Earning enough passive income that you don’t have to work unless you actually want to seems like a dream to many people. And it is a dream, but it is more attainable than you think. A few decades ago you would have to spend tens or hundreds of thousands of dollars to start making money through passive income. However, today things are much easier. Of course, if you can go into traditional investment and make money off your savings, you can still do it. But if you don’t have a large capital to start with, there are still many ways to make money passively. Check out our ideas below.
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Of course, you’re probably rolling your eyes as you’re reading this – every single list of online income ideas has this item on their list. But here is what they don’t tell you – most bloggers fail. In fact, upwards of 95% of blogs fail. But this is because they are thinking of their blog like it’s a hobby. Instead, treat a blog like a real business. For instance, you can write about knitting or parenting if you wish, but you probably won’t make a lot of money. On the other hand, blogs that can potentially offer high end consulting for other businesses are a completely different thing. It is extremely important to choose a niche that’s targeted to audiences with a large budget, businesses are ideal. Next, you need to develop a wide network of relationships in the field both among bloggers and professionals. Finally, use all avenues to monetize your blog. Advertising is just one of those, you can also use affiliate links, sell products and services to your readers and more.
Oven the past few years more and more people have taken to online classrooms to educate themselves. Some do it for fun just to learn something new, others opt for online education as a way to get a head start in a new career or even as an alternative to traditional college education. Whatever their reasons might be, you can use this to your advantage. If there’s anything in the world that you’re passionate about and good at, you can develop your own online course on that topic and make money when people choose to take it. Online course platforms make it easy to create and market your course. One last tip – don’t create your course right away – come up with an outline, some marketing materials and maybe a few lessons and then pre-sell your course to see if anyone actually wants to buy it.
Affiliate marketing can be a goldmine for your blog, website, YouTube channel, Instagram account, etc. if you know how to use it. The key is to join only those affiliate programs that pay well and use several affiliate links in your posts to maximize the amount of money you can make from one video or blog entry.