This morning I received an email from PayPal letting me know that someone had just purchased my How to Become a Virtual Assistant e-course. I have to tell you, I love those emails. Think about it – at some point while I was sleeping, I made money.
This made me think about other sources of passive income – and that I should be sharing the process with you. So, in today’s post I am going to share with you 5 ways that you can earn passive income online.
Before going into the ways to earn passive income, let me tell you that it’s not going to be as easy as pie. Passive income strategies take time, planning, goal setting, management, marketing and a whole lot more. But once you’ve got everything in place – well, I’m not going to lie to you – you still have to work at earning your passive income.
Let’s take a look at 5 ways for you to start earning passive income:
1. Build an affiliate blog: Create your blog (I suggest self-hosting a WordPress Blog using either BlueHost or HostGator). Start promoting your blog on social media sites, and use it to promote affiliate offers. This is the most popular way to generate a source of passive income online. You can easily start with an affiliate site like Click Bank or Commission Junction. Look for offers in a category that you know a bit about and start blogging about them. You can have a number of different affiliate blogs, and therefore passive income coming to you from each of them. But remember, this will take lots of time, work and patience on your part.
2. Create an autoresponder list: You’ve heard people say, “the money is in the list”. Well, here’s how you can monetize your list. Create a free product to give people in exhange for their email address – generally an informational product that you can convert into a PDF or MP3 download. Have multiple autoresponder emails go out about once a week with even more free value packed information. Then offer your list a new e-course, ebook, coaching package, or whatever fits your business. Offer your list a special “loyalty” pricing to encourage them to buy your product. Yes, creating the products and autoresponders takes time, money, and planning, but in the long run you will see results. HINT: Make your products evergreen – meaning that it won’t need constant updating as your industry or business grows and evolves.
3. Sell commercial products online: Consumers are shopping more and more frequently online. there are a number of ways to sell products online. One way is on Ebay (my junk is your treasure, right?), but another way is to use Shopify.com. According to Shopity, “You don’t need to have any technical or design experience to easily create a beautiful online store. Simply choose a stylish ecommerce website design, easily customize your online store, add products, and you’re pretty much ready to accept payments”.
4. Sell your own product: Much the way I have been doing with my Virtual Assistant e-course; create a product (e-book, e-course, MP3, or videos) and sell them on your website. Set yourself up with a PayPal account, and start marketing your product. Write an e-book and sell it on Amazon for Kindle and Barnes and Noble for Nook.
5. Sell advertising on your website or blog:
If your website or blog sees a lot of traffic coming through, it might be adventageous for other business owners to sponsor – or advertise on your site. Generally, I would say that your advertisers should be complimentary to your website. For example, if your site sells after market auto parts, then your advertiser wouldn’t be a travel agent selling luxuray cruises. But then again – it might just work.
Can you think of other ways of earning passive income? Post your ideas in the comment box below.