7 Ways to Start Earning a Passive Income Online
Approximately 3.8 billion people have access to the internet. This means that when it comes to making passive income online, the sky’s your limit.
Passive income is when you’re earning money in your sleep- you don’t need to be involved in any way.
Whether you simply want to earn a few dollars on the side or you’d like to quit your day job and retire in style, here are some ways you can get started:
One of the most popular (and simple) ways to make passive income online is through blogging. The good thing about blogging is there are many different options for monetizing, and it can help you launch future profitable ventures.
The biggest hurdle? Finding a decent niche. You need to be passionate about your niche since blogging is a lot of work in the beginning. You’ll also need to be an expert in that niche, so you can stand out from other bloggers. Finally, that niche shouldn’t be too saturated (avoid blogging about cheap travel in Southeast Asia).
As your visitors grow, you can monetize it through sponsored posts and ads. Hire a virtual assistant and you can take yourself almost completely out of the equation while the money comes rolling in.
2. Drop Shipping
Talk to any digital nomad, and you’re likely to hear them mention the words “drop shipping” at some point. This is when you set up your own store online. However, instead of selling your own products, you’re selling products from other people and companies.
You then submit the order to that company, and they deliver it straight to the customer. Since you don’t need to actually have a warehouse full of product, you’ll have very low overheads. You may have purchased products from a drop shopping company in the past without even realizing it.
The idea is to find a niche with low shipping costs and high profit margins. Cosmetics and vitamins are two good examples. You can set up a drop shipping store quickly, and could offer hundreds of products within just a few days.
3. Information Products
One of the great things about this option for passive income online? You’ll have a margin close to 100%. That’s because you have no costs for creating the product or distributing it since it’s all online. You’ll create your product once, and then you can sell it to thousands of people from all over the world, creating a passive income stream that can last for years.
4. Apps and Software
A few years ago, selling software wouldn’t have been considered to be a source of passive income online, but this is now changing. There are plenty of tools online that allow you to create simple mobile or web apps without hiring a developer or knowing how to code. And we can expect this to become even easier in the future.
Sure, you may not develop the next Facebook in your spare tie. But you could create an app that solves a particular problem for a group of people. And that app could make you a few thousand dollars each month.
5. Affiliate Marketing
Once you’ve built up an audience, affiliate marketing is a great way to make passive income online. There are a number of options for affiliate marketing, but Amazon is by far the most popular. There are also some affiliate programs which will offer you a lifetime commission when you send referrals their way.
As long as a client is continuing to sue and pay for their service, you’ll continue to make a percentage in commission. The trick is to find high-quality services offering recurring commissions. Check out SEMRush and Shopify to get started.
6. Create WordPress Themes
One of the best ways to earn passive income online is to use an existing marketplace. One of the biggest (and best) is Envato Market). For people starting a blog, there’s a high chance they’ll be using WordPress. And people using WordPress will need their own theme.
Some of the best theme developers make millions through Envato. Obviously, this will take some work, but if you’ve got the skills, you can build up a nice passive income.
7. Design Apparel
Have you always been the creative type? Selling apparel is quick and easy, and if you’ve got some good designs, you’ll be able to get started relatively quickly. You can either create your designs yourself, hire someone, or purchase stock images.
There are also a number of marketplaces like CafePress. They’ll take a cut, but you also won’t need to handle sales, fulfillment, or printing.
Marketing is relatively easy as well. You can use Google Ads and Facebook to get your designs in front of your target market. You may have a niche audience for your designs, and this can help you build up a loyal following for any subsequent designs.
There are plenty of online tutorials which can help you with your graphic skills, and while you’ll need to put in some hard work to get started, this can quickly turn into a nice side income.
Ready to Earn a Passive Income Online?
While earning money while you sleep sounds like a dream, it’s a dream you can make true with a little elbow grease. All of the above options require you work hard initially, but once you’ve got the ball rolling your earning potential is almost limitless.
The internet makes it possible for anyone to earn online, but it can be tricky to know how to get started. You’ll also need a solid marketing plan, so check out our marketing posts to learn exactly how you can get your product or service in front of the right people at the right time.
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