7 Great Ways to Build Passive Streams of Income

Does your business have a passive stream of income? Passive streams of income generate profits over time, often multiple times over. Building passive streams of income are great because you work less and still generate a profit. For that reason it is easy to have multiple streams running at once generating money. You’re probably asking yourself “how can a credit repair agency build passive streams of income?” Here are 7 ways to set up highly profitable passive income streams for your business:

1. Write a quality, current DIY credit repair e-book and sell it – Put together a comprehensive, current, relative e-book on how one can repair credit scores on their own. Price it low and offer a couple of free consultations or other incentives to the buyers of the e-book. Use veteran platforms such as Amazon.com, Clickbank.com, Kindle.com etc. where you do not have to worry about marketing and/ or promotion of your e-books. Ensure that you offer high quality content so the reader will not hesitate to seek your services when in need of further guidance.

2. Set up an informative blog on credit repair – A blog can be monetized to earn a handsome profit every month. Initially, you can start with Google AdSense – which might not give as much in overall profits, but it does add to the total in the end and is a great stepping stone to learning all about internet marketing. Ensure that the blog is updated regularly with high-quality content to encourage good traffic flow. With time, if you maintain a high quality blog , you will find that businesses will request to place their ad on your site. That is one of the best sources of passive streams of income. It is low maintenance and pays multiple times over.

3. Promote on your blog – Having consistent traffic to your blog is critical to the success of your internet marketing. It is important to build a trusted relationship with your audience. In order to be a successful internet marketer your readers must trust your opinion. Therefore, it is vital to only promote products of high value. Research products and companies before placing your seal of approval. Build a healthy rapport with your audience where trust and mutual respect are core values.

4. Facilitate low interest loans – As a credit repair agency, it is expected that your ancillary businesses revolve around finance. A good idea for a passive income stream is to be a financial adviser who facilitates low-interest loans. By charging a small fee you generate a profit while providing a necessary service to your clients. However, before venturing into this business, ensure to check the laws in your area regarding such negotiations.

5. Be an insurance agent – Like affiliates, insurance companies offer handsome commissions to those who sell their policies. You can check, compare and promote the best bargains in the insurance industry for your customers and blog readers. With each insurance you sell (or provide leads on) you will earn a commission. This can soon become a steady stream of passive income. This is also a great stream because many companies continue to pay a recurring commission for the life of the policy.

6. Offer e-courses on finance/ debt management online – Put together financial management, debt management courses and counseling sessions online. Offer these courses at a very nominal price to your readers and potential customers. Invite them to promote the courses among their friends if they find it useful. You will be amazed at how fast your passive income grows using word-of-mouth.

7. Write letter templates – One of the most cumbersome tasks is to write to the Credit Bureaus for the various reasons related to credit repair and credit scores. It is a task that often intimidates people into inaction. Offer a much needed relief. Compile templates of effective letters used when communicating with financial institutions and such. Offer the letters for a nominal price on your blog. As an incentive, offer a free consultation for purchasing multiple products.

Your business should always be making money. Even when your doors are closed and you are sleeping there are ways that your business can generate profits. Use these tips as a guide and research other methods for generating profits and expanding your business ventures.

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