For many people, earning passive income is a dream come true. Imagine having a revenue source that never goes dry and yet put investment or effort to maintain it! That’s how cool generating passive income can be. But to most people, these are just dreams that never really come to pass. It can be a little bit difficult in the contemporary world to imagine such a situation. You’ll need to invest a lot of money in a niche with high returns on investment to be assured of a constant passive income. But have you heard of generating passive income online? Well, this is actually the next frontier for investors.
With the internet, things are changing real quick. Most people are now doing business online, and the number continues to increase every day. However, when it comes to earning passive income online, it is a different ball game altogether. It simply means that your online investment is capable of earning you good money without you putting much effort into it. There are different ways you can earn passive revenues online. In this article, we are going to look at 10 of the best ways that you can make legit passive income online. Check out the following:
1. Starting A Blog
For starters, building a blog is one of the simplest ways that you can start earning passive income online. Blogging is about tapping into the online traffic by attracting people with the content or information they are looking for. For instance, you can start a blog about how to trade cryptocurrency. Then, once you have been established a blog and with a huge following or traffic, you can monetize it and start making getting income out of it. The good news is that starting a blog is very easy. However, you need to get a real readership for you to earn a decent passive income. But that is not difficult if you do it right. The trick is exploiting a niche that you are good at and one that is not saturated.
For instance, it will be difficult to make a considerable following by starting a blog about “Thailand Travel Guide” since there are thousands if not millions of such blogs. Get a niche that is less exploited, and you’ll be able to get steady and real readership. After you have started a blog with and gained a huge following, you can now monetize it with Ads and start generating passive income. You can also monetize the site using affiliate programs which are the current hot things in monetizing websites and blogs. With that, you can start making cool money while sleeping.
2. Affiliate Marketing
Affiliate market is something that you have probably heard people talking about. It is one of the biggest areas where people are generating good money while sleeping. Fortunately, it is a very method of making money online, but you need to have a decent following on your website that can translate to sales. With this form of method money online, what you need is just an excellent blog or website and partner with brands and business for marketing. The trick is to generate content on your blog or website that can promote the brand or the product you have partnered with.
In your blog or website content, you will need to mention the products or services, and link them with a unique affiliate code that you received when you signed up. If someone (reader) buys a service or a product through your link, then you are paid a commission. However, it is important to partner with brands and businesses that are related to your blog/website concept. Apart from working with individual companies and brand, you can work with affiliate ad networks that will offer you a ton of affiliates in one place. That definitely sounds easy.
3. Google Adsense
You won’t believe how much money people are making through Google Adsense. The amount of passive incomes that is being generated using this platform is unbelievable. You will also be impressed by how easy you can be generating passive income online through Google Adsense. It required a minimum investment to start making passive income. Just like the affiliate programs, this method of making money online requires you to start a blog or website and build steady traffic. These ads are straightforward to set and very lucrative for blogs and websites with regular traffic. If you have a blog or a website, all that you need is to sign up for a free Google. Adsense Account.
You will be given a unique code which you should paste on your website, and you are ready to start making money. After linking your blog or website, Google will track your page views and earnings on your behalf. So how much can you make? Well, you are the limit to yourself when it comes to Google Adsense. What you need to ensure is steady traffic on your website and content that is popular/trendy and then sleep as money trickles into your account.
4. Write and Sell Ebooks
This is for the people who have a propensity of writing. If you can slay with your prose, then you have very high chances of making huge money online. There are various that you can use your writing prowess to earn passive income online. Writing and selling ebooks is one of the most effective ways. It’s a niche where professional writers, teachers, professors, storytellers and so on are making colossal incomes with minimal investment. What you need to is to pick a topic that people are looking for or will be interested in. If you are medical experts, you can write an e-book on health tips and so on.
There are numerous digital sites or platforms where you can sell ebooks including Amazon’s Kindle and Apple’s iTunes Connect amongst many others. What you need to do is write good quality ebooks and marketing. Once you pen name has been established, you will be impressed by the amount of passive revenues that you will be making from these platforms.
5. Lead Sales
Collecting sales is another way that you can earn passive income online. This is a form of marketing that is in a way similar to the affiliate method but requires minimum investment to start. With this method of online money making, you need three things to succeed. You need a website, high and steady traffic and lastly, ensure that the leads you are collecting will lead to making purchases. What you do is to form a partnership with a certain product and start marketing.
As a blogger or a website owner, you just need to generate content that would attract people looking for the information about the product as well as to buying that product. Once the customer shows interest or they are ready to buy, that is what is referred to as the lead. Your job is connecting them with the product manufacturer and get earn a commission. With that, you‘ll be making an impressive passive income for doing nothing most of the time. Selling leads method is vast since you can sell points in all industries including insurance, banking and so on. Once the traffic is steady and your website has built a reputation, money will start coming from all directions.
Who is your favorite artist? How many YouTube views do they have online? Well, those views are translated into money. YouTube is another platform where you can generate passive income with minimal investment or effort. There are tons of YouTube channels across the world about anything you can think you can think of. But what makes the difference is the following that each channel commands.
To make money online through YouTube is pretty easy but you need a long-term strategy. What you need is to create a YouTube channel which is free. However, you need to pick a topic that will sell as well as a unique one and not saturated. For example, you love playing the guitar and you really good at it, you can build a channel that teaches how to play the guitar. You must be consistent, and it may take some time to pay off, but the amount of passive income you will get in the long term is just unbelievable. You will only create a video, it goes viral and making money while literally sleeping.
7. Sponsored Posts
A sponsored post is one of the easiest ways that you can generate passive income online. One thing that makes it the most popular is the ease of use. Unlike most of the online money making methods that require a website or blog, that is not necessary with sponsored posts. What you need is to be a position where you can command a huge following. That is what brands and products look for. If you have a blog or a website, you need to build a considerable following.
Building a robust social media community is another way that you can make passive income online. Whether it is Instagram or any other social media platform, companies will be willing to pay you for ads. The amount of money you make per ads depends on your following, the demographic factor and the reputation of your page. Do you know that there bloggers that get $20,000 for a sponsored post? That is how lucrative it can get. You don’t need to start a blog or a website since social media platforms are enough as long as you have a following.
8. Selling Audiobooks
Although digital-ebooks have increasingly become popular in the last few decades, they have a competition who is proving to be a force to reckon with. Audiobooks popularity have increased over the last few years. More and more people are turning to visuals and audio records since they more convenient compared to reading a book. The listen can also do other things while listening to the audiobook which is an advantage over the ebooks.
Making an audiobook is not difficult. You should make an audiobook first and turn it into an audiobook. There are various platforms from which you can sell the audiobook and make money from downloads. Note that these downloads are unlimited and thus you can generate good money online with just one audiobook. Imagine if you can get a dozen of them! However, the topic, quality, and competition level will determine how much passive revenues you generate.
9. Selling Photos Online
You can turn your hobby into an online business and get revenue out of it. If you love travelling and photography, then you can sell your photo collection and make good money out of your hobby. There are many sites like iStockPhoto, Gettyimages, Shutterstock and so on where you can sell your photos. It is that simple. However, you must beat fierce competition to make it in this industry. You must also build an impeccable reputation for you earn a steady passive income.
To beat the competition, you must be unique in your photography as well as the scenes. If you are traveling across the world, try to capture the unique sceneries, people, landscape, animals and anything that would arouse attention and discussion. Make sure that your images have been licensed and you will be impressed by the amount of money you get from your work. Once your photos are online, money will never stop coming as long as people like them. That’s a great method for generating passive income online that requires a minimum investment.
10. Creating Apps
This is a little bit technical, but it is a well-paying method of generating passive income online. Applications are the engines running most of the functions in our smartphones and other gadgets. From banking apps, gaming apps and so on. There are thousands of apps in the market, but there are more niches that are not covered or can be improved. There are areas that newcomers should exploit. If you don’t have the technical skills, you can hire someone to develop a great app.
Although apps require a significant investment in time and money upfront, the return on investment is good. Once the app is complete and introduced to the market, revenue will start streaming in as long as the app is relevant in the market. That’s how you are able to generate passive income online. However, apps require constant improvement to remain relevant in the market. Note that the amount of money you get depends on the number of downloads or users your app attracts.
The Bottom Line
These are 10 ways that you can earn passive income online. The most important thing is to create a robust online community, and any company will be coming to you for ads. With a population of 6 plus billion people in the world, you can imagine the amount of money you can make if a fraction of the population buys into your idea. It can be a little bit difficult at the start, but zeal and determination and you will enjoy the benefits in the near future.