Whether you’re interested in starting an online business, or just finding a way to make some extra cash, the buzzword in today’s digital landscape is “passive income”.
But what exactly is passive income? In simple terms, it’s money you earn without the need for continuous, active effort. You invest your time and work upfront, and then you continue to make money with very minimal ongoing work.
Example: let’s say you write an eBook and list it for sale on Etsy or Amazon. Once it’s published, this digital product can generate income forever without requiring additional effort on your part.
What’s even more intriguing is that you don’t always have to create a product from scratch. You can buy someone else’s as long as they sell the rights to it. Interested in learning how?
Grab my FREE eBook which simplifies what digital marketing + master resell rights are and how you can start earning using someone else’s product
There are many ways you can earn in this way. Here are some popular and easy methods of earning passive income.
1. Make Passive Income Selling Digital Products
Digital products are items you can create in a software like Canva and distribute online. It could be something such as party invitations or printable coloring pages. It takes a little time and work upfront to create a digital product and set things up for selling, but once it’s published, it creates a passive income. As that same product can be sold over and over again. If you publish a few different digital products, you can earn a significant amount of money.
2. Affiliate Marketing
Affiliate marketing involves selling the products of other online. You sign up on an affiliate network such as Impact and Clickbank and choose products that would offer value to your audience, and then promote them for a generous commission. You simply place the affiliate links strategically and let them generate income in a set-it-and-forget-it manner.
3. Podcasting
Create a podcast where you discuss topics of interest to your audience and interview experts in your niche. There are several ways to monetize a podcast including selling your own products, promoting affiliate products, selling advertising spots, or offering premium episodes.
4. Start a Youtube Channel for Passive Income
If you enjoy being on camera, it’s never too late to start a YouTube channel. Once you accumulate a substantial number of views and subscribers, you can earn money through ads, sponsored content, and merchandise sales.
5. Dropshipping
With dropshipping, you can create an e-commerce store to sell products in your niche. What makes it convenient is that you don’t need to hold and manage inventory, which eliminates any initial cost. When orders are placed, the supplier ships out the product directly to your customers.
6. Sell an Online Course
Create an online course teaching something you know how to do that someone else wants to learn how to do. It can be anything from playing piano to setting up an online business, getting started doing yoga or learning another language. The key is that you create the course once, then make it available for anyone to take online at any time. There are many platforms available to sell your courses with Teachable or Coursera. Now with technology advances you don’t even need a website to host a course.
7. Write a Book or eBook
Creating an eBook is a great way to establish passive income. Whether sharing a personal story or writing a self-help book, it’s a top choice on my list. Thanks to technology, publishing an eBook is simple with platforms like Amazon and Kindle. Promotion is easy; you can design a free downloadable PDF ebook using Canva.
8. Master Resell Rights
Also known as Private Label Rights. This means you purchase an item that someone else made, and you can resell it as your own. To read a little more about it sign up below for my FREE eBook explaining all about it! Also sign up to take my Digitial marketing + Resell course
9. Start a Blog for Passive Income
Blogging is a proven method for creating passive income. Monetize your blog through ads, affiliate products, or selling your own items. Initial effort in content creation and marketing pays off. Starting a blog can cost as little as $3.95 per month, and with dedication, it can evolve into a full-time income stream within a year. Check my step-by-step tutorial for guidance.
Every type of passive income is different, but they all work in basically the same way. It takes a bit of work to plan and set up, but once you’re up and running, you’ll earn automatically with little or no effort whatsoever.
Do you want to learn more about how to earn money while you sleep through passive income? Check out my course Roadmap 2.0 which teaches you how to start a profitable online business, automate it and start earning immediately!
