We all dream of making money while it sleep. Well most of us right? Yet it seems like a fairytale that is out of our reach and impossible to comprehend.
Is it really possible to create passive income online? Here are Passive Income Ideas – 5 Ingenious Ways To Create Recurring Income For Yourself
While this is probably not the first thing to pop into people’s minds when they think ‘making money online’ – I put this at the top as the entry barrier is so low and in my opinion it’s something that is achievable for anyone who is willing to learn. Today anyone can create a simple ebook and put it out for sale on the Amazon Kindle store. Even better, you can outsource the creation process for little money if you are not a writer yourself. You then just publish under a ghostname.
This is what I have been doing since 2016 and I sell at least one of my books every single day. Yesterday I sold 8 Kindle books. Another good thing is that you can then leverage your book and transform it into a paperback and an audiobook version and potentially triple your income. Of course there is alway a starting cost but with time you will make it back the more books you publish. Check out the review that I did earlier on the K Money Mastery course I invested in that got me started.
A YouTube Channel
A lot of people are making passive income with their own YouTube channel. Most of them by having their channels monitized with Google Ads. The problem with those ads is that they pay you very little. So People with millions of views and followers are just making a fraction of what is possible. Experienced online marketers are using YouTube to brand themselves and their products. They engage with their viewers through video and build trust and ‘warm them up’. They then send them over to their websites or blogs where they either collect their email or sell them their products or services to solve their problems. That way they earn way more money than the nickels YouTube pays you for the views on your videos.
Sell Your Own Design Products
Sounds complicated right? Well it’s actually not as complicated as you might think. There are pages like Zazzle, Etsy and Redbubble that give you the opportunity to sell your own designs like, T-shirts, Coffee mugs, stickers, posters and so on. Not a designer? Don’t worry, these sites offer easy tools so you can easily come up with your own slogans, logos and graphics without having the need to have gone through 4 years of art school. They take care of the web traffic and instead they take a portion of your sales. Still there is a big opportunity to make loads of steady passive income with this method. Go check it out.
Create an Online course
There is a big misunderstanding among people going on that in order to be able to sell a course you have to be an expert on the subject or preferrably have a Phd in it. The thing is almost everybody is able to create a course on something they have some knowledge. You need to be a master in something to be able to teach someone. Most people that want to learn something have absolute no knowledge at all on the subject. That’s right mister!
Often it can be big advantage to be just a little bit ahead. Because a lot of people resonate more with someone who is maybe almost at their same level but have perhaps a bit more knowledge then they have. So if you have some knowledge in knitting, fitness, building homes, selling online or just about anything else, don’t be afraid to package your knowledge into an information product.
When you have your idea ready you can swing over to the popular platform Teachable where a lot of entrepreneurs are selling their online courses. It’s full of helpful guides and tutorials to get your started and it’s one of the best ways I know of to create an online course and sell it.
This one is of course my favorite. Why? Because you get to make money writing about what you love! There are a lot of successful bloggers out there today and some of them are making 10, 20 or even up to $40,000 a month.
Most of that income is passive as they are selling their own online course, doing affiliate marketing with other peoples products or running ads. Even though it can take time to get your blog going the possibilites with a blog are huge when it comes to recurring passive income.
It’s all about finding your niche and serving those people whether it is valuable content, entertainment or products that they need. There are a lot of profitable niches out there and you only really need a small number of loyal followers to make a decent income with your blog. It is said that you only really need 1,000 loyal customers to make your first million dollars. Don’t know how to start making money with your blog? Check out my review on ‘Make Money Blogging for Beginners’.
Making passive income while your sleep is of course something that is not easy to be done but in my opinion it is possible for complete beginners to get started with it. One method might be more suitable for you than another but you really just have to try for yourself to see what fits you.
When you have found something that works for you and created a steady passive income stream you should move on and focus on a new one. You should build multiple passive income streams so in case that one of your income streams disappears suddenly you still have some income from other sources. It is said that the average millionaire has 7 streams of income.