Earn money while you sleep! Does this sound like a unicorn? A little, but it’s not: essentially, passive income is money that you make without being actively involved on an ongoing basis in whatever it is that is generating the income. Here are a few passive income ideas.
After an initial investment of time and money, your passive income source continues to generate with little interference from you.
Passive Income Ideas
This post contains affiliate links.
1. Write an eBook
After the initial effort and investment in creating the eBook or the photographic / illustration images, you need only make these available for sale to reap your rewards. A lot of work can go into eBooks, so keep that in mind. Not only do you have to create the book but you also have to market it.
You can create and then market an audiobook via iTunes or Audible and other platforms. If you have knowledge that other people might pay for, you can create a book/audiobook.
3. Sell your images online
Do you have the gift of photography in your blood? Why not sell your images as stock photos on sites like Deposit Photos? Another option would be to create your own online marketplace for your photos. This is an idea that we have personally been toying around with.
4. Affiliate income
Affiliate income is a big generator of passive income for many bloggers. If you’re writing about the top five cool journals that you’ve found on your blog, you can create affiliate links for your readers to be able to purchase the journals online, for which you will receive a commission. The best known example of an affiliate program is Amazon, called Amazon Associates. (Make sure you read the Amazon Associates Dos and Don’ts.)
Other affiliate programs:
- Or a program that is offered directly through a product, course, or service you love (example: we have an affiliate program for our Editing Courses and Video Master School).
You have to be clear and state on your website that the links are affiliate links and that you will receive a commission if the reader buys, but that’s the whole point. Don’t forget to reach how to disclose in Canada and how to disclose in the US.
5. Digital Products
Yes, eBooks qualify as digital products but I wanted to dive in a little deeper here.
Another option is to create digital products that you can sell on Etsy. Like what? Downloadables that help your target audience accomplish what you’ve been telling them about. Once you’ve created them and put them up for sale, you don’t have to do much to them except maybe create a version two! It will help your brand and generate traffic back to your site for people who want more information about you.
You can also use the WooCommerce plugin.
6. Join the vlogger generation
Making videos, whether they are teaching videos or just for fun, and placing them on YouTube can be an easy way to generate passive income that also contributes to your brand and bottom line, from a marketing point of view. Google Adsense will allow you to add advertisements to your videos, which will generate income whenever someone views it.
Don’t get too excited: you won’t earn much from the YouTube ads.
Our tip: don’t create videos just to create videos, SERVE your readers with quality content. Give tips, show how to make a recipe, etc.
7. Teach while you sleep
This was mentioned in tip 5 but I wanted to dive a little deeper.
Create an online course that people can buy and take on their own time, leveraging a great stream of passive income. The time spent up front creating the course will pay off dividends in the end. Just make sure your topics are timely, of interest to your target audience, and reasonable.
There are online tools that can help you with this, including an interesting set up at Teachable.com.
Sidebar ads are another option. Whether you do it privately or hire an ad network to do it. This could be your main source of income (it’s personally mine at The Bewitchin’ Kitchen).
Here are some ad networks to check out.
However you decide to move forward with your business, you can create multiple income streams that will continue to generate even as you slow down for the holidays or just take a little time for your family. The idea of not putting ALL your eggs in one basket isn’t a new one, but it’s certainly true!
Do you have any passive income ideas? Share them in the comments.