Let’s make one thing clear, there’s no such thing as a passive income. The reality is that every business requires active involvement: it’s just that some allow you to be more passive than others.
Below I’ve listed 6 essential tools that will allow your involvement with your business to be as passive as possible.
Passive income is about earning money with as little active involvement as you can get away with. However, in order to do this, you have to actively manage your time in order to use it as effectively as possible.
Harvest is a time-tracking tool that comes with a range of features:
- Budget alerts
- Expense and time-tracking
- Invoice and estimate creation
- Time-sheet approval
It’s ideal for the (initial, at least) solopreneur, and its pricing model makes it easy to get more out of this tool as you scale up your business. I recommend this whatever passive income business you’ve set up.
A communication tool seems the antithesis of what you’d need for a passive income based business. But, as there’s no such thing as truly passive income, you will need to communicate with people and Slack is the premium channel for this.
Among the different benefits of Slack are:
- It creates a single work-space for your business
- Organized conversations
- You can search the history of your communications
- 1-1 video calls
Slack is perfect for drilling the communication in an SME but works anytime interaction is required. For example, if you’ve built an affiliate marketing website and you have freelance writers helping you with the content, Slack makes it easy to stay in touch and keep on top of their workload.
And you’ve adopted one of the most popular and profitable forms of passive income by starting an affiliate marketing business, Jungle Scout will be an essential free tool.
The reason Jungle Scout is so valuable is that it has a free Amazon sales estimator. This lets you get invaluable insight into the market of your chosen niche. For instance, if you have built an affiliate website for puppy accessories, you might want to write an article on training pads…
Using Jungle Scout tells you the predicted sales figures for the AmazonBasics Pet Training and Puppy Pads shown above…
Credit: Jungle Scout
Of course, it’s not just affiliate marketing websites Jungle Scout is essential for. If you’re setting up a dropshipping business then you can get the same market research value. The bottom line is that using Jungle Scout means you can maximize the time you put into your passive income business by investing in products that sell.
Research is crucial to the success of a company founded on the passive income model and that makes SEOquake one of the most important free tools that you’ll use.
SEOquake is a free plugin that you add to your browser. It works with Google Chrome, Mozilla Firefox, and Opera. It gives you fast and simple access to analytical data on any webpage and with it:
- Page info
- Compare URLs/Domains
You get so much data from each of these 6 categories that you really have to see for yourself what SEOquake can do – just in the page info the data you get includes title tags, meta descriptions, internal links, external links, and keyword density.
SEOquake will be essential to how you select and develop your passive income business. As an example, if you are really trying to save time by picking an existing ecommerce business for sale you can get detailed SEO data on the website before you commit to buying it. Free web audit tools like this will save you time and money — as long as you know how to interpret the data correctly.
Whatever business model you’ve selected, then you simply cannot be without Google Analytics. The free insight that it brings to your marketing campaigns will not just save you money, it will help you up your web income. Without analytics, you will be flying blind when it comes to serving your users and creating engaging content.
Among the excellent things you get with Google Analytics are:
- Campaign tracking
- Ecommerce tracking
- Goal tracking
- Migration tools (team up with Google Search Console)
- Safety net profiles
- Site search
There are a many different ways you can earn a passive income. Unless you’re investing in the stock market offline, the chances are that Google Analytics is going to be essential to the success of your business.
Check out the brilliant video below for tips on how to get the most out of Google Analytics…
Even a company that uses the passive income business model cannot ignore the value of social media. You’ll find Hootsuite essential for managing your social media accounts as passively as possible.
There are a range of pricing plans but the free one gives you access to some superb features:
- Manage up to 3 social media accounts
- Schedule up to 30 messages
- 2 RSS feed integrations
In order to be smart about how you earn a passive income, you need to make the most of the enormous customer base social media gives you access to — and there’s no better free tool for this than Hootsuite.
There’s no such thing as a passive income. Whatever you do, you will need to have some level of active involvement with your business if it’s going to be a success.
However, with the right tools, you can be as passive as possible. If you’re setting up a company based on the ‘passive’ income business model, the 6 tools I’ve covered in this article are essential to the success of your business.