The importance of how to make passive income online when you are setting up any form of business is vital.
When you’re starting to make the most of marketing components, whether this is using SEO for the first time, or delving deeper into promotion, passive income opportunities can be invaluable.
Not just in terms of earning income, but they yield many lessons in the art of marketing.
With this in mind, what are the best passive income ideas that any budding blogger or solopreneur can use? But also what are the lessons that we can glean from them?
Table of Contents
What Is Passive Income?
So, you may wonder, what exactly is a passive income? Passive income is money you earn in a way that requires little to no daily effort to maintain.
Some passive income ideas, like renting out a property or building a blog, may take some work to get up and running, but they could eventually earn you money while you sleep.
However, these passive income methods take a lot of work to get started. Afterward, you can rest and still earn an income for months or years later.
Developing Products Based On Your Expertise For Passive Income
Whether you have dabbled in real estate investor marketing or you have a passion for makeup, the importance of developing products based on your skill set is invaluable.
You can create products in specific niche areas. You don’t have to create products that are manufacturable. But this is where videos and eBooks can be perfect for the everyday blogger.
Creating eBooks is one of the best ways to entice people into your email marketing campaign, so they will sign up.
An eBook is a lot of work but is a fantastic way to make the most of the content. eBooks use content that is detailed, and full of relevant information.
Recently, Ryan Biddulph wrote about how to Stay Connected Online in a Volatile Social Media World. I thought it was a clever idea and purchased the book. I highly recommend reading it!
eBooks can be purchased for years after they have been published. This a great passive income opportunity for anyone that likes to write or blog.
Setting Up A Membership Community
This is something that many people use in terms of services like Patreon. But if you are an authority figure, or this is the goal, creating a membership community is a perfect way for you to market a business while also generating a passive income.
This community is where subscribers can receive high-quality content that’s not available anywhere else
But this links in with your passions and skills. You’ve got to work at being an authority figure first.
This means diversifying your efforts through the right marketing channels, using the correct analytical tools to discover your ideal audience, and then pummelling them with the content.
Having your own-self hosted blog is the place to pummel them with the right content. Then pick the right marketing channels for your niche.
Not only can you use social media but there are many ways to advertise online as well today.
How To Make Passive Income Via Affiliate Marketing
Many affiliate marketers can make money while they sleep. This passive income opportunity takes time to grow. Don’t be fooled when signing up for an affiliate program that you will make money right away.
Affiliate marketing takes a lot of content and promotion to generate an income but once you do it is slow and steady. Remember, slow and steady wins the race!
However, once you get started and work on your affiliate products you may realize a passive income for months or years later.
That is much easier than providing services. When you provide services you cannot earn money while you sleep!
The Importance of Quality Content for Making Passive Income Online
Because the term “content” is taken to mean almost anything these days, it debases its value.
But when learning the marketing ropes, it’s always about good quality content that others are interested in sharing. When others share it for others to purchase, it becomes a stream of passive income.
Hence, this means that by delving deep into one aspect of something. Rather than the content being a general subject, you are going to engage a certain type of audience.
Because people hedge their bets and write about more populist subjects, this usually guarantees a certain type of audience.
And while it may not prove to be a money-spinner doing something somewhat left field, there are others who are monetizing their approaches by doing something far from the norm.
For example, this guy does running reviews of music and has developed it into a full-fledged brand with its own radio show, fashion line, and running club.
Arguably, these are combinations that shouldn’t go, but they do!
In Conclusion
Using passive income is a way to give more meaning to your current content. This can make you realize there is more to marketing than meets the eye.
Are you using passive income opportunities to grow your income for the future? Do you have other passive income ideas to add to the list above?
I’d love to know more in the comments below!
She has 30+ years of experience in marketing/advertising with 11 years of experience in content marketing, social media, blogging, and SEO.
You can purchase her eBook about Twitter on Amazon.
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Hi Lisa,
This is an awesome read. Everyone love passive income.
For me, I have read about affiliate marketing umpteen times but never tried it.
I just started implementing the stuffs I have been reading about affiliate marketing and can’t wait to get my first commission off it.
I’m hoping to transit from a full-time freelancer to a full time affiliate marketer.
Then maybe I can join the league of passive income earners 😊.
Thanks for sharing.
Hi Eniola, welcome to Inspire To Thrive. What are you an affiliate for? Be sure it’s something you really love and can write about and of course, use! Those work out the best I’ve found. I wish you the best of luck with it. Have a great new month ahead!
Great post Lisa,
Man do I know that it takes a lot of energy to get a blog up and running. I agree Affliated Marketing is a great way to bring some money in, if you have the audience numbers and sadly I think that is what really disillusions many new bloggers. They start a blog with ads and crickets. They don’t understand the amount of energy it takes to really get a blog going with enough momentum that you don’t have to worry about posting on a regular basis.
But when you do get that flywheel spinning it will give all that and some back. Right now I’m not at the passive income phase, and really don’t know it will till I get a book out.
Thanks Bryan. Oh yes, that is for sure! I call it blood, sweat, and tears 🙂 You have to put a lot into it first before you can make the money. I’m surprised you are not starting to reap some benefits from affiliate marketing yet. How old is your site now Bryan? I know it took me over 6 years to get going and started making money in the 7th year. I worked full time for many years while blogging too. Thanks for coming by and commenting on this one. I hope that flywheel starts spinning for you soon.
Lisa: I know what “passive” income means, but I prefer to say, “residual” income. 😉 I will present a great opportunity for you in the near future… 🙂
Best Premises,
Martin
Thanks Martin. Hmm, I’m curious as to why now 🙂 Passive vs. residual.
Hi Lisa,
I love passive income. It does take some marketing savvy before one can expect it to flow in.
There are many marketing techniques out there. The trick is to study hard and do a little trial and error yourself. See what works and what doesn’t. Tweaking headlines, content, etc. before you can make your mark on some passive income.
I’m in the middle of purchasing clicks to my offer and just finished an ad campaign. It was so great to wake up this morning and find 50 or so people opting into my offer.
The hard work and learning curve paid off and all I have to do is rinse and repeat to a new audience. I keep working my list and it sure does pay off.
-Donna
Hi Donna, me too! Who doesn’t love passive income if they have the time and patience to generate it? I love that trial and error method. Lots of tweaking along the way are necessary to achieve success. That’s great Donna – where did you do your ads? I’m exploring more digital ads other than Facebook and Google. Thanks for coming by and have a great day!
Hi Lisa,
Thanks for the eBook shout out!
I received my first commission payment yesterday for the eBook. I felt thankful because here I am sitting on the beach in Panama and a passive payment hits my bank account. Of course, I had to work to learn, to hone skills and to self-publish the eBook but I did not trade time for money to earn the profits.
There is something super freeing and quite fun concerning earning passive income because even though you work on the front end, money flowing in on the backend as you sleep, vacation or eat simply feels liberating.
Ryan
Hi Ryan, That’s awesome and a great way to do it! I’m finding the same with my online course. Working on ideas for more to come. You surely do work on the front end but if you can keep that back end coming in for years it is well worth it. Thanks for your input on this one Ryan. Enjoy your day in paradise!