Passive income is a type of unearned income that is acquired with little to no labor to earn or maintain. It is often combined with another source of income, such as regular employment or a side job. Passive income, as an acquired or earned income, is typically taxable. The most popular form of passive income is investing in a stock market. Other examples of passive income include rental income and business activities in which the earner does not materially participate. It can also be paid out over time, though not necessarily at a regular amount. Some passive incomes may last for several years, or even centuries, across generations. These typically involve appreciating assets, such as property, dividends, or debt.
Managing and scaling passive income
Managing multiple streams of passive income requires effective tracking and adjustment. Some tips include:
1. Monitoring your performance: Keep an eye on each stream, adjusting when necessary. For instance, if your Airbnb is seeing less traffic, you should consider optimizing your listing or adjusting prices.
2. Scaling up: Once a passive income source is performing well, consider expanding it. For example, if your YouTube channel or online course is generating income, scale up by creating additional content.
3. Implementing automation. Automating processes like investment contributions or property management can help free up time and reduce effort.
10 passive income ideas for virtual assistants:
1. Create and Sell Online Courses: Share your expertise and create online courses teaching virtual assistant skills, such as task management, email organization, or social media management. Sell them on platforms like Udemy, Teachable, or Skillshare.
2. Affiliate Marketing: This promotes tools and services you use and love, such as project management software or email marketing platforms. Earn commissions for each sale made through your unique referral link.
3. Sell Digital Products: Create and sell digital products, such as:
* Templates (e.g., spreadsheets, documents)
* Workbooks or eBooks
* Plugins or scripts for productivity tools
4. Membership or Subscription-Based Services: Offer exclusive content, resources, or services to members who pay a recurring fee. This could include access to a private community, exclusive templates, or priority support.
5. Create a YouTube Channel or Podcast: Monetize your expertise through YouTube ads, sponsorships, or affiliate marketing. Create content around virtual assistance, productivity, or entrepreneurship.
6. Sell Stock Photography or Graphics: Sell your photos or graphics on stock image websites like Shutterstock, iStock, or Adobe Stock. Use your images to illustrate blog posts, social media, or other content.
7. Create an Ebook or Book: Write and publish an ebook or book on a topic related to virtual assistance, productivity, or entrepreneurship. Sell it on platforms like Amazon Kindle Direct Publishing.
8. License Your Templates or Tools: Create templates or tools that solve specific problems for virtual assistants or businesses. License them for use by others, either through a one-time fee or recurring subscription.
9. Create a Plugin or Integration: Develop a plugin or integration for popular productivity tools, such as Zapier or Trello. Sell it on marketplaces or through your own website.
10. Invest in Dividend-Paying Stocks: Invest in dividend-paying stocks, which can provide a regular stream of passive income. Research and invest in established companies with a history of paying consistent dividends.
One of the most exciting things about passive income is that you can apply many of these strategies even if you already run a service-based business. Take Masi Brands, for example, a creative & strategy agency that helps overwhelmed 9-to-5ers transition into entrepreneurship through branding, web design, digital content, etc.
Here’s how some of the passive income ideas work in their world:
● Sell Digital Products / Templates: The team at Masi Brands could design a set of branding templates or presentation decks, then sell them repeatedly (on their site or marketplaces). Once created, those require little maintenance.
● Create an Online Course: They could package their expertise (e.g. “Branding for Virtual Assistants” or “Storytelling for Small Businesses”) into a video course. After the course is made and marketed, it becomes a recurring income stream.
● Membership / Subscription Services: Masi Brands already operates across multiple businesses (including Tribes And History and Belle Sisters Collective). They could offer members exclusive design assets, quarterly coaching, or workshops creating recurring revenue.
These ideas are aligned with what experts like Forbes advise. In its article “How to Create Passive Income Streams That Actually Scale,” Forbes emphasizes choosing scalable income strategies that allow you to decouple time for money, building something that continues to produce even when you’re not actively working. By combining a model like Masi Brands’ (which already delivers value via digital/design service) with passive components (courses, templates, licensing), you get both active and passive income, reducing risk and increasing stability.
