Today we will have a look at passive income opportunities online, and what is right for you, as what works for one person might not work for the next. If you are a natural born sales person, than affiliate marketing is for you, but if you are not, you might want to get some training, or maybe you are good with stocks, so the source of your passive income might be different than other people, and the great thing is that no matter what you do, you will feel more positive about your life as it will improve for the better.
What is Passive Income?
My passive income definition is the following: “A stream of recurring income that does not require you to actively be trading your time against financial income. Passive income can be generated online and offline, and does require an investment to set it up and work on your behalf, but once is all set up, very little maintenance or work is necessary to maintain the flow of cash.”
Passive income can be generated on multiple online platforms like YouTube, Amazon, Ebay, Ali Express, E-mail marketing, etc, but also offline like property, vending machines, laundromats, rental of equipment, etc.
You can also set up automated systems to help scale your business, but also free up more of your time. Things like newsletters, e-mail collection, automated software updates on for your page or theme, and most of them can be found for free but you can also choose the premium ones, which have a monthly fee, but deliver that bit more.
Here is a list of online opportunities within this type of income
This is probably the number 1 money maker for online passive income, and can be very easily set up with the help of a website (free or not) and a few clever ideas of getting free traffic directed at your site.
Basically you are selling other people’s products, physical or not, and getting a share of the sale price.
How does it actually work?
The short version is this:
1. You sign up with an affiliate marketing company like Amazon Affiliate, Ebay Partner Network or ClickBank.
2. You choose which products you want to promote and get your link
3. Create a webpage in which you are promoting the product/service
4. Get traffic to your website (free or paid)
5. Customers buy those products/services by clicking your link
6. Get commission
Now obviously there is a lot more details than this regarding affiliate marketing, and we will cover these details in the future posts.
Creating a solid base and doing things the right way can bring you a passive income for years to come without much work on your behalf. The good thing is that if you are a newbie or have never dabbled in the Internet’s money making opportunities, there are plenty of affiliate courses and coaching programs out there that can teach you everything from start to finish.
There are free affiliate courses and also more premium ones, and the difference in prices can range from a few dollars a month to hundreds of dollars per month. After trying about a dozen of them, paid and free, the only one I found that actually delivers and has a lot of helping tools and a great community behind it is Wealthy Affiliate. They have over a million members and hundreds of videos and articles teaching you step by step how to set up a website (which you can host with them for free as well) and how to get free traffic to your site afterwards. And the best part is that it’s actually free.
The community in this affiliate marketing program is amazing and they will also help you with any questions you might have. Once you started making money and see the value this affiliate marketing program brings, you can sign up for the premium version (which is not free) where you can find hundreds if not thousands of benefits in taking your money making skills to a whole new level.
Write an Ebook
Sales for ebooks have actually sky-rocketed in the last few years. So if you have knowledge in a particular field, why not share it with the world, and get paid to do so.
Surely it might sound daunting the idea of writing a book by yourself, but it not difficult at all.
How to write an ebook:
1. Research the topic you are going to talk about in your book
2. Sit down and write the book
3. Hire a Writing Coach or a Ghost Writer to help you out and “smooth the edges”
4. Design a cover or get somebody else to design is for you (Fiverr, Freelancer, etc)
5. Publish your ebook. There are a lot of sites that can help you get your ebook for free, but I would recommend Amazon as they are probably one of the biggest and most trusted names for ebooks
6. Promote the ebook
7. Get commission
Writing an ebook can be done in a week or more depending on the subject, resources and time available. The upside to this is that once published, you will get money coming into your account for years to come, and you don’t need to work for it other than the occasional promotion or advertising.
There are a lot of online entrepreneurs that have multiple books published and are making a steady passive income from this.
With so many people out there looking to always improve or learn a new skill or market, there is and always will be a need for online courses. Depending on the value you bring to your potential customer, your course can make you hundreds, or even thousands of dollars every month. So if you are an expert in a field or a market, why not design and build an online course and pass on your knowledge onto others and make money in the process.
Online courses can be made out of videos, articles, webinars or a mix of all these.
Creating online courses is one of the best passive income opportunity, as this doesn’t just make you money for years to come, but also adds value to the life of your customers, which can also bring you in turn more customers and so on.
How to create an online course:
1. Research what your online course will be about
2. Research what other people are doing in this type of courses and see what you could improve or add more value (don’t copy other people’s courses, as this is morally and legally wrong)
3. Name your course and write down what goals or skills your customers can achieve or learn
4. Divide your course into multiple lessons or stages (preferably 10-20 modules)
5. Write or record the content for your online course
6. Find a website that can host your course and deals with payment and all the other details
7. Promote your online course on social media, YouTube and google
8. Build a community around the course and get them in touch with each other
9. Get commission
This type of passive income opportunity might require some regular attendance and some work on your behalf, but it will deffinetly be worth it is a very lucrative opportunity.
With all the online videos on YouTube regarding how to create an online course, you will see that the hardest step is to get started, the rest will come quite naturally.
We will also talk more about this in out next articles.
YouTube has grown from being a small video hosting site to the 2nd most used platform in the world, and it seems like is going from strength to strength. Did you know that some videos on YouTube have passed 1 billion views and there are 1.8 billion users every moth that look at these videos, there is a lot of money to be made from YouTube. Be it How To videos, reviews videos, tips and tricks, vlogs, etc. videos uploaded to YouTube have the best chances of monetizing for years to come.
How to create a YouTube video:
1. Research the topic or idea you are about to record and make sure your facts are indeed facts
2. Find a well lit space, or find a corner of your house where the is a lot of natural light
3. Secure your smartphone on a stand or a solid piece of furniture
4. Make a few videos, to ensure the light is good enough, the sound is clear and the angle is right for you
5. Create a very simple script
6. Press record and have fun
7. Create a YouTube Channel (it’s free)
8. Upload your video
9. Promote your video on social media. You promote it to your friends and family and ask them to share it with their friends as well
10. Once your channel starts to get subscribers, you can put adds in your videos or promote certain products that are relevant to your channel
11. Get commission
If you do your research right, you can become an influencer, which means a lot of companies will approach you and pay you to promote their products or services. The other fantastic things about YouTube is that the money will keep coming for years to come, and the more subscribers you get, the more money you will make from the older videos as well, as your new subscribers will look at all your videos.
Build a Forum
This is one of the slowest growing passive income opportunities, but it can be a great addition to your current income, and can even come to replace it if done right.
The opportunity here is that once you have built a community on your forum, there is not much you need to do other than promoting it and supervise it occasionally.
How to build a forum:
1. Find a topic for your forum that has a community around it
2. Find a forum theme for WordPress, or a host for your forum
3. Configure your forum
4. Create valuable articles on the forum
5. Start inviting community pages that are interested in your topic
6. Participate as much as possible in all the conversations and topics on your forum
7. Once you built a community in your forum start advertising using Google Adsense or similar services.
8. Get commission
Although this takes a bit more time to set up and build than the other passive income opportunities, if you are already active on forums, why not build your own and also make a good income from it?
Stop Procrastinating And Get Started
Whichever online passive income opportunity you choose, you will have to start somewhere. I would always recommend you start with research and see what other people are doing, as you don’t have to reinvent the wheel, you just have to improve it.
Always try to add value to your potential customers life, and try to avoid hard sales, as we are bombarded daily with hard sales tactics and have developed a certain resistance to a hard sell, even if it’s the best thing since sliced bread.
Try to give as much advice and help to anybody that is asking for in the community around your product or service, and don’t follow the money. Let the money come as a result of helping others, as this will make your online passive income a long-lasting stream of money that will go directly into your bank account.
And always remember to have fun.