It sounds unreal to hear about someone who made a million dollars in a year all from passive income. But it actually happens, and it has happened to a LOT of people.
So how do they do it? What exactly is their process?
Here are five easy ways to make passive income online.
1. Affiliate marketing
Most online marketers make passive income with their blogs using affiliate marketing.
With affiliate marketing, bloggers and other content creators promote a product or service using their affiliate links. When someone clicks on the link and buys that product or service, the promoter gets a commission on the sale.
While blogging and vlogging is something that needs daily work, getting commissions from affiliate links can become passive over time.
You just need to publish and put in the links once. Every time someone clicks and buys from an affiliate link, you get a portion of the sale. No additional work needed provided that you drive organic (or paid) traffic to your content.
Curious how a kindergartner earned $1 million dollars in one year posting toy reviews on YouTube?
It’s really simple. People who publish videos regularly on YouTube get paid when viewers click on ads in between their videos.
Simple, yes. Easy? Nope.
The amount paid per ad click is not that high, so you would need thousands of video views to get to a decent amount of YouTube ad money.
You also need to have at least 1,000 subscribers to qualify for being a paid YouTube publisher.
So you really need your videos to get thousands of views for you to make serious money with this method.
Have an idea for a book? You can definitely publish it and earn some passive income.
These days, you don’t need an agent or a publishing house to become an author. You can self-publish a simple e-book with free software and a free Amazon publisher account.
Once your book is out for sale, all you have to do is promote it and drive traffic to your ebook’s sales page.
Successful ebook authors are usually known experts in their field and have a legion of raving fans ready to buy their stuff.
However, anyone has a chance to make good money with ebooks. The key is to provide valuable information that people want to read.
4. Online course
Selling an online course is another way to earn passive income. There are always people who want to learn — and that’s where you can come in.
You can teach any topic under the sun and market it to your target audience.
Creating an online course is now easier than ever with sites like Udemy, Thinkific, and Teachable. These websites make it super easy for anyone to create and sell a course online.
Creating a course does require money, equipment, and a significant portion of your time. Ideally, you should have a sizable following or a small but engaged email list to start promoting your course.
When you promote your course and it starts to sell, the revenue becomes partly passive because your students will basically just go through the training materials that you have already uploaded to your eLearning platform. There is no further action needed on your part from the time a student purchases your course unless you offer on-demand support and/or coaching.
5. Email marketing
We’re not referring to sending newsletters here.
The kind of email marketing that generates passive income is one that is automated and is part of a sales funnel.
How does this work?
You need to build an email list and then create an email series or email automation that sends them emails where you sell something or promote an affiliate product over a period of time.
When marketing experts say “the money is on the list,” this is what they mean.
It’s not just getting email subscribers for the heck of it. You can turn these subscribers to become customers using automated messages that are designed to sell over time.
And you don’t have to sell just one product. You can promote to them however many products you want — just not ALL the time.
Remember to also provide value. Give away something for free that will help your subscribers with a problem or guide them through a process.
Successful marketers know the power and long-term value of an email subscriber. If a subscriber does not buy from you today, it’s okay. They might buy next week, next month or next year. How many times have you signed up for an email newsletter to someone’s blog and realize that you still get emails from them a year later?
This is why most website owners and bloggers have an email sign up form on their site. Email service providers like Aweber, MailChimp, and ConvertKit are great for collecting subscribers and setting up automated emails.
Earning a decent income passively is not easy and whatever method you choose still takes a little bit of work. You do need to dedicate a few hours every day at the start to make this work. When you’ve produced the needed content and traffic to your platform, then you should start to see some profits come in.
Are you thinking about earning passive income? Which method do you think you want to go with? Share in the comments below!