While you may have a full slate of projects and clients in real time, you have the opportunity to add passive income streams to your design practice. In fact, you may just need to turn on ads if you have a quality blog with traffic, or you are already leveraging the power of YouTube to get your genius to market.
Passive income streams means that you set these up and other than monitoring, they don’t require any effort on your part to get the money in the door. Some set up is simple, some is more complex. You select what works for you. Many like to refer to passive income streams as making money in your sleep!
#1 Passive Income Streams: Blog Advertising
Blog advertising is going to be a lot more effective if you already have a blog set up and you are blogging regularly. Blogging is a lot of work and I don’t recommend it if you truly don’t enjoy writing, sourcing cool images, and using strategic plugins to maximize SEO for each post. That being said, if you have an existing blog, you are consistent in publishing quality blog content, and you’ve got some traffic (you can grow it), blog advertising is a great passive income stream for you to consider.
What makes this easy is there are actually several quality ad resources that you can apply to your blog that will look relatively classy (as classy as digital ads can look) and be relevant to your readers. One of my favorite examples is Freshome.com, they are using Taboola as their ad source at the bottom of each post, keeping their right side bar stripped bar except for a tag index.
Another way to position ads is in the right hand column. The blog In My Own Style features Overstock.com and Consumer Reports, as well as ads at the top of the page. This is actually a helpful page for you to take a peek at advertising details.
#2 Passive Income Streams: Consumer Teaching
While there is a ton of free information out there for consumers including all manner of design guides, you can create design and decorating training and inspired teachings for fee. Whether you create this passive income stream per room, per design layer, per element (fabric, wood, stone, glass etc.), per style, per season, or per budget, there are endless ways to create the teachings and offer them for sale. You can use video, webinars, slideshows, PDF, info-graphic, any style of content.
You can even make it a subscription service so that by the close of a year, the subscriber has moved through every main room in their home with your valuable tips and training that was created once and then sold multiple times, delivered one piece at a time to avoid overwhelming the consumer.
If you include a personal component, like a quick consult, it isn’t truly a passive income stream but could be an convenient add-on that tips buyers into purchasing. You could also make that an add-on, so you have a passive income stream and the option of making it less so.
#3 Passive Income Streams: Tip Videos with Ads
HGTV is admittedly very popular, and that can help inspire you to launch your own YouTube only design channel with quick tips and even full blown makeovers and project behind the scenes. This passive income stream is all about the quality (and personality) of your original video content that attracts viewers. And when you say yes to YouTube ads, they will populate on each video and you’ll have a chance to earn revenue for those who click through and purchase.
There was an issue recently with Google, who owns YouTube, and the ads that were appearing on inappropriate content. Google apologized and is taking steps to correct this action. The same applies in the reverse, if you don’t feel that the ads you are getting are appropriate, you can flag Google on it and see what kind of response you get.
#4 Passive Income Streams: Design Style Guide with Licensed Product
One of my absolute favorite examples is Atlanta Designer Suzanne Kasler and her seasonal “shops.” Suzanne hand picks both interior decorating elements and high fashion that is beautifully displayed on her website. Each click through either takes you directly to one of Suzanne’s licensed brands (gorgeous, of course) or to an item she has recommended. She has a reputation for impeccable elegance and her licensed product fits that perfectly.
She is building her brand by sharing these seasonal “shops,” and promoting her licensed product passively. Her process for creating these shops is not passive, but expertly curated. Once she completes this, her “shop” remains on view for three months garnering purchases and brand style exposure.
If you don’t have licensed product, you can still create this with recommended goods that allow an affiliate link (see #5 below.) The affiliate link is embedded behind the image you display and only seen on the click through. As noted below, you must disclose the use of affiliate links to be in compliance.
#5 Passive Income Stream: Affiliate Marketing with Amazon (and others)
This passive income stream is simple to set up and can yield big dividends. You must disclose that the links are affiliate and that you may get compensated in order to be FTC compliant.
You can either link to images or to text and your affiliate link is tracked (cookied) and any sales that come through that are credited to you. For example, many years ago, one of the big bloggers (not in design) had an affiliate link on a book he recommended on Amazon. One of his readers clicked through and over the course of the next few hours ran down a few rabbit holes on Amazon (it happens) and bought an entire dining room suite, table and 8 chairs.
The blogger got the affiliate commission for that purchase of a couple of thousand dollars, well beyond the price of the book he’d attached the affiliate link to.
A simple Google search on interior design affiliates will reveal a wealth of opportunity on design product and you can affiliate directly with Amazon which does a lot more than just books.
If you’re a design professional ready to add revenue streams, get your Red Hot Revenue Streams Complimentary Consultation HERE. Learn exactly which revenue stream is the right one for you and get the quick step by step on getting it launched. I’m Melissa Galt, an interior design business consultant and business coach for interior designers. I’ve been practicing design for over two decades and been an interior design business coach and consultant for over a decade. You want to earn more and I’m here to help you make that happen. Get your complimentary consultation here, can’t wait to meet you online!