Many people dream about leaving the workforce and retire early or just have more time with family. Some dream about having the ability to travel without worrying about a paycheck. Now how does it sound if I tell you that you could even make money while you’re sleeping?
If that all sounds good to you, then you need to consider passive income. Passive income is money you earn in a way that requires little to no effort, and in today’s online world, it’s easier than ever to achieve.
While the goal is to establish financial freedom and to free up time to pursue other venture, keep in mind that it’s not all rainbows and butterflies. Establishing passive income requires a lot of upfront effort, hard work, and even some investment, but if you put in the work then you will be able to reap the rewards.
In this article, I’m going to be going over some amazing online opportunities that you can start today to start earning passive income and living the life you want!
Start a YouTube Channel
A YouTube channel is a great way to build a brand, attract an audience or customers for a complementary venture, and most importantly, to earn a passive, unlimited income.
Here are just 4 options you have for earning passive income with a YouTube channel:
Tutorial Videos/Paid Course Offering
Create tutorial videos to attract viewers and build a community in a niche that interests you and that can help others, and then offer a paid course through Udemy, skillshare, etc.
Earn a commission for product reviews or product promotions on your channel. Simply put your unique affiliate link into the description or sales funnel and get paid anytime someone clicks and makes a purchase. Only promote products related to your niche, otherwise, you risk your credibility.
Ads on Channel
YouTube creators get paid when a viewer watches a portion of the ad shown before the video starts. Earning from ads is estimated $2-$8 per 1000 views depending on your niche.
Once you build up your channel and grow your audience, people and businesses will pay you or give you free products to promote on your channel.
Write a Blog
Blogging allows you to earn income while you sleep and enjoy more time with your family—you just have to put in the work to keep your blog engaging. The good news is that setting up a blog is very inexpensive and easy.
The first step in making money with a blog is setting it up. Purchase a unique domain name and hosting for your blog. Several hosting companies like WordPress (one of the most popular blogging platforms), GoDaddy, Bluehost, HostGator, etc. offer specials to get you started. This can be as low as $35 for a year.
Once your blog has been set up here are five ways to grow a blog that can make you money:
Create Engaging Content
Write longer, engaging, content that provides value to the reader, as this will help rank your blog better on Google. Make sure that your blog is SEO optimized so you can attract more readers.
Network with Other Bloggers
Connect with other bloggers to build your network, expand your knowledge, and create opportunities. If you’re unsure how to get started, try commenting on your favorite blogs and starting up conversations on social media. Over time, you’ll build relationships with other bloggers
Monetize Your Blog
Just like with a YouTube channel, a blog can also be monetized. Affiliate marketing and sponsorships (sponsored posts or sponsored reviews) are two strategies that translate well to blogs. You can also sign up for Google Adsense for free so that you can get paid for displaying targeted Google ads on your blog.
Write Guest Posts for other Blogs
Guest posting is a great way to build relationships with bloggers and bring new eyeballs to your website. It can also help you build valuable back to your website. Not only does this allow people to find your website, but it can also help boost your article rankings in search engines such as Google.
Sell Product or Service
Offer services or products to your blog readers like blog coaching, consulting services, or other services related to your niche. This is most successful when you create something that is genuinely helpful to your fans and will provide enduring value.
Start a Podcast in 2019
Podcasts continue to be a popular format to get a high level of engagement with an audience. In fact, most podcast listeners listen to about 80% of a podcast episode once they hit play, Just as with a YouTube channel or blog, you need to make sure that your podcast provides value to the listeners and that you are able to build a genuine relationship with industry leaders and your audience.
Your podcast will be most successful if you’re able to build authority, address pain points of your listeners, and provide a ton of value.
Once you’ve built your audience, here are some strategies for growing and monetizing your podcast:
This is a collection of webinar interviews that you conduct over several days. Curate industry leaders and sell all-access passes to the event. Anyone who opts into your email list gets to watch the interviews on the scheduled air date for free. With virtual summits, you’ll be able to grow your email list, generate revenue, build authority, and network with industry leaders.
Network with influencers and other podcasters in your industry, and invite them on your podcast. You will be able to establish relationships that will help you out in the long-term and increase your value instantly.
Product or Services
Just as you can create a product or service to compliment your blog, you can also do this to accompany your podcast. Create an online course, write an ebook, offering consulting services or tutorials that are related to your niche that your listeners will want to purchase.
However, you should continue to give the bulk of your content away for free. You can give listeners the opportunity to opt-in to premium content that can include bonuses or extras like:
- Behind-the-scenes extras
- Early-access to episodes
- Ad-free episodes
- Live Q&A sessions
- Back-catalogue of episodes
- Bonus interviews
Partner with companies to sponsor your podcast. This is one of the lowest hassle ways to monetize your podcast.
Every company sponsor scales their rates differently, and there’s usually room for negotiation. Many companies use a CPM (cost per impression) model that goes something like this:
- $18 per 1k downloads for a 15-second pre-roll
- $25 per 1k downloads for a 60-second mid-roll
This means that a podcast that gets 3,000 downloads per episode can earn $54 for a 15-second pre-roll and $75 for a mid-roll slot
Thanks to Amazon FBA (fulfilled by Amazon), it is entirely possible to generate serious passive income by selling your own branded products online on Amazon.
However, there is a lot of upfront work to get started. To get it all set up, you have to choose a product, do some branding work (name, logo etc), find a supplier, put in an order and then launch on Amazon.
After you’ve set up your product, Amazon takes it and puts it in front of its huge audience of interested buyers. Amazon pay-per-click ads are easy to use, easy to set up and are cheaper than Google Ads, and with Amazon’s Lightning Deals Feature, one click will help give away a few dozen units of your product at a discount.
Best of all, Amazon stores your inventory, accepts payment on your behalf, packs and sends products, and handles all of your fulfillment-related customer services requires—even returns.
Start an Online Course
An online course is a great stand-alone option for passive income, and also compliments many of the other strategies on this list, as a product or service to promote through a YouTube channel, blog, or podcast.
Normal, everyday people are capitalizing on the rise of online courses and turning their knowledge into passive revenue-generating machines. You can make a course out of anything of which you have an expertise or extended knowledge. There is no limit to what you can teach.
To get started in developing your own online course, make sure to cover these three areas:
- Research and Validation: Research your audience and pinpoint what you are going to teach.
- Build it: Map out modules, lessons, resources. Record and produce content and sign up with Teachable to host your course
- Launch it: Promote, create a waitlist, and offer bonuses for early bird purchases
Start a Marketing Agency in 2019
With some hard work and the right team behind you, starting a digital or social media marketing agency is a lot easier than it sounds—and can provide tons of benefits to you.
To start your own marketing agency in 2019, you first have to decide what to sell. Sales fall into three categories: selling products, selling services, or selling leads. Package services as a product, or start selling a tool or a product that arises from the work that you do. You can also sell a course and/or ebook as well as your consultancy services. There are many ways to generate an income with a marketing agency.
This list contains just a few online opportunities that you can help you start earning passive income so that you can live the life you want on your terms. It takes work upfront to set up each of the above opportunities, but putting the hard work in the beginning will pay off in the end.
If you want to learn more about how to earn an income by building a brand, enroll in our Personal Branding & Influencer Marketing course today! You can also follow us on YouTube, Facebook, and Instagram for more tips, or visit our blog for more FREE training.