When teaching you about how to make money online, I have to put a bit of emphasis on passive income ideas. Passive income can be generated over the long term, which means you will continue reaping the benefits of the initial effort for months, even years to come.
For a start, what does passive income mean? Passive income refers to an opportunity that generates money without you having to work on making it happen. A real-life example of passive income generation is offering an apartment that you own for rent. This scenario enables you to make money each month without working towards the goal. True, you will have to do occasional repairs and you will have to deal with tenants but overall, the opportunity requires very little effort in comparison to other money-making options.
So, what kinds of passive income ideas does the online realm offer? I’ve compiled a list of five great possibilities and a few additional options that even beginners will be capable of executing.
Selling Items Online
Take a look at everything that you own. Chances are that you have some brand new clothes, shoes, accessories and even personal gadgets. We sometimes buy items without having an overly big need for that particular thing, which results in its infrequent usage or brand new condition years after the purchase.
All kinds of products, souvenirs, technologies and decorative works that you no longer need can be sold online. Websites like eBay and Amazon are great for reaching a very large target audience. Somebody will be willing to pay something for the belongings that you no longer need. You will be cleaning your home as an added bonus and getting rid of that clutter.
Take a look at the conditions and the commissions of websites that provide such online selling opportunities. Familiarizing yourself with the benefits and the limitations will help you choose the right online store for the project.
Writing an Ebook
Writing an ebook will require some hard work in the very beginning but once the document gets uploaded to online stores, your involvement ends (apart from the occasional promotional efforts that will be needed).
An ebook will keep on earning you money in the future. Choosing a timeless topic and managing to become a best-selling author will rank this possibility among the best online passive income ideas.
If you want to make money through ebook writing, you will have to be serious abut it. Here are some common features of the ebooks that sell a lot:
- They are written professionally. Spelling and grammar mistakes will decrease your chances of success.
- They discuss topics that people want to read about. Going for non-fiction is usually the easier approach.
- They offer added value, which makes them different from all other books in the niche.
- They discuss timeless topics.
- They have appropriate length. A 15-page guide cannot be considered an ebook.
Pick a topic that you are passionate about. The right ebook topic is one of the most important factors for success. Dedicate a bit of time to doing research, even consider purchasing some of the competitor’s books. Knowing what you will be standing up against will help you focus and produce a great ebook.
Adding Articles to Sites Paying Residual Income
Various websites like Hubpages and Squidoo pay you money each time somebody visits your articles or clicks on the ads listed there.
Uploading some well-written articles on such websites can help you generate a nice passive income in the long-run, if you have no interest in creating your own website or blog. This type of passive income idea, however, requires a lot of research and some good writing skills.
Choose the websites that pay writers a decent amount. You cannot expect to get rich this way but a few of the websites out there will give their contributors fair treatment and a fair share of the revenue. In addition, choose topics carefully and educate yourself a little bit about search engine optimization. Knowing how to promote your articles will boost your income.
Publish Ads on Your Website or Blog
Participation in affiliate marketing programs is another great option for generating some passive income.
In its essence, this possibility is not 100 percent passive. You have to update the blog or website on a regular basis and you have to work on building the audience. Still, you can build a blog as a hobby, write about your favorite topics, have fun and earn some money.
Passive income ideas that involve your website or blog require some time and hard work to begin bringing that money in. The more you work on improving your website and growing its audience, the happier you will be with the outcome.
Do you have some development knowledge? Are you interested in apps and do you have some great idea that nobody else has executed yet?
App development ranks among the trendiest and most promising passive income ideas. An application can be very simple, yet it could become a major hit among buyers. For a start, you should consider providing tablet and smartphone users with a basic free version of your app. Additional paid features will help you generate a nice passive income.
Many people have already earned significant amounts through app development. Even if you don’t know how to do it, you can pay a developer to work on your project. You will quickly see return on investment, especially if the idea is a really unique and great one.
Online Passive Income Ideas: A Few Additional Possibilities
The world of online passive income ideas is limitless. There are so many things you can do and so many websites you can join to begin earning a little bit. If you are good at it, you will soon see an increase in the amount.
Here are a few passive income suggestions that you can try. YouTube videos that go viral and that have millions of views can be monetized. Once again, you need a great idea rather than great execution to make it happen.
Creating any other kind of information product apart from ebooks can also be monetized. You can sell audio files, tutorials, photographs and even videos. Make sure that you are creating something valuable for the audience, in order to establish your reputation.
A final word of warning I have for you involves all of the get rich quick online passive income ideas. Anything that promises you tremendous monetization within a short period of time is a scam. You should also be cautious about possibilities that ask for payment from new members and anything that requires the purchase of equipment or products. You can make passive income online without falling for such scams but you will have to do a bit of work.
Want to know more about passive income ideas? My book about online entrepreneurship contains a lot of information and suggestions for getting started. You can learn more about the ebook and its contents here.
Photo courtesy of: Marcela Palma