There’s a great conversation taking place in several Facebook groups I’m in about passive income. I think passive income is a great idea. It often seems unobtainable to many. I myself have a goal of creating more passive sources of income. I’ve been working on this goal this past year but really plan on ramping it up in 2017. Update: This is one of my top ten most visited blog posts. I recently updated it to keep the links current (December 2020)
Let’s break down it a bit.
If you had a variety of passive income sources and you were able to bring in $20 a day 365 days a year you would add an additional $7,300 to your income. What would an extra $7,300 do for you and your family? Provide a few extra vacations a year? Pay off some debt so you can breathe easier? Make your financial life easier?
So what exactly is passive income? It’s basically income that comes in from something you put the time and money into setting up once. Or another example is, it’s money that comes in from another source other than an employer or contractor. The trick is to have multiple passive income streams. Income that rolls in 24/7.
In my list below I’m focusing on digital/online streams with a few physical product examples.
Here is a list of 10 potential passive income ideas. Some will have examples linked to them.
1. Write an ebook. It doesn’t have to be a giant novel. Most ebooks are between 60-80 pages. List if for sale on Amazon, and other book selling sites, your website and on your favorite social media platforms. (Don’t forget Goodreads!)
My hubby spent a whole winter writing his first zombie book The Omega Countdown: Solomon’s Keep. It is available on Kindle and as a paperback as well. If you list your book on KDP your book is printed on demand. You no longer have to order multiple boxes of your book to store in your garage and sell them one at a time. You can list on KDP and they are literally printed upon request. If you want to have a large supply on hand, no worries, simply order at the author price as many as you need. To make sure your book is ready to be printed you’ll need a cover with a back and spine. You can easily hire someone on Upwork or Fiverr to help you create this. Make sure the inside PDF of your book is over 100 pages. It’s also good to hire help with formatting.
3. Create your own course. If you are not sure how to get started be sure to sign up to receive my free guide: Five Tips For Building Your First Online Course. Predictions before the 2020 pandemic expected the online industry to be worth $325 billion by 2025. Now, that number is likely even higher as the mass-shift to online learning begins. ~ Forbes
4. Create your own Card Deck. Nadine Nd Cns did this. She first started out by creating an app called Soul Food then she created a physical product – SOUL Food deck one by Nadine, N.D., C.N.S – I love this deck by the way!!
5. Affiliate marketing. Here’s an example of how I promote affiliate products. I recently created an online course Rekindle Your Inner Spark and launched my first Abundance Journal. If you took my course, loved it and wanted to share it with your audience you could sign up as an affiliate and earn a 50% commission anytime one of your customers/clients purchased my course.
Here’s another affiliate example.
To add graphics with a commercial license to my journals and books I purchased my graphics from Creative Fabrica. If you click on the Creative Fabrica link and purchase something or sign up I earn a small commission. Once you’ve joined you can share links to earn commissions too! You simply sign up, fill out a 1099, link your banking info for payment and begin sharing the affiliate links.
6. Create a PDF checklist, guide or tip sheet. Type up your document, save as a PDF and sell it. Take a look at my Etsy store to see how I’m selling printable journal and calendar pages. You could create printable meal planners, recipes, goal sheets, content calendars, and more. The sky’s the limit!!!
7. Create a video training series related to your niche.
8. Create an audio training series.
9. Create a webinar. Run it the first time for free, jam pack it full of great training/content. Turn around and sell it. Or use it to promote your course or consulting program.
10. Create your own calendar. I recently did this for my Intentional Conscious Parenting audience. Create a calendar on Canva or Powerpoint and upload it to sell on Lulu Publishing.
What other passive income ideas can you think of?
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