Passive Income for Interior Designers
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Between meetings with clients, laying out floor plans, to just finding time to be creative, interior designers are busy, to say the least. That’s why thinking about and implementing a passive income stream is the right move for you. NOW!
But what is passive income?
Passive income is a way you can earn money for your business that requires little to no hands-on involvement or effort after initial setup.
Wait… What? Yes, you heard me correctly. You can earn money for your business without always having to trade your time for it.
By setting up various passive income streams, you can do double duty on earning money. Not only will you be able to spend your actual time working with clients, designing, etc, to earn money… but your passive income stream can be pulling in money as well at the same time.
Before you start, here’s what you need to know
Passive income is not a get-rich-quick scheme. It takes time, strategy, and effort upfront. Also, just because you create something doesn’t mean it will sell. You will need to market this passive income stream for it to be successful, which will require some time and dedication each week.
Some ideas of passive income you can implement right now
Digital Downloads - Create templates, ebooks, floor plans, design boards, even answer common design questions for your clients to download for a price.
Courses - Create a course for purchase for either your prospective clients or for other interior designers.
Online Shop - Set up an online shop selling some of your favorite pieces of decor and even your other forms of passive income such as ebooks, templates, and courses.
Things to consider
There are a ton of passive income streams to help you earn extra money. Some are easier than others, while some require you to have a substantial existing online presence.
Capitalize on Your Expertise and Knowledge - Figure out what you’re good at and what you know and use it.
Experiment - Try testing out one form of passive income, if it’s not working or you don’t like it, try another.
Monitor Performance - One of the keys to being successful with passive income is keeping tabs on how many times it was purchased or clicked on. If it’s not doing well, you need to change up how you’re marketing it or try something different entirely.
Remember, having a passive income stream isn’t for everyone. It does take time upfront for set up and requires a continued time investment and strategic marketing plan for it to be successful. But when executed properly, it can be a lucrative and viable solution to adding revenue to your business.
For a more in-depth look at passive income, for more ideas on how to earn money, and for Q&A’s with highly sought-after industry professionals, check out our Creating Passive & Multiple Income Streams For Interior Designers eBook
xx, Danae