Are you looking for ways to make passive income online but don't know which one you should choose? Today, we're going to dive into a topic that I know many of you are interested in - passive income. Specifically, we'll be discussing 7 online passive income ideas that you can start using right now to earn money. Whether you're looking to supplement your income or build wealth over time, these ideas can help you achieve your financial goals.
What is passive income?
Passive income is money that you make that is not directly tied to your time. So you would be providing value in such a way that is not directly exchanging time for money like you would with a 9 to 5 job. This is not a get rich quick scheme. Most of the time you have to put in hard work up front that will eventually start working for you overtime. Why I love passive income is because there is no cap on how much you can make. I always knew I did not want to HAVE to work. So, now all of my income is online. But what are some of the things you can do to create passive income?
Well, sit back, relax, and let's get into it.
Thing #1 is something I got introduced to when I published my first book in 2018 and it was an added bonuses to royalties from my book.
1. Affiliate Marketing - This is generally you are selling other people's products but you are getting a percentage of the sales. You can sign up to an affiliate program like Amazon Associates and then post those links on your website or on your social media channels like Instagram and in your description on Youtube. If people buy the product using your link or if they buy any product on Amazon you get a percentage of the sales. The Amazon Affiliate program can be an easy way to monetize your website or blog. Simply sign up, receive immediate approval, and place Amazon affiliate links on your site. When someone makes an Amazon purchase via one of your links, you get the commission — it's that simple.
- Create a website or blog.
- Navigate to the Amazon Associates homepage and click "Sign Up."
- Enter your account information.
- Enter your website address.
- Enter your preferred store ID.
- Explain how you drive traffic to your site.
- Choose your payment method.
- Create Amazon Affiliate links.
2. Digital Products - Digital products are generally products that a customer would be downloading online. People sell digital products using sites like Etsy or even on their own websites. What makes digital products so appealing, however, is they can be created once and sold repeatedly to different customers without having to replenish inventory, making them ideal for creatives, bloggers, educators, and freelancers looking for ways to make passive money that require less effort to maintain. Once you create the course all you really need to do is send traffic to the course.
Digital products are things like eBooks, coloring pages, and templates. I created my first eBook years ago maybe like 2015 selling an online boutique eBook when I had my boutique and I made thousands. All you would need to do is Identify a problem, solve that problem for the person and then make money for solving the problem. Even now I have my coloring pages and ebooks.
3. Youtube videos - As long as your videos are being watched, YouTube income is passive after the video is posted. Most people think of YouTube as a place to find instructional videos, watch music videos, or waste time. Another group of people, however, look at YouTube as a major source of income for their online business.
To become a monetized YouTube account holder, you must ....
- Register for an account with a Google email (Gmail).
- Meet the criteria of 1,000 subscribers.
- Meet the criteria of 4,000 watch time hours.
- Enroll in AdSense.
4. Online Courses -Online courses are similar to digital products but mostly in video form or live form. To begin, all you need is yourself, a simple website, and a topic you can teach. You put in the hard work up front, building the course and setting up the sales funnel. Then reap the rewards of recurring passive income for the rest of your life. All you need to get started is an idea, web hosting and a domain name (which you can get for $10 from Namecheap.)
5. Print on Demand - Print on demand, sometimes called POD, is where you can sell your own custom designs on different types of products.
Instead of ordering lots of items in various colours and sizes and holding on to stock (with a big financial outlay) these items are printed on demand from third-party providers.
There are lots of items that can be sold using POD. They include:
- Face masks or face coverings
- Mugs or cups
- Smart phone covers
That means that you create your product once, source a print on demand partner, list your items once and your print on demand partner takes care of everything else for you – the printing and shipping.
A print on demand company can scale quickly and react to popular trends that are emerging. If you were making the products themselves then you would have to design them, order them in and store them before dispatching them to customers.
6. Publish a book - You can publish books like coloring books, journals workbooks, children's books. Decide on a topic or niche, create the interior and cover of the book and upload it to KDP to publish. The key is to continue to create books that sell. Once you get experience you can scale and grow your book publishing business. For a deeper dive of everything I did to grow my company to a multi six figure company visit Book Bag University to enroll in my all in one course that focuses on marketing and building your online influence and my blue print for scaling your book business to six figures.
7. FBA - Amazon FBA, or Fulfillment by Amazon, is a service that allows you to store your physical products in Amazon's warehouses. When customers purchase your products, Amazon will pick, pack, and ship them to your customers on your behalf. This can save you time and money on fulfillment, as well as provide customers with faster and more reliable shipping options. Additionally, with Amazon FBA, your products are eligible for Amazon Prime and other promotional offers, which can boost sales.
You would need to find a manufacturer or supplier in the US or places like Alibaba. You would also need a seller central account and a registered business.
I hope you found these ideas helpful.
Latoya Nicole is the creator and founder of Entrepreneurs Color Too®️ Coloring Books & Skin Tone Colored Pencils Company. She is creating her own lane while bringing diversity to adult coloring books that are aimed to help women relieve stress. Her coloring books have been featured in O, The Oprah Magazine, Curly Nikki, Black Enterprise, Madame Noire, Official Black Wall Street and more.
She is passionate about teaching online entrepreneurship using biblical principles. Through her program Book Bag University Latoya is equipping authors and creators with book publishing and book marketing strategies needed to grow their online book businesses to six figures. Find her at https://iamlatoyanicole.com.