Today, I will be looking at some of the best passive income ideas.
I love passive income ideas, mainly because of the freedom and opportunities it can present you with.
This article will provide an overview on three different methods of generating passive income.
let’s start by explaining what passive income is, then we can look at the three different passive income ideas.
“Passive income” is income received on a regular basis, which requires minimal effort to maintain.
A good example; if you purchase a property, you might buy a house for $200,000 and then rent it out, meaning you are going to be receiving passive income, in the form of rent.
Although investing in property can be an excellent passive income idea, I am going to be focusing on passive income that can be created online.
In my opinion, the best way to generate passive income, is online, doing so can allow you to work from anywhere in the world, all you need is a laptop and access to the internet.
This article is going to provide an overview on three of my favourite passive income ideas.
Create Youtube Videos
I am sure you have heard of the people that have made millions, using YouTube. Right now, there are regular people like you and I, making a ton of money on YouTube. Lets run through how it works in some cases.
You make a video, post it on YouTube and the views start rolling in. When somebody clicks the ad or watches the video for at least 30 seconds, you get paid.
Alternatively, you might have an affiliate link in the description of the video.
If a person goes through and purchases through your affiliate link, you will make a commission, i’ll explain this in a little more detail shortly.
The key to becoming successful with Youtube is building your own audience, the more viewers and subscribers the better.
If you can create unique, useful video content, its easy to grow your audience.
Creating an interesting, in demand video can take up a lot of time, but once your videos are live there is potential for you to make passive income from each video indefinitely.
You will need to carry out research to ensure that there is demand for your video content.
Keywords Everywhere is a useful, free chrome extension that you can use to help you carry out your research.
This is an extremely handy tool, it’s free and i wouldn’t be without it.
When you type a proposed keyword into google, youtube and other high traffic sites, you will be shown estimates of monthly search volumes, cost per click and levels of competition, here is a screenshot of the tool in action;
Here is a simple method, you could try out today;
1) Set up a clickbank account
2) Choose a product you’d like to promote
3) Record a video of you reviewing the product
4) Post the video onto Youtube, with your “affiliate link” in the description below.
This may take a little time to perfect, the key to this is sounding as natural as possible when you are reviewing the product.
It helps if you have used the product, if not you need to ensure you have researched the product properly, this way you will understand the pro’s and con’s.
Creating Online Courses
Online courses can be a great source of passive income. Here’s how they work: you create a value-packed online course that helps solve a problem or fills a need.
Creating an online course, can be a great way to generate passive income.
It works like this, you create a value packed course that helps solve a problem and customers sign up and purchase your course.
The course can simply be a slideshow, with a voice over running over the top or you may prefer to record your modules in video form.
Before you start building the course, you will need to plan the content. Remember, it’s important that the course is value packed.
Once your course is planned out, you can list your modules and build out your course.
Once you have built your course, you can use a website like Udemy to sell your course to the masses, if you haven’t used Udemy already you are missing out, its a great place to buy and sell courses on almost any topic.
If you don’t feel confident in building your own course from scratch, don’t worry there are many different platforms you can use.
My pick of the bunch is Teachable, if you are serious about building a course, this is the platform for you.
Teachable is scale-able, easy to use and easy to automate. I could write a few pages on this alone so i will review Teachable in a separate article, Lets move onto the next topic.
Building an Affiliate Website
I want to show you that anyone can start making money online with affiliate marketing, I mean who can resist passive income? But to make it happen, you have to put in some work first.
I love the phrase “passive income” but be aware there are crucial steps you need to take and these are well, not so passive.
There is good news, if you are reading this article the chances that you are looking to learn and you’re willing to put in the work, this is also going to require a little effort.
Let’s say you want to build your own affiliate website or blog, what do you do next? Well, I will tell you.
Find a Niche
This is an important step, before you start building your website, you need to know which niche you want to target.
If you already have one in mind, great! If not have a think about any passions you might have, you might love fitness, make up, making money or self-improvement.
Working on something you are passionate about can make the work a lot easier.
You need to make sure there is money in your chosen niche, sometimes finding a niche you can make money in will beat passion.
So if you’ve found a niche you can make money in, you can always learn more about it, can’t you?
Find Affiliate Programs
When you are on the look for an affiliate program, have a think about this;
- Does the program offer products that are suitable for your niche?
- Is the affiliate program trustworthy?
- Are you happy with the level of commission you will be making?
If you are starting out, I recommend looking at Clickbank, most of their products will offer commissions of 50% and over plus they are one of the longest running affiliate programs in the business.
Building a Website
So we’ve got the research out of the way, you have now decided on your niche and you have found a few affiliate products that you wish to promote, great, we are getting somewhere! Now it’s time to start building your website.
Don’t let the words “Building your website” put you off, it sounds technical and complicated but it doesn’t have to be.
I’m going to assume you are fairly new to building websites, I recommend one platform and one platform only when it comes to building your website, let me introduce you to, WordPress.
WordPress is easy to use, sure coding skills are handy but you don’t need any of this knowledge to start building your site.
If you run into problems whilst building your sites, look to google and youtube, nine times out of ten, the answer is there.
I’ve actually made a video for you guys to explain the whole process, check it out below.
Buying a Domain
So first up, you need to buy a domain. Your domain is your website address so get this sorted first. Think of a domain name that relates to your niche, and go ahead.
There are plenty of different places for your to buy a domain, the best known is probably GoDaddy. But I like to use Siteground, because it ties in nicely to the next part.
Set up Hosting
Think of it like this, your domain is your address and the hosting is the actual house which your site lives in.
Again there are lots of different options when it comes to hosting, I like Siteground because the customer service is immense.
If ever I get stuck with an issue they always have someone there to guide me through, the online chat is particularly useful.
WordPress is a content management system, people call these “CMS” for short.
It makes the adding and editing pages easy, I like it because its free and perfect for making affiliate websites.
Within WordPress you will need to install a theme, I like to go for Generate Press because its free and makes setting up a good looking site super simple.
Ok, so you now understand the basics of setting up a website. Let’s take a step back here, if you are at this point you can be very proud of yourself.
Putting the above points into action is a real skill, if you continue to work on them your time will become more and more valuable.
Create Wonderful Content
You are now ready for one of the most important parts of the business, generating content. You may have heard the phrase “Content is King”, well it’s a useful phrase to remember.
Your aim here is to produce unique, high quality content.
Remember, the customer comes first, the content you are creating here should provide answers to the questions your visitors are asking.
When I am writing content I like to use answerthepublic.com this free website provides free, visual keyword research.
You can simply type in a keyword and the website will show you the related questions people are asking online, pretty handy right?
This might all sounds quite intense and overwhelming, but let me tell you, it doesn’t have to be, all you need to do is keep it simple.
One task at a time, everyday you can make a little bit of progress and in time you can build an extremely profitable website.
Your content should be a mix of “Product Reviews” and “Supporting articles”. Product reviews are simply reviewing the affiliate product you have chosen, the supporting articles are relevant questions people might be asking about the topic.
Different methods work for different people, but I try to ensure each article is at least 2000 words long.
So your website is live, your content has been optimised and posted, now you need to share the content around the internet.
I’d recommend setting up an Instagram, Pinterest, Twitter and Facebook account for your brand, these can then link into your site and provide your SEO with a real boost.
There are many different promotional methods out there, link building, guest posting, blog commenting, forum posting, the list goes on.
If your content is good, you won’t have to worry too much about the promotion side of things, good content looks after itself.
If you have followed these steps correctly, you can start to experience real passive income.
Getting Your Site Started
- Find your niche
- Choose an affiliate program
- Build your site
- Produce wonderful content
- Repeat #4-5 until you wish to sell your site and retire 😉
If you are feeling a little overwhelmed reading this article, don’t worry, I felt exactly the same. I think I read a blog post very similar to this and thought “Ok, what should I do first?!”.
Well to get started, I used a free learning resource called Affilorama. This helped me build up my knowledge base and ultimately forced me to take action.
Affilorama is a free and there are over 70 videos you can watch, they literally guide you through the process I have outlined above!
I have written a full Affilorama Review, have a read and let me know what you think in the comment section.
Passive Income Ideas
The aim of this article was to provide you with real ideas for passive income. I’ve focused on generating passive income online because this is my passion.
For me the best passive income ideas revolve around sitting on my laptop anywhere in the world, having an online business allows you to do that.
I actually believe that the above three methods go together very nicely.
If I had to pick one, I’d go with building an affiliate website, if you take the time to build your own website you will be learning a real skill whilst creating something of great value, this for me is the best idea for passive income.