People are craving more time with family and friends these days. While most of us want to create wealth, we also want to have the time freedom to spend with our family making memories and having exciting experiences.
With the high cost of living, including transportation, gas, and daycare, we practically save money by working from home. If you are a working wife and mom bringing home $4,000 per month before taxes and have 2 children in daycare, you are probably spending half of those earnings on daycare. Another portion of your monthly income may be going towards dry cleaning for work clothes, dinners out to eat when you are too tired to cook, maybe a housekeeper to help you manage your home, car maintenance because of your daily commute, etc. When it is all said and done, you may be able to keep a couple of hundred dollars for yourself.
What if I told you that you could make that amount of money or more by working from home on fewer hours and when you want to work?
There are many jobs that you can exchange your time for money yet they aren’t on your terms and earnings are limited. If you're wanting to be a present parent and be able to support your family financially, check out these top work-from-home opportunities and passive income strategies where the sky’s the limit for earnings and flexibility.
When structured efficiently, you can have a home business or a passive income business set to automatic while you enjoy life.
Affiliate Marketing: Affiliate marketing should be one of your income streams but not the only income stream.
This is a win-win business relationship for all parties involved. The company that you promote only pays you when people purchase a product or service through your affiliate link. (They save money on salary payroll expenses amongst other employee-related overhead costs and you get paid for your efforts.) The person purchasing your recommendation also wins because they get the product or service they were searching for anyway.
There are tons of companies with affiliate marketing programs. If you're unsure of how to build an affiliate marketing business, check out my affiliate marketing e-book, A Simple Guide to Affiliate Marketing. I teach you how to set up the foundation for a successful affiliate marketing business and how to establish relationships with top brands.
Network Marketing: Also referred to as multi-level marketing. Network marketing is like any business where there are upper-management, middle-management, and workers. Most likely where you work now, there is a boss or manager that gets paid based on your performance or the productivity of the department they oversee. There is usually little motivation on the part of the employee because they get a salary regardless of performance. That is where the manager comes in. Their job is to motivate, support, and manage employees.
In a network marketing team, everyone gets paid in relation to their efforts. It is beneficial for your upline to be a strong, compassionate leader that teaches you how to grow a team under you because when you grow, they grow. No one eats unless they all farm and hunt. The company only compensates those pulling their own weight. Do not join a network marketing company unless you're willing to be strategic and do the work.
Although being a distributor for a multi-level marketing business is all commission, it has its perks because there is typically no cap on your earnings plus you can be eligible for bonuses like all-paid vacations.
Online course creation: Creating an online course to teach others the things you know is one of the smartest ways to build an online business. Most of the work is done up front when you create the course and promote the launch. I have seen people launch a course 3 to 4 weeks out of the year and earn over six to seven figures in that time period. The rest of the year can be used to build new courses to upsell current students, perfecting current courses, or working on other streams of income.
You may be thinking that you don’t know what you could teach others. Or that people already have taught on the topic you have in mind. You're forgetting that you are unique and no one is like you!
I have purchased many courses and declined many others. The difference between the courses I purchased and the ones I passed up all had to do with how the course creator made me feel and how I could relate to them. Don’t let the fact that someone may have a similar course deter you from creating your own.
And to make things super simple, there are easy-to-use platforms that guide you on how to build an online course like Teachable. Their easy to use website can have your course live in under an hour and you can start making money right away. Be sure to join our waiting list for our course where we teach you how to identify what to teach and how to create the content you will need to upload to Teachable.
Memberships Sites: Another popular way to make a recurring income is creating a membership site that offers your members access to content, strategies, or other resources that can help them achieve a desired goal. You can create a membership site on Wordpress or Wix. You can even host a membership for free in a Facebook group!
Reasons to build a membership site are to solve an ongoing problem for your members, teach them a skill, or create convenience for them. In my upcoming membership program, I solve the problem of members feeling overwhelmed with recruiting quality business builders and loyal customers while offering results-driven sales scripts.
If you were investing in the market, the riskier stocks have the greatest potential for return. The same goes for these opportunities. There is no guaranteed income. You can’t control the outcome; however, you can control your actions to grow these businesses.
I recommend creating a plan to engage in some of these passive income generators as they will help build one another. You may think that you don’t have time to grow multiple businesses simultaneously but when strategically executed, it will require less time than you think.