Are you looking for passive income ideas to maintain a good cash flow apart from the money earned from your job or agency? Well, then read till the end as we would be discussing some practical ways to earn passive income in this article.
The most common myth spread about passive income is that you don’t need to make any efforts but you will earn money continuously. Most entrepreneurs dream about making passive income, especially while they are working on a day job assuming that they can easily generate revenues on automation. But this is not at all true.
Every passive income idea needs you to make some efforts initially for a particular period of time without expecting any returns from it. Later you can reduce the amount of work you do or it might generate revenue on auto-pilot which totally depends on the method and possibility of process automation while implementation.
Remember you must never forget to track the progress or check the status of every stream of passive income you implement on a regular basis irrespective of the amount of automation you have set up. But clearly it is not that easy to generate passive income. Neither that hard especially with the enormous amount of opportunities created because of the internet.
Passive Income helps you have multiple streams of income so that you would have great financial freedom and need not depend only on a single source for your expenses once you are able to generate revenue from the method you are following to make money.
Now let me share with you some of the practical ideas to generate passive income online :
Whenever a person visits a product or service provider sales page through your affiliate link and performs a specific action you get a commission. This action might be filling in their details called as lead generation or making a purchase.
Affiliate marketing is a great way to make an income stream. There are many affiliate programs and affiliate networks that you can join allowing you to promote a wide range of products or services in different industries. Moreover, you can generate recurring commissions every month once they sign up through your affiliate link. This way you can generate passive income every month on auto-pilot.
But to do affiliate marketing you need to drive traffic to the landing pages or blog or any virtual asset you have to drive traffic to that digital asset. You can do email marketing, messenger marketing, SEO or even run paid traffic campaigns so that people who are interested in buying those products or services would make a purchase.
Writing content by starting a blog picking the right keywords which can help you easily rank higher in the search engines can help you drive more traffic to your website. Having a blog you can generate passive income in different ways like
If you have a large amount of traffic to your blog then you can get easily get sponsors to advertise about their products or services in the form banners or sidebar widgets. Even if your blog drives the little amount of traffic then you can apply for various ad networks
Just apply for the networks such as Google Adsense or Media.net and start displaying ads once your website gets approved to earn money for every click or impression obtained on the ad.So this way you can generate an income passively even though you don’t have to work on your blog a lot.
ii. Affiliate marketing:
As discussed you can mention or display about various kinds of affiliate products or services with your affiliate link. So whenever someone clicks and makes a purchase visiting their sales page you get a commission.
iii. Sponsored Posts:
Sponsored posts are another method to generate passive income through your blog. When your blog has high authority with a good number of readers, then many brands in that industry would start approaching you. All you just need to do is publishing the content on your blog provided by them charging them a particular amount of fee.
Do you have expertise in any topic that can help others? Then writing an ebook about that topic sharing your experience and expertise is a great way to generate an income passively. You can create any kind of content like checklists, tips, guides, etc and include them in your ebooks. Remember if you are providing great value for the price paid then you can definitely generate a large volume of sales on auto-pilot using ads or word-of-mouth.
Making a good amount of money from a YouTube Channel is not that easy. You need to make consistent efforts to produce high-quality videos to gain a good number of subscribers who view your videos regularly.
Youtube SEO can help you gain more organic views for your videos. Once you can get more people watching your video content just as in the case of a blog you can try affiliate marketing recommending others products or services to receive a commission.
You can generate income from YouTube partner program streaming video ads on your videos or creating videos around your sponsor’s products/services.
Teaching people by creating courses using your expertise is a great method to generate passive income. There are many learning management systems that allow you to upload your course content which can be accessed by students enrolled in that course.
You can make almost everything automated from providing access details after the payment received to sending them a series of emails on a regular basis with the powerful automation tools available. So if you are providing valuable content to your students then you can definitely receive passive income making course sales on auto-pilot.
Royalty For Photos:
This is a great way to generate income regularly especially if you are into photography clicking beautiful pictures. There are many premium stock websites like Shutterstock or iStock where the creators get paid a royalty fee for each download they receive for their photo downloaded by the customers on their website.
All you just need to do submit your photos on every possible stock photo website by signing up on their platforms to generate a good amount of passive income from the images downloaded from those stock photo sites.
Selling Sound Tracks:
Selling your Jingles or Soundtracks online is another method just like selling photos online. The more people start using your soundtracks the higher income you would be able to generate.The sound cloud allows generating income in this way selling your soundtracks.
Membership sites are a great way to create a passive source of income even if you have a few members paying a high monthly fee. You can easily create a membership sharing various tools, ebooks, guides and other resources with them charging a monthly membership fee setting up everything on automation.
Modern-day people are showing more interest in listening to an audiobook rather than an ebook because of the flexibility to listen to them anytime. While driving or exercising people are listening to these audiobooks.
So if you are planning to prepare an ebook around any topic make sure to launch it as an audiobook as well. You can sell these audiobooks on platforms like Amazon or individually creating a passive income stream.
Developing Mobile Apps:
Developing mobile apps and making them available on the app stores(Both Google Play And Apple Stores) to download can help you generate passive income. Your app might be of any kind but it must be useful enough for the users so that they can spend more time using app on their smartphone.
Just ensure not to stop updating your app regularly based on the feedback or experiences shared by your users to gain more loyal users of your app. Also, try things like App Store Optimization or ad campaigns to get more installs.
Once you have a good user base for your app, you can easily generate revenue signing up for Google Admob showcasing ads on your app to the users on auto-pilot. If your app can get millions of installs then you can earn millions from just ad revenues as the amount of money directly depends on the number of active people using your app.
Now you got to know various passive income ideas right? Then start working on the idea which is easy for you according to your current situation. Remember to give the best efforts and expect no returns overnight generating income from that idea because it might take a bit longer or shorter depending on various other factors as well.
Conclusion: Online Passive Income Ideas
Generating passive income online is not that easy as many talks about it. You need to invest your time and put efforts upfront without expecting any returns for a period of time. Later you can earn money online regularly with minimal efforts, almost on automation. Moreover, you would have enough sources of income to live a life with great financial freedom.