Passive income is essential if you want to become truly wealthy.
You can never be wealthy by spending all your time on a job. Instead, you become a slave to that job, constantly trading your time and the best years of your life for money.
The wealthiest people know this and instead pursue passive income opportunities.
If you want to be wealthy, you need to do what they do. Look for passive income opportunities and let money work for you.
There are many such opportunities that you can take advantage of. If you are interested, this article will tell you all you need to know about how to make a passive income at home.
WHAT IS PASSIVE INCOME?
Passive income is income that you work once for and get paid over and over for your efforts. When done effectively, it can allow you to make a livable income while taking a hands-off approach to work.
There are many proven sources of passive income.
Some of the most common ways you can start earning a passive income today is by buying and renting out real estate, buying and holding stocks, or investing in government bonds among other methods.
These are common offline passive income channels. However, this article assumes that you are looking for an online passive income strategy.
What can you invest your time and effort in today so that you can make money passively for the weeks, months and even years to come?
WRITE AN E-BOOK
E-Books are among the most popular online passive income strategies.
The beauty of it is that you do the work once and get paid over and over again each time your e-book sells.
If your e-book is marketed correctly, you can make a killing off your efforts for years to come. You can also make the process completely automated by using a platform like Amazon kindle.
But eBooks offer so many other benefits that cannot be overstated. Here are a couple:
– Authority: Simply writing a book on a subject makes you an authority and massively improves your brand.
– List Building: eBooks are excellent ways of building lists. Every time someone purchases your e-Book, you will have the email information that was used to download it.
At the end of the eBook you can have a very clear call to action to join your list in order to receive updates.
There are many avenues that will open up to you for building a list. As we all know, this list can be leveraged to build further trust with your subscribers and eventually could lead to more income generation.
– Passive selling: This one is a bit sneaky. Beyond getting paid for the e-Book itself, you could add affiliate links sporadically through the content of your e-book. Please make sure that the links are relevant and helpful before going this route. You do not want to give your audience the feeling that they are your personal ATM. This is the fastest way to lose their trust so be careful with this one.
MAKE TUTORIALS OR VIDEO COURSES
Do you know how to do something really well? Do you have a passion for an activity or a subject?
If you do, people want to learn from you, and they are willing to pay you well for it.
You can teach others your skill by making a video series showing how to do what you do. If you do not have the video equipment for it, make a step by step tutorial document explaining how to do it.
Create courses and classes where people can sign up and pay to be taught by you. Earn an income from teaching your skills.
Now mind you, this is not active teaching. That would be trading time for money which is definitely not passive income. I am taking more about courses like you would find on Udemy. The topics are broken down into many sub topics. Each sub topic is covered by a video. Multiple short videos are strung together to cover a topic from A to Z.
You spend a lot of time and effort mapping out your content. You either record or write your tutorials in small chunks that can be easily viewed or read. You offer the videos or written tutorials as a package to cover a topic. But the end product will be worth it!
People are super comfortable with this format. In fact, younger people expect to learn this way.
Check out Udemy and you will see what I am talking about. Good teachers are making a killing on this platform for content that they created once and are selling to thousands of students (at $12 a pop minimum) -Granted they may have to update their content every so often but this is an extremely hands off business model.
CREATE AN APP
What niche are you in? What problems are there in your niche? Can these problems be solved with an app? If yes, create that app.
Apps have revolutionized the way we do things. They are everywhere! Creating an app can generate a ton of money if it is original and useful.
If you know how to code, you can easily learn the skills to supplement the ones you already have in order to build apps for Android or IPhone. It will take a lot of work and testing. Make sure it does what you expect it to do and that you have the bugs worked out of it.
If you do not have the skills needed to build the app yourself, you will need to outsource it. This requires money and maybe even a lot of money.
You need to provide very clear guidelines and directions to the coder in order to eliminate any chance of confusion. Make sure that the person you hire agrees to an iterative process where they constantly improve on the coding until you get exactly what you want (without them charging you for every coding correction that they make).
Whichever way you go, having an app that can be sold to your customers is a fantastic passive income opportunity. After all, everyone has a smartphone these days.
You can also make a very lucrative passive income through affiliate marketing. This is my top recommendation for passive income!
Affiliate marketing has become a game changer in this space. Many people have built their fortunes on it.
Sure, there is heavy work involved up front, and this is what dissuades most people. However, you stand a chance to potentially make massive incomes.
Just like the most challenging jobs are usually the most rewarding, affiliate marketing done right can net you a life-changing amount of money.
The beauty of it is that it is not difficult to pull off, and anyone with the right amount of dedication and knowledge can make it work. Plus, all the skills you need can easily be learned on the job.
The best part is that you can do it from anywhere, including the comfort of your home.
What do you need to succeed at Affiliate marketing?
You need to choose a niche and build a platform to interact with that niche, usually a blog. You also need to attract readers to your blog. This is done by creating engaging and original content. Finally, once you have the previous 3 steps down (with a decent amount of traffic), you can start to monetize your blog.
I mentioned earlier that affiliate marketing “is not difficult” to pull off. I want to be absolutely transparent and honest here. As you can see from the steps that I outlined, the model is not difficult at all. But don’t get me wrong. It is by no means a get-rich-quick method of making money.
You see, the difficulty is not in the method itself. It is in the implementation. Enthusiasm usually carries most people through the niche selection phase and the site building phase. The problems start in the content creation phase.
Most people that try their hand at affiliate marketing don’t ever make a dime. Not because it doesn’t work, but because they don’t produce or write enough content. You need to write 10’s of articles to start seeing any movement at all. It can take 3 to 6 months of content creation before traffic (and very little commissions) start to trickle in.
This is where people give up. So yes, the process is not difficult, but the implementation is hard. If you are prepared for a long slog, and disciplined enough to produce content consistently, your chances of success will be enormous. If you get to the point where you have built up enough good content, and enough trust from your readers, your income will grow exponentially.
There are many ways of making a passive income at home.
You can make a steady source of income by writing and selling an e-book or teaching people how to do something you are good at through video courses and tutorials.
You can also create an app, which will earn you lots of income if you manage to get it in front of a wide user base and monetize it.
Finally, you can make a huge income through affiliate marketing. When done right, affiliate marketing can be a massive source of passive income that you can live on while enjoying an unprecedented level of freedom that comes with it. Freedom that you can use to generate more income and be well on your path to true wealth.
Would you like some help with affiliate marketing?
What if I told you that I can point you to an amazing FREE resource that could take you by the hand, and show you step-by-step how to pick a niche, build a site and create amazing content?
I know of this community because I am part of it. Without it, I would still be chasing the dream of making passive income online. I would still be chasing scam after scam that promises unrealistic results in no time flat!
This is a resource that is free so give it a quick glance – no credit card needed
If you are in a hurry, scroll down to the “Starter Membership” section. I think you are going to love it!
Thank you for reading my post. I really hope that you found some value in it.
If you want to ask me anything, please leave me questions or comments below. I would love to chat with you!
To your affiliate success!