The Best Ideas For Generating Passive Income
You become financially free when your passive income exceeds your expenses.
~T. Harv Eker
“Passive Income” is profits that are not generated traditional through a 9 to 5, but by means of profits from dividends, royalties, investments, capital gains, and rent, and so on…
Passive Income is the dream of most people, but most people will never achieve passive income because they never start. It takes upfront work in the beginning. Think of it as a seed(the ideal), that needs to be planted and watered(the content), and exposed to the sunlight(the world)! From there you allow it to grow.
So, let’s start by finding out which assets allow the creation of passive income, after a certain period of time!
In no particular order…
Write and sell an eBooks
Writing an eBook is a difficult challenge, but it can have a promising outcome. If you have a passion for story-telling, a creative imagination, or just a wordsmith, then hit the keyboard and tap away. If you have a website, with unique articles and original content, then you technically have an eBook. Sort through your writings and create a chapter from your content. It can be published on eBay or Amazon just to name a couple of forms. I’ll drop a hidden gem. You can outsource your work. Pay someone else to write an eBook for you, market it once, and allow the passive income to flow in.
Create a blog with affiliate links
Another approach, definitely one of the most popular is through affiliate links. Again create unique content and value within those articles. Use SEO (search engine optimization) targeting your audience and Google to do it thing by allowing you to rank, then use some of the most popular affiliates like Amazon, eBay, Clickbank, Max bounty, and so on.
In this case, passive income is generated whenever a person, who enters your blog, clicks on the advertisement, or on the affiliate hyperlink and purchases one of the products. For instance take Amazon as an example, by clicking on a link for your blog that results in a product from the Amazon link, and assuming that the consumer purchases it, you’ll acquire commission for the qualified purchase.
The sale of an online video course
This is another good way to earn passive income. If you have a skill, a craft, or even a hobby that you have mastered then you can teach it to others.
- Create a lesson plan and an outline.
- Record it
- Launch it
Now allow the passive income to generate.
Build an e-commerce store
The excitement of an e-commerce store is a way to attain excellent passive income. With a website like Shopify and Etsy has made it a lot easier for regular people like you and me to become online business owners. Although they both require a monthly fee to use their site and hosting, it is well worth it if you have a winning product.
In most cases, online stores allow you to work remotely from anywhere without having to worry about having inventory on hand.
Selling advertising space on your website
Do you have got a website or blog with plenty of visitors? Do you want to generate a passive income that is steady and does now not take up your time?
Well! Create a snapshot with the help of Google Analytics. Contact agencies associated with similar styles or professions to your blog, asking them to buy advertising on your web site. You can charge them per lead, a fixed rate monthly rate.
One step further you can create websites of local businesses that don’t have a website in your area. Then show them the value of having a webpage. You can submit an offer and sell it or charge a monthly fee. With a little maintenance once a month you can allow the money to flow in. Create websites a few times a week for more business, have someone else do the maintenance and now you have passive income.
Build an app for Android and iOS
You can build an app or you can outsource the work and have someone build it for you. In fact, as soon as you have your app created, just placed it online. You can sell your app on a website like Fliptopia, Flippa, and so on… Or you can make passive income by allowing for in-app purchases
Create a YouTube channel and join AdSense
Another awesome concept to earn passively is to create a video. Make exciting attention-grabbing video content and post them on YouTube. The videos can be about anything, you think of it and post it. You’ll find an audience for it. By beginning accepted through the Google AdSense Program. You can eventually get paid through, video views and also through click per ads and the number of ads placed on your YouTube video.
Create a blog and earn with AdSense
Much like YouTube, you can apply for Google AdSense, and if you’re accepted. You’ll need to sign in to your account and copy and paste the HTML AD code in your blog pages to monetize. This is where SEO, original, and unique content comes into play. If you give value, Google will reward you by allowing you to move up the ranks. Allowing for more organic traffic. That’s when the passive income will come into play.
Create merch for your blog’s niche
What I mean by this, create some artwork related to your niche. One idea would be to design your logo and put it on t-shirts, mugs, stickers, pillows, tot bags, etc. There are many programs out there like Canvas for an example. That allows you to design digital art with free trails and paid versions of course. You can save your work and upload it to sites like RedBubble, Merch by Amazon, and more… If you’re an artist, upload your personal work and sell it. This is a way for you to put branding on your websites. And with all the visitors the can potentially come to your website, income will become passive after putting in some upfront work.
As you may have come to understand, generating passive income online is very possible. Nothing is usually giving to you, it does require work upfront. But as mentioned that work can be outsourced, but do your due diligence with selecting someone online to do your work. With a proper niche and method, income can definitely become a passive income.