If you're like most of us, you're probably looking to
start a business that’ll add additional revenue to your current salary.
Climbing up the corporate ladder in pursuit of the corporate carrot, waiting for the raise that never comes and held in check by the constant threat of losing your job is a terrifying existence.
That’s why
small business owners are popping up everywhere, trying to wrestle their destinies back into their own hands. Most entrepreneurs are new to starting a business or simply get stuck on the wrong details.
And most of us also have full-time jobs, making it virtually impossible for them to open an active-income business (like running a bar, salon, restaurant etc).
Internet businesses provide everyday people with an incredible opportunity to generate passive income. The key is to identify the different means of earning it.
Here are 3 tools that Brilliant Directories users utilize to generate income:
1. Recurring Membership Fees
Recurring membership fees are the top passive revenue generator by a long shot. The beauty of recurring billing is that you only need to make the sale once, and the card will continue to be billed on a monthly basis. Essentially, you're services are no different from monthly phone bills and electricity bills.
The challenge is to build a niche or local website that potential members can identify with, and execute an upsell strategy to
convert free members into paying members.
2. Selling Leads To Your Members
Depending on your niche, you may be in a position to sell leads from consumers coming to your website to your members. This process can be either automatic or manual. The more you charge for leads, the more you'll want to consider vetting them manually.
Essentially, when someone visits your website and wants to contact a member, the member is sent an automated email. You get to choose whether your members see those leads for free, or whether they have to pay a small fee to see them.
Real estate, banking, legal, dental, medical and consultancy directories are great examples of websites that can sell leads to their members.
3. Selling Banner Advertisements
If you are launching a niche directory, you will be in direct contact with service providers who cater to your members. If you have a restaurant directory, your email list of restaurant owners is extremely valuable.
Kitchen equipment manufacturers would surely want to advertise in your monthly newsletter to your members, or possibly pay to be included in the footer of all your emails.
Another popular technique is to sell a banner spot on your members’ dashboard when they sign in. It's all about getting creative and finding ways to make your member database generate passive income by offering itself as a bridge between members and providers.
