Today we’re talking recurring income and I’m taking a look at some less mainstream, yet highly effective ways to boost your income consistently.
Recurring income is a vital part of your mix of income streams as it frees you up, providing predictable revenue so you can relax and not have to keep creating endless products or services.
That said, KDP is a great source of recurring revenue, especially if your book is in KDP select. There are affiliate products, too, which provide recurring revenue and here’s a list of 24 of the best recurring products to promote this year:
https://www.getresponse.com/blog/recurring-affiliate-programs
Now let’s take a look at some of those less well-known ways to bring in that lovely massive passive moolah.
1. Digital Product Subscriptions
Beyond the usual subscription boxes, you can sell all kinds of digital products on a subscription basis.
This could be anything from graphic design templates to premium podcast episodes or even downloadable meal plans.
There are lots of great ideas here along with all the steps you need to set this up on ConvertKit for nada:
https://convertkit.com/resources/blog/recurring-subscription-ideas
Payhip is another great tool that can help you set up and manage subscriptions for digital content effortlessly:
2. License Your Music
If you’re a musician or producer, licensing your music can be a lucrative way to earn passive income.
Platforms like AudioJungle (https://audiojungle.net/) and Pond5 (https://www.pond5.com/) allow creators to sell their music for use in TV, radio, online ads, and more. Every time someone licenses your music, you get paid.
You could also create your own music with the help of AI and sell it so long as you have the right license:
3. Create a Niche Job Board
Consider creating a niche job board tailored to a specific industry or field. This can be a fantastic way to generate recurring income from job listings and premium access for job seekers.
There’s more on how to do that here:
And here:
https://jboard.io/job-board-monetization
Tools like WP Job Manager (https://wpjobmanager.com/) for WordPress can help set this up on your website easily.
4. Private Forums or Social Networks
Building a private forum or a social network for a specific niche can attract members willing to pay for exclusive access, connections, and content.
Community is hot right now – here’s how to monetize it:
https://www.mightynetworks.com/resources/how-to-monetize-community
Mighty Networks (https://www.mightynetworks.com/) is a great platform to build such communities where you can charge a membership fee.
5. Virtual Summits
Host a virtual summit with various speakers and charge for access to recordings or a VIP experience. This can not only build your network but also provide a substantial income source.
Here’s how to host one successfully:
https://contentsnare.com/virtual-summit
Tools like HeySummit (https://www.heysummit.com/) can help you organize and monetize these events.
6. Online Marketplaces
Create your own niche online marketplace where others can sell their products or services. You’ll earn a commission from sales made on your platform.
Here’s how to set one up:
https://stripe.com/gb/resources/more/how-to-build-a-marketplace
Sharetribe (https://www.sharetribe.com/) is a fantastic tool that lets you set up a marketplace quickly without needing to code.
7. Sell Software as a Service (SaaS)
If you have a software idea that solves a specific problem, consider developing it as a SaaS product.
This model involves charging customers on a recurring basis for access to the software.
These days you don’t even have to know how to code:
https://zapier.com/blog/best-no-code-app-builder
https://www.100daysofnocode.com/blog/everything-you-need-to-know-about-building-a-no-code-saas
And here’s how to sell SAAS:
https://www.plecto.com/blog/sales-performance/saas-sales
Your TED talk this week is on one of my favourite topics: happiness. Did you know that being happy can make you more successful? It’s true. And there’s a very simple way to be happier.
Find out more here:
