The digital world provides a multitude of options for earning a passive online income. These are potentially opportunities that are available to anyone who is willing to come to grips with the way in which the Worldwide Web works. So long as you’re willing to keep your skills updated and are interested in the ever-changing trends in the market, there is money to be made online. However, there’s a lot of hard work that needs to be done before your income becomes truly passive.
What is Passive Income?
Passive income is money that you generate automatically. Different from selling a product to someone who walks into a store, or selling a service to someone who hires you to paint his or her house, passive income happens without you having to do anything to specifically generate it.
You must, however, have done some work beforehand to set yourself up for the opportunity to earn that passive income online. You will need to have a website, a blog, or a YouTube channel. If you already have one, great. If not, here’s what you need to know to get started.
The Active Part
Initially you will need to find a niche that you feel passionate about and that there is a market for. Work out how you will reach the niche market that you’ve identified, often by blogging, vlogging or offering podcasts online. You need to gain followers, so ensure that your website or channel is optimized well with targeted keywords, depending on what you’re offering them. Spreading the word on social media is crucial to your success, but you may also want to give something of value away to attract a following. This might be a free download or an eBook. By doing so, you will be able to collect e-mail addresses that can form the foundations of your marketing base. Once you have a following, you can start charging money for your wisdom or acquire earnings using some of the following techniques.
Google Adsense lets advertisers bid for real estate on your website. When you design your site, leave room for some ads from other marketers. Then sign up for Google Adsense. You let Google know what kind of ads you want on your site and where they should go. Then Google auctions off your space to the highest bidder. The ad shows up on your site, and when people click on it, you get paid.
This is similar to Google Adsense, except you set up the relationships yourself. As you peruse the Internet for companies that market to the same audience you do, you will find lots of websites that will be willing to pay you a commission for putting their ad on your site. When someone clicks on their ad, you get paid. Look for companies that sell similar, but not competing, products or services to yours.
Fulfilment by Amazon
If you would like to sell products online but don’t have the resources in place to stock or deliver items, then Amazon FBA can earn you a passive income. After purchasing some initial stock, you store the products at an Amazon warehouse, which are then advertised for sale on Amazon’s enormous selling platform. When an order is received, Amazon will dispatch your goods to the customer and send you the profit. If you do your research and work out the best prices to buy and sell your products at, then there is a lot of money to be made from Amazon FBA.
Software and Apps
As you manage your website and your active and passive income streams, be on the lookout for new opportunities. At some point, you will find yourself thinking, ‘someone should invent such-and-such.’ Stop and think about how that someone could be you. Software and app developers are easy to find and development can be inexpensive if you keep it simple.
Once you have your website up and running and your passive income streams set up, you will be amazed at how little work you have to do to keep the income rolling in. If you’re like most people, you’ll keep busy finding new ways to generate passive income online. So, what are you waiting for?
Jenny Holt is a freelance writer and mother of two. She loves nothing more than getting away from it by taking her pet Labrador Bruce for long walks, something she can do a lot more now she’s left the corporate world behind.
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