This article will help you if you want to learn how to create passive income streams doing what you love. Tap into your passions and make money online from home while you sleep following these tips.
One of the beautiful things about creating an online business is that there are certain avenues that can become passive over time, bringing in income without dedicated work each day.
It takes some time and it’s not necessarily easy, but it can be done if you spend the time and investment to set up your business properly.
A good way to make sure your business stays profitable for years to come is to spend at least some of your time working on passive income streams. It is said that the average millionaire has seven streams of income coming in so get started on yours today!
What is Passive Income?
Passive income is an income received on a regular basis, with little effort required to maintain it.
An example we’re all familiar with is the interest you earn on your savings account. You don’t have to do anything other than letting your money sit in the bank. Of course you’re not going to get rich from having a few thousand dollars sitting in the bank. But thankfully there are plenty of different ways to create passive streams of income online.
Let’s look at a few of them.
Examples of Online Passive Income Businesses
This is by no means an extensive list. I’m sure you’ll start to come up with other passive income ideas as you read through these examples.
Blog Posts With A Strong Call To Action
Blogging is as simple as downloading a self-hosted WordPress install and writing posts that solves people’s problems. It is my main form of passive income online. Write some evergreen content. Optimize it to get free search engine traffic and then wrap it all up with a strong call to action at the end.
That call to action could lead readers directly to an offer for an affiliate product, one of your own products, or even better, to an email list that you can then monetize multiple times.
Of course, I’ve simplified it maybe too much here as there’s a lot that goes into creating a profitable blog, but I am living proof that it can be done.
Want to get started on your blog? Start here.
Monetized Emails And Free Reports
Speaking of lists and emails, if you’re an influencer with a strong online presence and no interest in blogging, try building an email list instead. That list is yours as long as the subscriber stays with you and someone who has purchased from you once is the easiest customer to sell to again! (If they had a good experience)
Start with a good email service provider (like this one) that will allow you to write a series of automates emails that go out weekly to your subscribers. These emails can be monetized, again either with affiliate offers or offers to your own things.
If you’re a content creator then you can also send them to your latest and greatest online for an extra boost in traffic.
Build your list using free lead magnets such as mini-ebooks, checklists, guides etc that are monetized as well. Then take it a step further and invite them to share the report.
You can grab pre-written ebooks and other lead magnets here and more here to save time on creating this content. Then, simply add your affiliate links to these lead magnets so anyone who reads and decides to make a purchase will be adding to your passive income purse.
You of course, can share it far and wide across the web as well. As your report gets read by more and more people, they will find their way back to your site via the links you added in plus the offers you’re making in the report itself.
Write Some Books
Let’s not forget an old favorite. Write some books and publish them. These can be physical books or Kindle books. Self-publishing has made it easy to do both and it has the added advantage that you get to keep the majority of the income you make from your books.
While the books generate passive income, they also help establish your authority and broaden your reach.
Create Your Own Digital Products
You can also create your own line of digital products and sell them through your own site or places like the Google and Apple App stores. The beauty of digital products is that you create them once and can sell them over and over again.
Online learning is a huge market right now and is expected to grow as more and more people come online and use the convenience to enhance themselves.
Create a course once on a platform like Thinkific and earn from it over and over again.
Yes, there’s a little customer service work to do and the occasional update to write, but for the most part, digital products are pretty hands-off once they have been created.
Setting Up Your Own Affiliate Program
Once you have your own physical or digital products set up, set up an affiliate program as well. Others will do the marketing and selling for you for a percentage of the profits.
Recommending Other People’s Products
Of course, you can work on the flip side as well. Find a few related products to your content, sign up as an affiliate and recommend them to your audience.
It’s a quick and easy way to increase your income and once those emails or blog posts are written, you just sit back and watch the sales notifications come in.
Influencers do this on Instagram too without a platform of their own. They will recommend something on a post and put their affiliate link in their bio or swipe up story and get commissions from these sales.
Create a Business You’re Passionate About – Do What You Love
Sometimes the work just seems to flow and you don’t mind working long hours on a project. Often those are also the things that end up making you the most money, and the reason is simple. The passion you have for the work you do shines through in the end result.
To make your business more profitable and a lot more fun at the same time, tap into your passion and work on what you love to do. Of course it isn’t quite as simple as that all the time. Here are some tips for identifying a passion of yours that will be profitable.
Find A Market You Enjoy Serving
Start by finding a market and platform that you enjoy working in. You’ll be creating a lot of content and talking a lot about whatever niche you chose to be in. While it is important that your niche is profitable, it’s just as, if not even more important that you enjoy what you do. After all, you’ll be spending a lot of time working on your business.
Your enthusiasm and love for the market and platform will shine through as you write and talk about it. It will help establish you as a knowledgeable and creditable source of information. That will make gaining the trust of your potential customers much easier.
Attract Your Ideal Customers
Speaking of audience and customers… Since you’ll be spending a lot of time interacting with, helping, educating and entertaining your customer base, you may want to pay attention to the type of clients you attract.
It’s helpful to get a clear picture of who your ideal customer would be. Be as specific as possible when it comes to gender, age, how well off they are, if they are married and have kids etc.
Once you know what your ideal customer or client looks like, it will be a lot easier to know where you can find them. Start your marketing there and build your ideal target audience.
Work On What You Love Doing
Online businesses have a lot of different parts. Some you’ll enjoy working on a lot more than others. If product creation is what you love, focus on that. If you prefer talking to writing, start a podcast or Youtube channel instead of committing to writing daily blog posts.
Focus on what you have fun doing. Yes, there will be times when you have to do some stuff that isn’t as fun (taxes anyone?) but make sure you have some enjoyable work on your plate at all times. It’ll keep you going and makes the day go by much faster.
Outsource The Rest
Start to outsource anything you absolutely hate doing as quickly as possible. Then add to the list as you can afford to until you’re only left with work you enjoy.
This doesn’t have to mean hiring an assistant or freelancer. You can outsource tasks to apps and software. For instance, Pinterest is very valuable to my blogging business but it’s much more efficient for me to allow an automated Pinterest scheduler to pin for me throughout the day than it would be for me to spend time doing that myself.
With all the tedious parts removed, it’s amazing not only how much fun running your online business will be but also how much faster you will move forward with projects. The end result is a more profitable and enjoyable business.
I hope this article has begun to give you some ideas to creating a profitable online business and you’re energized and ready to begin one today. Let me know in the comments what business you’re thinking of starting and please share this with your audience!