Today over at Freelance Switch, there is a post on 5 Passive Income Opportunities for Freelancers. Idea number 4, Sell Subscriptions caught my eye.
The author, Thursday Bram, states that it may be the least passive but it offers the most potential for growth. I concur.
Creating a membership or subscription site does take a lot of work. And lets face it, most of us have years of experience in our industry – not in online video, payment gateways, and websites. If you’re a freelancer, a consultant, or even laid off executive, odds are you don’t have the technical knowledge to pull all this together. What are you to do?
You partner.
Lets face it, you can’t know everything. And if you’re going to be good at something, you have to specialize in it. Why would you expect your online endeavor to be any different? You could find a vendor to sell you an application or a hosted solution but it’s not the same. If a subscription site is going to work, you need a partner and you need to leverage each others strengths.
You need someone who has a vested interest in your online business. Most companies are just all too happy to sell something and then move on. A subscription site isn’t a single traction type of business though. It’s a relationship between you and your subscribers. It’s a long term contract with the potential of substantial reoccuring monthly revenue.
Subscription sites are a great model for passive income streams. Just find a partner to help create the content, help manage the site, and perhaps most importantly, to hold you accountable to actually get it done.
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