Most people spend most of their time working for someone else and make other people more prosperous. You work for a small paycheck while the CEO gets all the money. Even if you won’t become a millionaire, passive income is an excellent resource for stability as well as trading your money for time.
We believe in the phrase that poor people trade their time for money, and rich people trade their money for their time. As long as you work hard now and make passive income streams, you will have freedom later.
If You Want To Be Rich And Make Passive Income You Have To Know Three Things:
- Learn how to make money passively so that your hard work now will benefit you later. Your time doesn’t equal the amount of money that you’ll get. That is to say. You can work on a project for one month and make money off of it in years to come.
- Hire other people that will do most of the job for you. The job that you do want to keep doing in managing your business because no one will care for it more than you.
- Know how where and when to invest your money back to your businesses. You need to manage your income correctly. Invest most of the money back, keep some of it for yourself and your pleasures, and the rest will go to your bills and debts.
You have to treat it as a legitimate business. Because making a passive income stream is not a get rich quick, it takes time, and you have to be patient. But you have to understand that the amount of time you put in does not equal the amount of money you’ll make is essential. You work hard as long as it will take, and you won’t see money right away. Instead, you will see money maybe after months of hard work, but that money will last probably a very long time.
So after we established those guidelines, we want to give you seven great ideas that you could implement as of today to make passive income for potentially years.
Make A Passive Income Blog Or Website
If you have no idea how to make a website in less than half an hour, click here and read our blog post on the subject. And here right after, to learn how to use WordPress. There are many platforms you can start building your site with, but WordPress is the best. You have to have at least 30-40 blog posts to start making passive income. Furthermore, you have to make sure you monetize your website correctly. There are many ways you can start making money with your website. Just be sure to choose a good hosting company like SiteGround because there are plenty of bad hosting companies out there.
Let’s List The Passive Income Sources Out For You:
Most site owners go to google ad sense. That’s great for smaller sites, but as you grow bigger, you may want to move to a better ads network that will pay you more money. One example of a good ads network is AdThrive. A good ads network could have some strict requirements for accepting you. Be sure to check the conditions before trying.
One of the best ways to monetize your website is affiliate marketing. There are three primary ways to do this right: write a review of a particular product. Your review must be thorough and well written. It is best for you to try the product yourself for your review to be genuine. You can ask the product owner for a review unit or a demo if it’s a digital product. Make sure you add some free bonuses to your offer so that people would buy from you
You can add a digital store on your website with a plugin called ‘WooCommerce’ we will make a guide on the future about using the plugin. The products that you upload to your store from AliExpress and other online retail sites will make you a lot of money. You can price products however you like and take the cut.
Info products and courses:
Selling a digital course or a digital product that you made will make you more money than ads and affiliate marketing combined (unless you are promoting high ticket offers than sell like hotcakes). There are many sites you can use for a platform for your course, like Teachable.
You can add a membership section and charge money for premium content. Make very long and informative (4000+ words) posts so that people would stay proud members. Adding podcasts and videos for premium members could also be a good idea. You can even put a donation button instead and connect it to PayPal if you don’t have good enough content to sell at a premium price.
Make An Online Course/Software/Product
Making an online course in itself can be very profitable. If you want to make a piece of software, online course, or an online product without a website, you can do that. Using platforms like Udemy to sell your online course is excellent because they do the marketing for you. In Udemy, for example, people can search for courses, rank them, and write recommendations. In due time your online course will get recognition and make money as long as it’s good enough.
If you are making software or an online product, you probably need to market them more. Use social platforms for marketing. You can register to affiliate networks like Clickbank so that affiliates will promote it for you. Having the proper expertise to make a piece of software or digital product is unnecessary. If you don’t have the appropriate knowledge, you can outsource everything and pay someone else to do the job for you. All you have to have is a vision and a good idea.
You don’t have to build a website and put a store into it, you can create a store on its own, and it can be more convenient with Shopify. Shopify is more comfortable to handle than WooCommerce. Hiring virtual assistants is a must if you want to make the store truly passive. You would need a customer support VA as well as a VA to run your Facebook ads and picking the right products,
An E-commerce store can skyrocket way faster than a website. You can make a LOT of money relatively quickly. But you would have to invest way more in contrary to building a website. We would advise you to take a course from a professional in this field so that you won’t lose money from Facebook ads and marketing. Do your research and learn before you invest your money on ads and marketing because it’s way riskier. Building a website costs almost no money.
So you have to choose, either take it slow, start a site, and build around that. Or invest money in ads and do proper research in finding winning products to your Shopify store. That way, you will make money way faster. Both options are great, but you have to choose what you think is best for you to handle.
Write An E-book
Writing an eBook may sound harsh, but if you take your time and keep writing, you will succeed. You can pay for a writer to write an eBook for you instead if you like, Selling the eBook on Amazon will do it job, but you also have to market it through social media to gain more eyeballs. Alternatively, you can sell the eBook on your website, or give it as a freebie to sell later a higher value product.
There is a new software that can help you automate the process. The software is called Sqribble, and you can check it here. Creating eBooks could never be more comfortable with Sqribble because it’s doing the process of designing the cover, pages, and even content for you. The options are either let the software make you the cover and pages, and you write the content yourself or allow it create the content by putting a URL of a website, and the software will fetch the content and reorder it into the eBook.
With such an easy process, you can make eBooks way faster. You can sell the eBook in different platforms, for example, give it for free as a freebie, or even create eBooks as a freelancer for other businesses with this tool. Reach to a company that has a blog and tell them you’ll make them an eBook based on their existing content on their website. After that, copy their URL to the software, choose a template, and sell the eBook to the business!
Invest In Companies/Stock Market
A proper knowledge for investing is a must; you have to do adequate research or even take a course. Investing can genuinely make you a great passive income source, instead of putting the money to sit on the bank. “saving” money in the bank is not worth it. Sure you want to make some emergency money on the side, but “saving” money won’t increase it by much. Money have to move; you have to move the money you have to make more money.
Start A YouTube Channel
A YouTube channel is a great way to make passive income through ads and affiliate marketing. You can run a YouTube channel for your website, or on its own. There are many ways to monetize a YouTube Channel beside ads. For example, you can make affiliate product reviews; you can have sponsors, a Patreon, and more. However, recording your videos is not a necessity. You can make compilation videos, or maybe you don’t care to talk but don’t want to show yourself, you don’t have to. Many channels use infographics, etc. Music channels, gaming channels, the options are vast, and if you don’t want to, you don’t have to speak or show yourself.
Sell Products On Instagram
Getting followers can be hard, but once you get the exposure, you can sell products through the stories. Don’t be too much like a salesman. Don’t make all of your posts about products. Once you get followers you will be an ‘influencer’ and people will reach out to you to buy a post from you. Charge any amount you see fit per post, and it’s pretty passive because it’s a couple of minutes of work.
Make A Paid Facebook Group
If you have a specialty or expertise on a specific niche, you can make a closed Facebook group and charge people for entering. You can certainly make it entirely passive if you hire more people to help you maintain the group’s activity.
Be A Middle Man
You can offer different kinds of assistance, like web design or social media managing. Any service you can think of, you can hire someone else to do the work or you. The customer doesn’t need to know. The price is determined between you and the buyer, and you pay the person that’s doing the actual job, a lower price. Your only job is to find customers and find a freelancer to do it for you. There are sites like Fivver or Upwork that you can buy from there freelancer’s services. Couldn’t find any customers? You can accept a job at Upwork for example, and hire a freelancer at Fivver to do the job for you. It works on any site. Businesses use those sites to post jobs for freelancers. All you have to do is to be accepted and then hire someone else from another website to do the job.
9 Things You Can Do NOW To Earn Passive Income – In Conclusion
We listed a lot of great ways to make passive income, and we hope we inspired you to succeed online. There are many ways to make money; all of them can work if you work hard enough. Thank you for reading!