Hey everyone! Today, we are talking about how to earn passive income online. Passive income is a great way to increase your earning potential without sacrificing (much of) your time. Click the video below to watch or read the post instead to get some ideas on how to earn passive income online!
How to Earn Passive Income Online
If you have a wide audience online, either through social media or a blog, affiliate marketing may be a good passive income option for you. Basically, you promote a product and receive a percentage, a commission, of sales that you refer (usually through a personalized link or with a code). For example, if you promote a $10 product and receive a 10% commission, then you’ll earn $1 for each sale.
If you want to try running a scalable business, then consider dropshipping. With dropshipping, you sell products from a vendor as you would with a typical storefront. The difference is that when you dropship, you never hold onto inventory. The customers receive their items straight from the vendor or manufacturer, so you never have to pay to buy the products in the first place.
Aside from affiliate marketing, running advertisements on a blog or YouTube channel is a great way to earn passive income online. If you get decent online traffic, then you can earn through Google AdSense, Mediavine, and other websites, as well. Whenever someone clicks on the ads, you earn a commission. Be careful, however, because the algorithms can easily catch you if you click your own ads.
If you have a great skill that you can teach, you might want to create an online course. An online course requires a bit of work upfront, but afterwards, the labor is quite minimal. You can set up sales funnels that automate every step of the process for you and your customers, so you don’t have to do a thing.
Similar to the online course option, if you have a story or a skill to share, an e-book is a great idea. You can write the book upfront, create a cover, list it online, and promote it to earn passive income online. Do some research, and be honest with yourself on whether or not the information you write is best suited for a book.
If you are a designer or another type of creator, selling products is a good way to earn passive income. Selling t-shirts, creating planner PDFs, or any other item, especially digital, can get you far in the passive income space. Just note that as you scale, the business may take more work and morph out of “passive income.”
Rent your Space
This option may not work for everyone, but if you have extra rooms, properties, or even a car, then you might consider renting through AirBnB or some other outlet.
In other words…
Passive income is great if you want to increase your budget but don’t have time to increase your workload by much. Do some research and decide what would work best for you. If you want more ideas for earning more money, check out this post on side hustles. Until next time, share this post with someone who might need it, and be sure to subscribe to my YouTube channel for more episodes of Maya Monday!
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