What Is Passive Income?
Passive income is all about making money even while you sleep. Simply to put, you earn money without taking any active part in it. Or I could say it is the revenue you earn even when you aren’t actively working. Passive income is also called residual income.
#1. Affiliate Marketing
Affiliate marketing is one of the most powerful ways that you can produce multiple passive income streams. If you have a blog which is very active then this is a passive income technique that suits better.
Sign up to promote certain products or services on your site, for which you will be paid either a flat fee or a percentage of the amount of the sale completed. It’s recommended to opt for the product or service that you are either very interested in or is highly relevant to your website.
Whenever a consumer clicks on one of your links and makes a purchase, you earn a commission between 15% and 20% of the total price. Some companies, such as Amazon and eBay, make affiliate marketing deals directly with publishers.
You can find affiliate offers either by contacting vendors directly or on dedicated websites, such as ClickBank. However, to succeed at affiliate marketing, you need a large following of users. Unless your site gets a fair amount of traffic, affiliate marketing deals don’t bring in much money.
So, build and maintain a site to attract plenty of readers. For this, you can write posts specifically related to the particular product that you will be linking to. So that people will have a good reason to click on it.
#2. Sell EBooks
For generating a respectable amount of passive income, write and publish an ebook. If you are not an established writer with an existing following then make the best use of Amazon Kindle Direct Publishing platform and publish ebooks.
You can either sell the ebook on your own website or offer it as an affiliate arrangement with other websites that provide content related to your ebook. Don’t expect instant success as it takes a lot of work upfront, but once you create ebook and does enough marketing then it can provide you with a passive revenue stream for years.
#3. Google AdSense
Google AdSense is a free service offered by Google that helps publishers to monetize their web content. It is the most popular ways to monetize the content for people who want to earn online. Once you are done with initial configuration, you can just sit back and see money coming into your account.
You need either a blog or YouTube channel to get started with Google AdSense. You also need to get approval for AdSense account. Create ads and place the AdSense code on your blog using free plugins and it will automatically display ads.
Now, when a reader clicks on those ads, you will earn money from it. But if you use any illegal methods to get more clicks, then it will cost you more. Google will just disable your AdSense account. So, get organic and legal traffic.
Firstly, you need to have a blog or website that gets good traffic. Choose a niche and create a website using WordPress and start writing useful content. Promote it on all social media platforms. Once you see a good amount of traffic then follow these steps to create AdSense account to enjoy the passive income.
#4. Create YouTube Video Tutorials
Hands down, YouTube is the ultimate passive income stream.
These days I see some YouTube revolution. People in and around the world makes awesome videos especially the college students share short films, flash mobs, comedy pranks etc..
You too can do that. Create videos in just about any area that you like. For example, music, tutorials, opinions, comedy, movie reviews and anything you want, then upload on YouTube. Then attach Google AdSense to the videos. So that, it will overlay your videos with automatic ads. When viewers click on those ads, you will earn money from AdSense.
Just creating videos will not fetch you anything. Promote those videos on social media websites. Once a video is done, it can become a completely passive cash flow source for a very long time.
Research what the most popular YouTubers are doing and get ideas. There are a lot of people who took their passion to YouTube and achieved massive success. So, give a try. The process is slow but surely it works
#5. Create An App
Most of the people today use smartphones. So, apps are a lucrative source of income. Now, you may think it’s not everyone business to create an app. It needs a lot of coding and other technical stuff. But if you are into a technical field and can understand the dynamics of business and smartphone applications, then this is definitely worth your while.
But if you have creative ideas that will win, then create app while learning code. And there are plenty of tutorials and online free courses available. If you think, you can’t then check out Nathan Barry’s success in his article, How I Made $19,000 on the App Store While Learning to Code.
If you still think, it’s not possible then you can hire a developer to build your app based on your idea. This is bit an expensive option, but it is worth if you have really killer app idea.
If either of the options won’t work, then use the tool Bubble for creating simple web or mobile apps. You can do a lot without knowing how to code or hiring a developer. You can create a simple app that makes you a few thousand dollars a month.
#6. Create A Membership Site
If you are wondering how to run a successful online business then one of the best ways to do so is creating a membership site. Now, you may think what is this membership site?
It is a gated part of your online business where only members who subscribe can access the content you have placed behind the gates. Here the gates mean a barrier you build into your website using a plugin. Only those members can log in and access exclusive content, special offers, and even be part of a community of other members.
Here again content means digital products like ebooks, webinars, online courses and podcasts rather than physical goods that require shipping.
Simply to put, if you are subscribed to that website, then only you can access offers provided by it.
A membership site is a great source of recurring income on your own terms. The amount of work involved in your membership site depends entirely on what you are offering.
#7. Banner Ads
Banner advertising is also called display advertising and the main purpose of banner advertising is to promote a brand. The banner ad can take the visitor from the host website to the advertiser’s website or a specific landing page. These are intended to generate traffic to a website by linking to it.
Banned ads are mainly used to increase brand awareness, generate leads, retarget your audience. The main indicator is Click -Through-Rate (CTR). Higher the CTR is, the more effective the advertisement is.
If you have a blog that receives a huge amount of traffic and awesome content, you can use these banner ads. You don’t have to be a professional designer to design a banner ad. With Bannersnack, you can create static or animated banner ads.
Banner ads help a lot in increasing your business. You can get the best out of it.
#8. Sell Professional Photos Online
If you love photography, why not use that to earn passive income. Check the photo-selling websites such as iStockPhoto and ShutterStock. If you enjoy photography you can submit your photos to stock photo sites and receive a commission every time someone purchases one of them.
In this way, a single image generates a passive income since it can be sold again and again.
These are the kind of photos that are in demand:
- Photos of work situations
- Photos of nature
- Photos of animals
- Photos of travel
- Photos of cities
- Photos of things like table, box, medication, signs, books, computers, tools, bags, cables etc.
- Photos of people.
#9. Build A Niche Website To Monetize
If you have an understanding of SEO and online marketing, you can start building niche or guide websites to help generate leads and referral income. Once you start your website and drive massive traffic, here is how you can monetize your niche blog.
- Google Adsense: Yes, it is the most popular option. Just sign up, build an ad and paste the code into your website. When people click the ad, you get paid. However, there are rules like no more than 3 ads per page and you cannot manipulate it to trick your audience to click.
- Amazon affiliates: If your niche blog includes actual products that one is looking to purchase, then you can earn from this too. For example, if you refer someone to Amazon to purchase shoes. If they purchase other than shoes also you will get a commission.
- Buysellads: You can sell your own ads on your niche Site. Once you get a significant amount of traffic and your niche fits in line with what they offer.
- Clickbank and Shareasale: They offer products that you can sell on your website. If you have the right niche then they have a lot of high payouts option too.
- Job boards: If it makes sense for your niche, then try Indeed and other job websites which will allow you to place job boards on your website.
#10. Create Online Courses
Well, everyone is good at something. Whatever the skill or passion you have, turn that to an online course.There are a number of ways that you can produce and host your own online course.
You can create an online course on Udemy. It is a great way to automate some of your cash flow. You will earn money when users register for them. Now you may be wondering what to put in the online course!
You can add audio files for people to listen while they are traveling or video lessons or animation, small ebooks that support the lessons, informative interviews and so on. You can create several packages at different price points.
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