I was reading through my emails and I realized that one of the most common questions I get asked is: What digital products can I create to make passive income?
The most important thing to remember is that you need to add value or resolve a problem to your customer with your digital product.
Here is a list of my top 6 Passive Income Digital Products:
Now surely this might seem daunting at a first glance, but if you do your research you will actually find that is really easy to write an ebook, even for a person that has never written a book before. If your thought process is “A book is just a series of articles” than you will realize that is actually very easy to write it.
Here’s how to do it:
- Select the topic of your book
- Write the tittle
- Write the chapters titles
- Start writing the content one paragraph at a time
- When you get “writers block” go on google and start reading articles from the topic you are writing about
- Design a cover
- Publish the book (there are a lot of platforms that can publish it for free, a quick google search will help you with that)
- Offer a few free copies to people and ask for a review
- Promote the book (social media, amazon, ebay, etc)
Just take it a step at a time and in a few days, you will have a rough edit of your book. Then spend the next few days re-reading it and “polishing” the content. Also, before you publish the book, ask your friends and family to read it and to give you back their feedback, and also if they think there are chapters that need to be developed a bit more or explained in more detail.
2. Online Video Course
Online courses are a major part of creating a passive income, as they bring a lot of value to your customers.
Whatever you are passionate and knowledgeable about, there will always be people that would like to learn or improve about that certain topic.
You don’t need to be an expert in a certain field to create an online course, you just need to know more than a person that is just looking into learning about that certain niche.
Here’s how to do it:
1. Choose your niche
2. Choose and title for your course
3. Choose the topics of the niche you will teach about
4. Create a Script (this is basically what you will be talking about, so you don’t just “wing it”)
5. Using your phone, start recording videos (lessons)
6. Edit the videos (try to cut out the “Uhm.”, “Aaaah” and all the other unprofessional looking aspects of the video)
7. Publish your course on one of the many free platforms specially designed for online courses.
8. Start promoting it in blog posts, yahoo answers, quora, forums by answering people’s questions on the topic and inserting a link to your online course
It does sound like a lot of work, but you can do it just by using an hour of your time every day, or you can have it all done within a weekend. Just get started.
3. Audio Course
We live in a society where all the information is available online and we are always connected.
A lot of your potential customers buy and download audio courses and listen to them in their cars, on their way to work, or in the gym, or even while walking. As most people like to always be engaged and learning constantly, audio courses are great passive income opportunities.
Here’s how to create an audio course:
- Choose the niche you will be teaching about
- Write down the name of the course
- Write down the chapters (lessons) tittles
- Start by writing the lessons (script)
- Choose a quiet location (make sure you also don’t get echo)
- Use a voice recorder app on your phone to make tests and listen back to ensure the quality of the sound
- Find the most comfortable position, and try to record the whole course for the same position to ensure the Mic distance doesn’t change and also the audio will sound better as its more uniform
- Start recording the course
- Use a free sound editor to cut out all “white noise”
- Publish it as an audiobook or training course online
- Start promoting it on Social Media
I can’t emphasize how important the audio tests are. Try to have a play with distance from the microphone, make sure the phone is on a steady surface and that throughout the audio recording the distance between you and the microphone doesn’t change, as this can be quite annoying for the listener.
4. Create a mobile app
As most of us are “glued” to our phones, using apps has become as common as messaging.
The best part is that there are so many platforms that you can use for free to create an app, sure it might have their name somewhere, but does it really matter when its free?
Let’s say your app will be “Checklist for buying a car”. You will create a check list on which people will just tick certain tick boxes whilst looking at a car they would like to buy, and each answer offers a score, which adds up and at the end of the questionnaire offers a “Car Score”. This is very simple to create as a mobile app, and can be priced, so that people that have never bought a car can afford it, use it and than delete it. Let’s say your app will cost $2 to download, think of how many people would love to have it on their phone when buying a car, so that they don’t get forget to check certain aspects when buying a car.
Here is how to create a mobile app:
- Choose the idea you will convert into a app
- Create the layout and flow of the app on paper or on your computer
- Write out the text that will be in the app
- Ask friends and family to give you feedback
- Choose the platform (Apple, Android, etc)
- Research on google or YouTube how to create said app
- Register with a free mobile app creation platform or register for a Trial (usually 30 days)
- Create the app
- Register it with the App store (Apple, Android, etc)
- Start Promoting it on social media and forums by talking about it to the target audience
This passive income stream requires a lot more research than any other, but has the opportunity to have the biggest income for a very long period.
5. Create a document template
If your skills include knowing how to write any type of documents where people use for to resolve a certain problem, why not write a generic document and sell it or a small fee, so that people can download it and modify it to meet their requirements.
For example, you found it difficult to find a “Property Renting Contract” that protects both sides and where all the responsibilities and liabilities are written in the most minute detail. Imagine how many properties are rented out in your area, and also how many private landlords or letting agencies have to write out contracts. Sure the big companies will ask lawyers and will spend thousands of dollars to make sure that the contracts are legally binding, but the startups can’t afford that, let alone private landlords.
Here’s how to do it.
- Choose the type of document you want to create
- Research what problems usually people have encountered when writing or reading said document (google is probably the best tool for this type of research)
- Create a template that can be used by anybody and try to add as many details that can be edited or deleted when using your document (better to have more details that can be deleted than not to have enough)
- Format it so that it looks professional
- Ask a lawyer to look it over (most lawyers will offer 1 hour free consultation)
- Sell it as a digital product (Amazon, Ebay, Etsy, etc)
As long as you can think of a document that you had to write or sign, chances are that you will be able to create a template that people will buy. Through this you are offering value through the fact that you are saving somebody a lot of time, by just buying it from you.
6. Create YouTube Videos
Sure, you might think that YouTube videos are hard to make, and that you need subscribers, but all this comes with time, and YouTube being the second largest search engine online, there will be a demand for videos for many years to come.
How you make money from videos? Simple! Advertising.
As long as you are bringing value to people, you will have a video that will bring you a steady passive income for a very long time.
Here’s how to do it:
- Choose a topic you are passionate about
- Create a script for the video
- Choose a well lit area where you will record your video (preferably natural light)
- Set you phone in a fix location where its secure and is not going to fall
- Do a video test (make sure the lighting is right, the audio is good, the angle of filming is good, etc)
- Record the video (you can record the same video a few times and than choose the best one)
- Edit the video (there are so many free video editing software options, just google if unsure)
- Upload to YouTube
- Reply to any comments you get for the video
- Promote in forums by answering people that are looking for similar content as your video and offering them the link
Don’t be afraid to experiment when filming, and do as many takes as its needed, as you can always edit the videos later on.
Also Don’t forget to just be natural, and try to connect with your audience and always talk as you would be talking to a friend.
In the next posts I will describe in more detail each and every one of these digital products.
If you have any other ideas for passive income digital products, please leave a comment and I’ll add them to the post.