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Passive Income Opportunities That Don’t Involve Real Estate
Firstly, think about your training, education, and experience. How can this make an impact on the world? What are the gems you need to share? How can you create content or digital products with your expertise for sustainable passive income? How can you expand your current business into a customer experience?
Quick disclosure: passive income is not easy and it takes time! I have been at it less than part time for a year and a half. Just with anything- you get out of it what you put into it. As well, I am not a professional in any way or finance or legal guru, just a friend passing along my learnings. Be sure to research anything that strikes your fancy.
One of the most common ways to create passive income is through the one-time labor and delivery of a well-done book. Self-publishing has been made easy through Amazon KDP (Kindle Direct Publishing). You can create an e-book or a physical book for little to no cost.
Write content or record video. This will drive traffic to the blog for ad revenue. This gives you an opportunity to talk about what you love.
More traffic to your blog = more views = ad revenue. Google Adsense, Mediavine are a couple examples.
This is a way to get paid for writing about products, services, and companies that you love to support. When you write a blog post and visitors click your affiliate links, you can make a commission at no extra cost to them. You can even use affiliate links in social media posts or on Pinterest Pins. Each company has a set of rules to follow so be sure to read the fine print. Companies will almost always have the link to their affiliate program at the bottom of their website. If they do not, you can always email them to ask if they have a program. Conjunction affiliate companies have a one-time sign up that gives you access to hundreds of brands. Shareasale, Awin, and Commission Junction are a few examples. Unfortunately, you may not be eligible for some affiliate programs depending on where you live. Be sure to do your research.
Etsy/Online shop/ E-Commerce
Whether trough drop-shipping or taking photos of your products and list them on your website. There are several websites plug ins that will present your items beautifully. If you can market your products on social media / Pinterest and gain traffic this way you will get more out of your ad services and be able to link visitors to other offerings.
A new style of membership style income that would require a monthly or seasonal collection of items to be shipped to your members.
Turn your knowledge into an online course or digital product. The higher you charge, the more authority you have in the marketplace. Some are charging a one-time fee of $197.00 to learn how to master Pinterest. Also, digital files or printables can be made available through your website or on shop pages like Etsy.
This is where the recurring passive income comes into play. Create an online platform through your website that offers regular content. You can get creative with this and have a special name for your members. Kate Northrup calls her members of Origin “empresses” for example.
If you are not quite ready to build your own membership site, you can choose to start a patreon account. You can link this directly to your website and social media platforms. There are different levels in which you give your supports the choice of what they pay for the kind of content they get.
Can be used for affiliate marketing, shop sales, new blog posts, new digital products, events, etc. Building an email list is the core of your online following as you will eventually find your die hard 1000 fans.
eBook / guide
Create a shorter (about 10-100 page) electronic file on your topic of choice and make it downloadable after payment through your website.
Driving traffic to your blog, email sign up, shop, as well as digital products. Once you reach so many views, you can sign up for ad revenue services.
Reach your followers through a different medium and you build your following you can market your own products, your affiliates and if you’re real lucky- sponsors. Sponsors can also be discussed in youtube, but often we hear them in podcasts before they get into the juicy stuff.
Social Media Marketing
Organic traffic is great but sometimes Facebook or Instagram ads may help. Stories and live can build your relationship with the online audience you’re trying to build. The more you build your brand, the more traffic to your website, thus the more passive income through affiliates and ads.
Pinterest / Tailwind
Create a business account on Pinterest and link to Tailwind. This is a pin scheduler which also allows you to join “tribes” which are groups of like-niche bloggers to help build your following. It does cost money for the premium and for powerup submissions (you’ll know what I mean if you try it) but it is technically a search engine, that means the higher you rank the more traffic to your website.
License Photos / Sell Stock Images
One-time product that you can post in Shutterstock, Adobe, etc. The license can be sold for different uses. The bigger the use and distribution, the bigger the sale.
Create an App
Not the easiest, but this is the way our world is today. Think about a potential online course that you create to share your expertise and then turning it into a recurring monthly payment from each user.
The theme here is not just passive income, it’s about finding many sources of revenue to keep it sustainable. If you feel uber creative you may consider flipping websites – creating a beautiful website already niche’d out and set up with content, then make it available to sell online.
Best wishes in your creative journey!