Do you ever wonder how people reach a point of financial freedom? You might have some friends, family, or co-workers that seem never to be worried about money. They aren’t spending hour upon hour working overtime like you are just to make ends meet and have a little extra to stash away. How do they do it? The only way that you are ever going to be able to achieve this is by coming up with great passive income ideas.
What is Passive Income?
Passive income is when you establish something either by spending time on it or money to get it started. After it is up and running, then you sit back and collect a profit with putting in little to no effort. A good example is buying real estate. You have to have money to do that. When you make the purchase though, you can rent it out and earn an income from it. If you don’t have cash up front, you’re going to have to invest time to make a passive income. Sometimes it’s a lot of time and a lot of work before anything generates, but when it starts, it just keeps coming.
There are plenty of passive income ideas out there including a plethora of them that you can do online. You don’t even have to quit your brick-and-mortar job to do them. In fact, it’s recommended that you don’t leave your day job right away. It could be months or even a couple of years until whatever you start begins to turn a profit.
You can continue with your current career and work on your passive income job in your free time. It might seem like you are wasting your precious days and hours off in the beginning. That’ll all change when you start to see results. Take a look at five of the top passive income ideas that you can do from your home office. Get started with one of them today, and you’ll be on your way to that financial freedom you’ve been striving for all these years in no time.
Start a Blog (Top tip for Passive Income Ideas)
The first of our passive income ideas is starting a blog. You’ve no doubt seen or heard of bloggers that are making tons of money already. How did they get there? Well, it didn’t happen overnight so make sure that you know that right up front. You can reach that point though if you are ready to put in some real time and effort to the project.
The first thing you have to do is start. Then, look towards the finish line. You might struggle in the beginning; because you are thinking that you are doing all of this for nothing. Putting in hours of work a week or even daily to see nothing generate can be incredibly frustrating, but you have to keep pushing forward.
The idea of starting a blog to most at the beginning is overwhelming. There are infinite numbers of web hosting sites, so how do you know which one to pick. On top of that, it’s going to cost you some money to keep your page live. Yes, you read that right. You have to pay your own money to keep something running that isn’t making you a dime… at first.
Thankfully, there are blog hosting sites out there that will let you keep your page active for as little as $5 a month. You won’t have access to all the features for that price, but you can always build it up after you start making revenue. Some good ones to check out are:
After you have that step out of the way, you can start thinking about what exactly you want to blog about. The word “exactly” is essential. You need to pick a niche, but then you should narrow it down to the smallest subtopic of that niche you can. People like when you can show your expertise in one thing. If you try to come off like a jack of all trades, your credibility is going to go down.
For example, if you are blogging about cooking, you shouldn’t be tossing in content about how you created a patio set from pallets. While you may have, and it may be one of the most incredible things you’ve ever done in your life, your audience is going to be receptive to it, and it can knock you down a bit. They come to your blog for recipe ideas, cooking tools, and things surrounding that topic. They don’t care about pallet furniture.
Some of the blog ideas that traditionally generate a lot of passive income include:
- Diet and fitness
- Dating and relationships
The blogging world is pretty saturated when it comes to these ideas, so if you’re going to select one of them as your main topic, be sure you have something of value to add that people haven’t heard before. It could be the same thing that someone else has already been successful with, but you have to twist it to make it bigger and better than before if you want it to work for you.
Now it’s time to put in the work. You are going to want to dedicate at least a few hours a week to your blog if you want it to become a successful passive income strategy. You should constantly be uploading new videos, content, and images that your audience is interested in checking out. Keeping things up-to-date and active is essential for both retaining your audience and being shown in search engine results so that other people can find you.
Once you have enough traffic coming to your page on a daily basis, you can start selling advertising space doing affiliate marketing which is going to be discussed later on. Again, when it comes to advertising, stick with companies that are related to your blog so that you don’t confuse the people that are staying with you.
Going back to the idea of a cooking blog, you don’t want to be advertising kids clothing and paint. It just doesn’t make any sense. Sell advertising space for food, kitchen gadgets, appliances, and other tools that help you do the cooking that your audience keeps coming back to learn more about.
For the second of our passive income ideas that work, you need to start building a list of quality contacts that are interested in what you’re sharing. After you have a solid list, you need to produce tons of valuable information.
If you stop building, you’re going to disappear quickly. You don’t have to have a website or a blog to do affiliate marketing despite what you may have heard in the past. You can do it from LinkedIn Publishing, Medium, Quora, or a variety of other platforms as well.
You just have to put in a call-to-action for people to join your email list. Once you have plenty of contacts on your list, you start your marketing portion of the process.
Now that you have hooked in a good list of contacts that are listening to you, you start tossing in affiliate marketing products or services. You’ve built a bond and a relationship with your contacts, and they see you as an authority figure for whatever topic you are discussing.
People will look at the links that you have included and trust that you know what you’re talking about when it comes to using the products or services. When your audience clicks through and makes a purchase, you create passive income.
The affiliate you are partnered with is going to pay you a percentage of what they make as a result of you sending customers their way.
It’s good practice to thoroughly investigate or even buy the affiliate marketing products or services that you are advertising before you put them out there for people to see. If for some reason someone has a complaint or issue with something that you have recommended to them, you will have the knowledge and personal experience to discuss the problem in more detail with confidence so that you don’t lose any credibility.
Create an Information Product Funnel
There’s some serious competition out there when it comes to sales funnels, but that doesn’t mean that you can’t still make some money from them. You have to know a little bit about conversion optimizations and Facebook ads to start with.
If there are things that confuse you surrounding those two topics, you can leave it out and still reach the point of making cash.
What you have to do is figure out what people are buying in mass quantities. It could be a product or a service. There’s a high probability that someone else is already selling it, but that’s okay. All you have to do is take what they are doing that’s working and recreate it so that you draw attention to what you’re offering. You do that by adding value by the tons.
Take what others have already done and build it up. Don’t copy anything, because you’ll probably fall flat. If you find the market that is on fire at the moment and build an information product funnel around it with a killer hook, you’ll see one of the passive income ideas that work. It could be a physical product that you are trying to sell or something that can be purchased digitally like an e-book or a webinar series.
The goal is to create a headline that forces people to read more. It’s the only way to peak their interest and get them to the next step before a purchase is made. You want that purchase to happen because that’s how you make money!
Write an E-Book
If you’re like most people, you see the words “write a book,” and think that there’s no way possible that’s something that you can do. Well, you can. It’s not as hard as you might think. It’s exceptionally easy if you can find a topic or niche that you are passionate about. The words flow out of you. Before you know it, you are creating one or two e-books every couple of months, and people are going to buy them.
It is somewhat related to the idea of writing a blog. If you are running your own blog or website, writing an e-book is not only a necessity, but it’s going to be that much easier. If you’re operating your blog the way that you’re supposed to be, you’re already going to have tons of content to include in your book.
All you have to do is take what you’ve already written and add a bit to it. Then, change the format from an article or a single piece of content into a book.
Hopefully, by this point in your ventures of building a passive income online, you’ve come up with some list of contacts that are following what you’re doing as mentioned before. You’ll want to email them about your newly published book each time you put one out to make them aware it’s out there. If you don’t have a list, you can advertise your e-book on your social media page and start building one.
After you have your first e-book done, you have two options. You can publish it on Amazon’s KDP so that people can buy it and download it. Simple. After you have it up there, you don’t have to do anything else.
You are only going to make money if you have written quality content with targeted information written directly to your audience though, so keep that in mind.
Your second option is creating a book funnel. These are extremely powerful and can make you a lot of money, but you have to work for it. You could do something like a two-for-one deal. That means when people purchase the electronic version you ship them a physical book for free.
So, you have to have your book printed and then send them out to the people that buy it. It does have the potential to draw in more customers. People like getting things for free, so if you can offer it, do it. In your book funnel, you can also provide one-time specials like giving them an audiobook version for free or hook them with a free training session of some sort if they buy.
You can see that these aren’t 100% passive, but you can make a ton of extra money by just putting in a touch of extra effort on the project you are already working on.
Webinars are one of the passive income ideas that seem to be exploding right now. The greatest part of it is you can make some real serious cash if you get one set up correctly. Before you decide this is the option you want to go with, be aware that you are going to have to be live on your webinar at least once a week for an entire year.
That’s how you reach a point where you can convert what you’re doing to an automated webinar. It runs by itself, and you can go off and enjoy the profits that are starting to be dumped into your bank account.
Some people have set up webinars in the past that reached the point of being able to automate a long time before a year was up. It’s a good rule of thumb to plan on a year though, just in case it does take that long. If it happens sooner, consider it a bonus.
The tricky part is finding a target audience and being able to appeal to their interests consistently so that they want to keep coming back. If you can do that, you are going to be amazed at how quickly your passive income builds.
Some of the work that you’re going to have to take part in besides creating the actual webinar content includes webinar funnelling. You’ll have to send out email sequences to let people know what you’re doing.
You might have to even invest a little bit with some self-liquidating offers or up-sells. Think, buy one get one free kind of stuff.
Creating your own webinar isn’t going to be easy, but it’s not as complicated as it seems in the beginning. You have to be dedicated to putting some real effort into making it work for you. When it does, you are going to start seeing more money than you ever have in your life.
Finishing Up – Passive Income Ideas
Making money doing absolutely nothing might sound like some sort of dream. The truth is, it’s a very viable option. You have to be willing to work for nothing, in the beginning, to get there. It’s an investment of your time and maybe a little bit of money.
When things start moving forward though, you’re going to realize that your dream is becoming a reality. Choose one of these passive income streams and start on your own personal golden road to success today.