and dictate the book to them. Not having time is an excuse. There is always a way to accomplish a goal, it's just a matter of finding the right way.
I don't have any ideas for a product
Start asking people what you are good at. Ask them if they can do a Q and A session with you, use that Q and A as a basis for your product (heck, if it's good enough use it as your product). You have talents that other people want. Be courageous and start selling what you know.