7 ways to make passive income
Do you want to find a new source of income without being actively involved? Then you should consider passive income. The term passive income is a type of income where you earn revenue with little or no effort to maintain it. An important feature with passive income is that once the right time, amount, energy or resources has been channeled into setting it up, little or no effort is required afterward to maintain the income stream. In this type of income, your revenue is automated; you can make money while you sleep or with little or no effort on your part to maintain the cash flow.
1. Create YouTube videos
Many individuals are tuning into this platform as a source of generating income. The secret behind making passive income through YouTube is to create content that cover areas people are interested in. You can create videos in categories such as music, movie reviews, comedy, tutorials on anything interesting that will attract viewers to your page. After this, you can add Google AdSense which overlay the videos you upload with ads. When viewers click on the ads on your video, you earn money from AdSense.
To succeed in earning money through YouTube, create lots of exciting and compelling videos, and promote them through social media platforms. There is a user on YouTube with two channels on dating and fitness niche with over two million subscribers that makes up to $7600 every month.
2.. Create a blog
Starting a blog is one of the easiest ways to earn money. You can make money from your blog using AdSense. Having a blog also presents other means to generate income; it can serve as a platform to launch or advertise other profitable ventures.
The challenge of creating a blog is finding a niche that will sell to the public. To be successful in this area, you must be an expert in what you do. Select a niche you are passionate about, and write about things that are important, scarce, not saturated. Creating a niche around something that is already saturated in the market makes it difficult for you to stand out and earn money. Instead of creating a travel blog for a location lots of people are already familiar with, create a blog for vintage BMW users.
3. Sell an eBook
Selling eBooks online is one of the popular ways people make passive income. If you are good at writing, you should consider selling a book online. You can write non-fiction or fiction topics depending on what you are passionate about. However, selecting the niche you wish to write in can determine your success rate. The competition is much higher in fiction books compared to non-fiction books.
Once your book is ready, you can sell them either on Amazon’s Kindle Direct Publishing or Apple’s iTunes Connect. Amazon has a large customer base. According to a seller on Amazon, he makes up to $150 per month from a book he published on Amazon. Although, he spent $740 in getting the book ready.
4. Consider affiliate programs
As an affiliate, you receive a commission for connecting potential buyers to a seller through your site or social media channel. Amazon is an excellent example of affiliate programs; they pay an associate commission of up to 4-10 percent. ClickBank affiliate network also pays 30-75 percent as commission. Affiliate programs involve you linking a potential banker to a seller and receive a commission for it. For example, you own a food blog where you provide different food recipes. People who read your blog may also be interested in kitchen remodeling, cooking utensils, cookbooks and so on. You can include an affiliate link to a product in your post. Whenever a user clicks on it and makes a purchase on the site, you earn money.
5. Be an online tutor or create an online course
Why not a create a course online to educate others on something you are really good at. Becoming an online tutor is easy, you can create online courses using a website like udemy.com or Lynda.com. Udemy has over eight million students; you can use this platform to sell your skills. To make your class more attractive, you can include videos, outlines, eBooks, audio files or informative content viewers will be interested in.
6. Buy a blog
Thousands of blogs are created on a yearly basis and abandoned. You can seize the opportunity to earn money by purchasing a blog with a reasonable amount of traffic and with demonstrated cash flow. You can make more money when you buy blogs with Google AdSense and affiliate program. From a financial perspective, a blog usually sells for 24times the monthly income. For example, you are likely to pay over $3000 for a blog that generates $250 per month.
7. Sell designs on CafePress, Redbubble, Teespring, Sunfrog, etc.
You can make passive income if you are creative enough to identify design trends or the type of graphic that will sell. Design them and post on these sites where customers can buy all different kinds of merchandise with your designs on them. These sites control the back-end support while you earn commission for every item sold.