Passive income doesn't mean that you never did any work whatsoever. It does mean that you typically do the work once, with minor updates now and then, and get paid for that work over and over again. A really good example of passive income is becoming a best-selling author. The author writes the book once, then markets and sells the book, over and over again until it's either out of date, or they've created the next book to market and sell.
Many times those who earn passive income use affiliates. Affiliates are people who promote your product for you in exchange for a percentage of sales. You provide them the tools such as graphics and advertising copy, and they place it on their online real-estate, promoting your product through their blogs, websites and email newsletters.
Every service provider, coach, or consultant should be seeking ways to build their passive income. Passive income not only ads more money to your bank account each day, it also brings in more potential clients for your most lucrative and non passive income: Your Services. The only way to stop trading hours for dollars is to develop several passive income programs. Thankfully, they're not that hard to do.
Create an Information Product
Your first step is to look through all the content you currently have and figure out if you can compile it into a full information product. You may need to fill in some missing gaps with more content, add some graphic design, perhaps some video, charts, and professional formatting before you can call it a real information product. But, it shouldn't take you very long if you seek to re-imagine what you already have now, into new forms.
Put The Information Product Into Multiple Formats
You don't have to sell the product in only one format. See how many forms you can put the product in. As you move it to other forms, it will become either more or less comprehensive depending on the format. Price the product according to how much information, with the most comprehensive being the most expensive. Add in personal coaching or consulting from you, and the product in all its form, for the most lucrative income of all.
For instance, perhaps you created an eBook that teaches your audience how to overcome some problem or fear. You can re-create the eBook into an eCourse that is delivered via your autoresponder for a small monthly fee. So now you have an eBook and an eCourse. That eCourse can also be put on Udemy.com once it's transformed into a PowerPoint presentation with voice added along with some worksheets. The eBook can be sold as an upsell to the eCourse or Udemy.com course.
Keep Going to Fully Develop Your Product Funnel
Now you have an email course, a Udemy.com course, and an eBook. All of which can be compiled together and sold as a bundle, or it could be added to a membership website where members have access to the things you create for paying a small monthly fee. Your membership site can offer different levels. Information, Group Coaching with a Forum, and all that plus personal help from you as a final more expensive level.
As you can see, as you continue to repurpose your information into new forms, you add to the value of your offerings to your audience and increase your passive income as well as your non passive income by attracting new clients via your less expensive passive income programs to your more expensive one-to-one programs.