7 Passive Income Ideas You Can Start Today To Make Money Online
The modern world has brought many advantages, but it has a downside as well. In today’s fast paced digital world, there are many people who have been left behind. With the constant change and advancement of technology, many businesses have shifted their focus to the internet and started operating online to reach out to as many people as possible. Businesses that operate online can be referred to as digital businesses.
These businesses generate revenue through different methods such that some offer services while others sell products. Many people see this as an opportunity and have started creating new businesses online in order to provide solutions to these problems. You do not need any major capital or business savvy to start operating passive income ideas today and create financial freedom for yourself in the future.
Passive income is defined as income from ownership of shares or assets that are not dependent on the day-to-day operations of a company but rather generated consistently year after year by selling securities or renting out property or other assets The passive income ideas listed below can be started on any budget and will help you build financial security for your future self.
Invest In Real Estate
Real estate has always been a lucrative investment avenue, but it’s become even more attractive in recent years. Investors are attracted to the potential for capital growth as well as high liquidity. In many cases, you can easily sell your primary residence and cash out for another home or invest in other types of real estate like apartments or commercial properties.
You can increase your investment returns by taking advantage of low interest rates, buying at the right time, and investing in the right locations. To maximize your return, you can look for properties with good rental rates, good demographics, and good locations.
While real estate can provide good returns, it’s important to know the ins and outs of the industry. You should also be aware that real estate investing isn’t for everyone. You should be financially stable, willing to take on higher risks, and willing to put in significant time and effort.
Buying and selling of products on YouTube is one of the most passive income ideas you can start today. The main idea behind creating a YouTube channel is to upload videos that are helpful to your audience, earn a steady income by selling advertisements, and also use an automated system to manage your channel.
There are many ways to monetize a YouTube channel. The simplest method is to sell ad-space on your videos. This ad revenue will help you cover the cost of creating and posting new content. When you sell ads on your videos, you can use YouTube’s own partner network or third-party ad networks like Google’s AdMob. Another way to earn money from YouTube is to set up Google AdSense accounts. With these accounts, you earn money when your viewers click on ad links that you place on your videos.
You can also earn money by selling digital products via a partnered affiliate program. Besides monetizing videos, you can also use YouTube to build an audience. This is because YouTube is one of the best social media platforms for building an audience. You can create unique content and engage your audience to increase their engagement, which leads to better retention and subsequently better monetization.
How do you get started to create a personal channel? You’re just going to sign into YouTube on your computer or even on the mobile site on one of your devices, you’re going to click your profile picture, and then “create a channel.
” You’ll then be asked to create a channel. You’re going to check your details and confirm to create your channel. You can also create a business or a brand channel, which is a good idea if you think you’re going to have more than one person that’s going to need access to the channel.
Unfortunately, you’re not going to be able to start generating revenue straightaway. In order monetize your channel you’re going to need to have, firstly, a thousand subscribers, so that’s going to take a little bit of time to build.
And your videos are going to need to have generated 4,000 watch hours over the last 12 months. Then you’re going to have to set up an AdSense account; that’s super simple. So what will it cost you to get going? It’s not going to cost you anything.
It totally free to set up a YouTube and an AdSense account, and despite what you might think you need in terms of fancy equipment, you really don’t need anything more than a smartphone or a laptop to get started.
When I first started, all I did was plop my laptop in front of a wind in my living room for some natural light and I used the webcam that was just in my laptop and the laptop microphone. Even now two years in, I am still just using a simple Logitech webcam.
Although I have upgraded my microphone, still it’s nothing super, super fancy. So how much can you make at this? This is going to be determined by the quality of your content, whether other people on YouTube actually care about the content you’re creating, and then course the frequency and the consistency that you tend to publish new videos.
Niche Websites and Blogs
Niche websites and blogs are great passive income ideas. The key to making money with a niche website or blog is to find a niche that interests your target audience and has room for growth. Once you find a niche, find a profitable niche topic to write about. Choosing a profitable niche means choosing a topic that has enough room for growth. The market for your product or service shouldn’t be saturated with competition.
The idea here is you create a small web website or blog that contains basically as much information as possible about a particular niche, and when it comes to niches, the narrower, the better. The main sources of revenue on a niche site are going to be advertising, where you can generate ad revenue from Google AdSense, banner ads, sponsored posts or paid reviews, as well as affiliate sales that you can receive by writing blog posts that contain links to products that are related to your niche.
Your niche site might be about, let’s say, knitting, so you write a blog article about a particular brand of yarn. Then you can link that article to that ball of yarn somewhere on like Amazon, and then you receive a commission from that sale.
So how do you get started? First, you will decide on a niche based on some research. You will then create your website, your blog, and then you’ll be creating content like articles and blog posts, and this is what’s going to be used to attract that traffic to your site so you can start generating some ad and affiliate revenue.
The main factor for success in a niche site or a blog is an in-depth understanding of SEO, or you need the willingness to be able to pay for someone else’s expertise in this area. SEO is what’s going to allow your articles and posts to show up in Google when people are searching for content like your, and without it, your site really is going to attract nothing but crickets.
SEO is extremely important here. What will it cost you? Your only real up front cost is web hosting. Again, probably in the order of like $6 to $10 a month. What is the earning potential? There’s huge earning potential in the order of, again, hundreds, thousands, sometimes even tens of thousand dollars a month, but this one will take months, maybe even years to start paying off in big ways like that.
It’s all going to come down to your ability to drive traffic to your site, and like I said already, that’s mainly going to be through SEO.
Self-publishing is another great passive income idea that many people shy away from. With self-publishing, you don’t have to pay for the printing of books and distribution. All you need is a good content idea and a writing talent. If you have the ability to write, self-publishing is an excellent passive income idea. This method allows you to make money from writing without having to waste time and resources on marketing.
The idea here is that you self-publish books in either e-book or paperback format on a platform like Amazon KDP and then you earn a royalty each time a copy of your book is sold.
This is actually pretty easy because you’re able to take advantage of an already existing marketplace — Amazon — so there’s not as much of a crucial need to drive traffic. That’s what I’m saying by “easy.
” Also, we’re not talking about writing a novel or a thick volume here, like a thick non-fiction volume. If you want to scale, unless you’re an established author, someone with an already substantial following, you are going to need to publish many books quickly.
You can do this by outsourcing the writing of fiction or non-fiction books so that you can have multiple books being created at the same time, or you can go my personal favorite route, which is publishing low-content books that you can quickly and easily create yourself.
That includes books like planners, journals notebooks, guest, books, logbooks, anything kind of in that sphere. This is one of my absolutely favorite ways to make passive income and, personally, I still think it’s the fastest and easiest way to start making the biggest amount of passive income.
So, how do you get started? Well, you can write or create your own book, or you can outsource the job to a writer and/or a designer on a freelancing platform like Upwork or Fiverr. Once you have a completed book, you just upload the files to KDP and then your book is made available for sale on Amazon.
Create An Online Course
Online learning is one of the fastest growing industries. People are always looking for ways to learn new things, increase their skills, and become more productive. This desire to learn has led to an increase in demand for online courses and training programs. An online course is a type of passive income idea that can be used to create a passive income stream. This method requires that you create instructional videos and use an online platform to host them such as Lynda.com or Udemy.com.
Affiliate marketing is a method of generating revenue by earning a small percentage from sales generated when someone clicks on an affiliate link and purchases a product from an external website. The affiliate marketing industry is a great example of how the internet has changed the way businesses make money.
This industry was once dominated by large companies such as newspaper and magazine publishers who had extensive infrastructures to support their advertising and marketing efforts. These corporations had the budgets to pay thousands of people to generate content, write reviews, and generate advertisements.
Affiliate marketing, on the other hand, is a great passive income idea that has surged in popularity because it doesn’t require any upfront investment. All that’s required is that you have an internet connection and a piece of content to promote.
Essentially, you receive payment for promoting other people’s products or services to your audience. You can do this by either writing blog articles that include links to products or services offered through an affiliate program such as Amazon Affiliates, ClickBank, or LinkShare.
When a visitor on your site clicks on one of those links and makes a purchase, you earn a small commission. Or you can promote other people’s products or services, usually digital products or online courses in a similar niche to the one that you serve, either on your own blog or to your own email list.
So, how do you get started? Well, you’ll first need a website and ideally an email list that caters to the same audience as the one you’d like to become an affiliate for. And again, the more traffic the better here.
If you’re starting from scratch, there’s probably going to be many months of hard work required to build your audience. What’ll it cost you? About $6 to $10 a month for web hosting and again about zero to $10 a month for an email service provider.
How much can you make? Hundreds or even thousands of dollars a month, depending on the popularity of your website or your blog. This is another favorite source of passive income for me, generating usually around a couple thousand dollars a month.
Again, it’s not huge, but it is a really nice bonus income stream. How passive is it really? It’s pretty darn passive. Once your affiliate links are set up, you are ready to start earning commissions each time a purchase is made after a customer clicks the link.
If you’re promoting a product to your email list, then you’ll be writing a few emails. Technically, this is probably the easiest form of passive income, but I didn’t list it as the easiest because you need to build an audience first, and that does take some time.
If your website or blog is already up and running and you want to get started with affiliate marketing, you can check out Pat Flynn’s affiliate marketing cheat sheet. Even if you don’t have a website or a blog do check out Pat Flynn anyway
Drop shipping is definitely one of the best passive income ideas that anyone can start today. This method allows you to gain an immediate profit by selling products for a fee as a dropshipper. For example, if you are an online retailer, you can drop ship products for an online marketplaces like Etsy, Amazon, and Shopify.
Dropshipping is a great way to start an online business from home. You don’t have to buy inventory, pay for expensive storage units, or deal with returns. All you have to do is find a supplier who has products that you want to sell, and you can ship those products to your customers. Dropshipping has gained popularity because it’s so easy to get started. The only thing that you really need to start an online business is an internet connection.
You either sell other people’s products in your online store or you can use a print-on-demand platform like Redbubble to sell your own custom designs on items like t-shirts, mugs, sheets, whatever.
In both cases, the supplier ships directly to the customer and you never actually have to deal with any of the inventory, which is a huge bonus. Then there’s Fulfillment by Amazon. You’ve probably heard it referred to as FBA.
In this instance, you send your products to Amazon and they fulfill the order when it’s placed by a customer. So, how do you get started? Unless you use a site like Redbubble, both drop-shipping and FBA are going to require you to source products to sell.
If you’re drop-shipping, you’ll need an online store. Most people tend to use Shopify. When an order is placed on your site, you will relay the order to your supplier who will then fulfill the order for you.
For FBA, you will have your products sent directly to one of Amazon’s warehouses. And then when an order is placed on Amazon, Amazon will fulfill the order for you. This is great because you don’t have to deal with inventory or customer service.
What will it cost you? You can sell your own designs on a print-on-demand platform like Redbubble completely for free. That could be a great way to get started. If you’re drop-shipping, all you need is a basic e-commerce website, or you can join going to Shopify for, I think it’s about $29 a month (correct me if I’m wrong).
If you go the FBA route, however, you’re probably going to be looking at about $2,500 to get started, and that cost is going to include product samples, inventory, promotional giveaways, UPC codes, and a modest advertising budget.
Earning potential here…again, great potential, but this one does have a very steep learning curve paired with high competition. That can make getting started a lot more challenging than some of the other models, which is why I’ve placed this at the most advanced level of passive income earning.
Drop-shipping is probably the easiest and cheapest way to get started with physical products. So how passive is it really? Your main job after getting your store up and running is going to be that of customer service rep (unless you’re going the FBA route), which could take up anywhere from a few hours per week to sometimes maybe a few hours per day, depending on the size and the success of your store.
FBA, does remove customer service from the equation, but you can probably still expect to spend anywhere from five, maybe even to 20+ hours per week on your e-comm business, depending on how many products you sell.
If you’re interested in exploring a physical product business model, I highly recommend checking out Steve Chou’s website. It’s called mywifequitherjob.com
Don’t Be Afraid To Ask For Help
Every great business starts with an idea, but without proper execution, it will fail. If you are struggling to take your idea to the next level, don’t be afraid to ask for help. There are many online communities that are filled with experts that can help you improve your idea. You can also talk to friends and family who can offer their advice on what your next step should be.
You can also attend business events or seminars to meet other entrepreneurs and learn from their experience. You can also approach companies that offer consulting services that help you develop your ideas or pay for mentorship from experts who can help you improve your business. There are many ways to get help with your business, and don’t be afraid to ask for help. You might be surprised by who offers help and what they can do for you.
Passive income is one of the best ways to achieve financial freedom. It doesn’t require you to work on a specific schedule or put in a lot of effort, but it still allows you to earn money. The best way to achieve financial freedom is to start with a small investment, such as a few dollars in a savings account or a few dollars of your own hard work. With the help of passive income ideas, you can build a passive income stream that will help you achieve financial freedom in the future.