Creating a successful business that generates passive income is your ultimate goal. You will not achieve this, however, without doing several things first. These are what we call ‘startup services’ or what many refer to as'side hustles'.
The term side hustle refers to those extra jobs you can do while working full time. They're typically low-cost ways to make money (or at least part of the cost is covered by the job). For example, if you are good at making phone calls, then offering your service as a telephony consultant or freelancer is a way to make some additional money.
There are countless other examples of side hustles, such as writing for online sites, publishing your own book, or creating and selling products via Amazon, Flippity, or Shopify. The list goes on and on!
A lot of people begin investing in these side businesses after hearing about how much money they made or received in return for their investment. This is an excellent way to earn modest profits — but it isn't necessarily our focus here. Instead, we'll go into more detail about some of the best ways to generate passive income through the internet.
We'll also talk about the benefits of having multiple sources of income, as well as how to pick the right ones for you.
A few years ago, having your own domain name was an expensive luxury! It cost hundreds or even thousands of dollars per year to use your web-loging platform as a site for business or personal purposes.
These sites are free to use, though – you just need to work out how to make yourself available online through it. This is called being internet accessible or “internet friendly”.
By creating your own website using a free website hosting service like WordPress or Shopify, you can now access all of the tools needed to run a successful business or website.
This includes being able to add pictures, videos and other content, as well as easily edit pages, posts and menus.
When you create your business, one of the first things you will need to do is find a niche and get into it. This won’t happen unless you know what products and services you can advertise for profit, so how about we start with that?
Finding a profitable area to focus in comes down to two main factors – price and demand. If there's something people are buying already, then you could make a product out of that and sell it yourself.
For example, if lots of people are drinking coffee due to work, why not produce your own branded coffees and sell them? You would have to source good quality beans, invest in equipment to brew and package the drinks, and market and promote your brand, but it might be a viable option.
There are many ways to go about doing this, some more expensive than others. By and large, the more money you spend, the greater exposure your company gets, which is always a good thing!
There are plenty of sites that offer free or cheap ads online.
Starting your own YouTube channel is one of the best ways to earn passive income through online content. There are many ways to make money via YouTube, but none of them require you to have a large budget or infinite amount of time.
Most people start their journey by creating a video that features themselves or someone else as the main speaker. Then they edit the footage, add some music and voila! You’ve got yourself an informative video.
Trying out new products is another way to make money with a YouTube channel. You can pick any genre of video (such as how to do something) and then advertise for a product or service (with no cost to them) by giving it its review.
The advertiser will pay you to talk about their product so it becomes a win-win situation. Many companies offer free advertising to those who are willing to promote for them.
There are many ways to go about publishing your first book, and it depends on what kind of books you want to write and who you’re writing them for.
If you’ve got an idea for a novel or non-fiction work that you have strong passion for, then editing yourself off the grid and focusing exclusively on writing one thing at a time is the way to go.
That means starting with writing short essays or stories – building up your writing skills before moving onto longer pieces.
Writing shorter articles is a great way to get into the game because you can easily test your skill set by giving yourself deadlines (for example, the day after tomorrow I will publish my ten favorite recipes for winter).
And if you’re ever struggling to make progress towards your goal, you can always start working on something simpler instead.
A way to make passive income is to offer a paid lesson or class you have prepared beforehand. You can either sell your lessons directly, through YouTube channels, Vimeo, or by creating an online course website platform/software such as Udemy or Teachable.
Your teaching style will determine how successful you are with this technique. Your students will probably want detail oriented information so be sure to prepare enough of that.
You may also consider offering special guests in your classroom which could generate additional revenue. This could be for a topic you’re already familiar with or someone close to them who they might look up to.
By producing content and selling it, you now have an extra stream of income!
Offering classes or lectures is a great way to earn some extra money. Many people enjoy listening to talk about different things so this would appeal to many.
There are many ways to make money online by offering a service or product other people need or want. For example, if you have a lot of land that you’re trying to develop, you can offer your services as a real estate developer.
If you love to sew, you could start your own clothing line or take up sewing so others can create their own clothes. If you like taking pictures, you could start a photography business or do it as a hobby and then expand onto selling photos.
The thing about the internet is that content always demands attention be given to it. People will constantly be looking for information related to what you have set yourself out to provide.
There are endless possibilities in the realm of making money via the web. You just have to determine how much time you want to invest into this and which areas of the market are lacking and can use your help.
A much more passive way to make money is to pick an area of your life that you are willing to give up control of, and then start investing in it. For example, if you’re passionate about reading, instead of trying to get other people to read books for you, invest in a good pair of glasses so that you can read without having to hold the book up to your face.
You could also buy a notebook and write in it during work hours, or even better create your own notebook and journal where you can take notes, do research and organize things. This is called using your diary as an investment.
By giving up control of your time, you open yourself up to opportunities to be paid for what you love doing. And now you have income from sources outside of working! You now have extra money coming in, which makes spending less urgent.
Influencer marketing is another way to generate passive income through connecting with others who already have a fan base. By offering value to your audience, you earn revenue off of their interactions with you.
The tricky part here is creating content worth interacting with – but don’t worry, you were made to talk about something! There’s a lot of ways to make small changes to form parts of your life that pay for themselves.
There are many ways to generate passive income through writing. Some of the most common strategies include blogging, publishing educational materials online, creating review videos or podcasts, and starting a business or website that produces content or products others can use.
Blogging is one of the best ways to make money writing. This is because you can create an easy-to-follow system that almost anyone can follow without expensive initial investments.
Many people now pay professional bloggers to write about products and services for a monthly fee or per article basis.
By producing your own high quality content, you get to choose which companies will pay you to promote them!
Starting a business out of posting content is another way to make extra money via passive income. You can start with something small like sharing tips and tricks on how to do simple things or buying and selling items from sites like eBay and Amazon.
These websites have made it very easy to complete transactions so there’s not much work involved.