8 of The Best Ways to make Passive Income online For Yourself
Hi Folks, today I am going to show you 7 of the best ways to make passive income online. This post is strictly related to online methods.
There are popular ways on how to go about building a passive income portfolio offline, but I chose to just chat with you on the online ways. Mainly to illustrate to you, of the various options available.
I personally, would recommend a diversified portfolio. A little bit of “offline” and “online” money generating vehicles. The point of this article is to give one a guide to these online options.
Yes, some of you are already aware of these and have already started. I am happy for you and wish you every success, and prosperity for the future.
For those of you who haven’t DONE much, Don’t Stress, It’s never TOO late!
Once you start, then you begin to build one thing up. From here it will become easier to diversify. Not only will you be able to look at other online ventures, but then you are in the playing field to tackle some offline stuff too.
Just get started somewhere and have a plan…It will be slow initially, but certainly worth it in the end.
Let’s get right into it!
Make YOUR Own YouTube Video
How many views do you think takes place on the You Tube Channel on a daily basis?
Take a Guess, I’ll wait
1 Million ? 5 MILLION? what about 10 Million? The correct answer is 4 Billion views a day!
That my friends, is the reason why it can be the second largest search engine after Google. Because so many people are watching You Tube videos, don’t you think it makes sense to get yourself in on the action?
So how exactly can you make money from making your Own You Tube video?
- Assume you have a website of your own. You could make a YouTube video, embed it on your site and upload it onto You Tube. Anyone searching for the topic, will check out your video and then be directed to your site and you can monetize your site from there( more about this later).
- Or the other way, is make money from the advertising profits that your Video generates.
Ever heard of Adwords?
Adwords is the advertising service that Google offers to enterprises that are interested in placing ads on Google and any of its advertising networks, one of them being YouTube.
These ads get placed on your “masterpiece” You Tube video and puts you in the forefront of earning money.
The advertiser will pick one of two types of ads. Either it will be a Cost Per Click ad(CPC), whereby they pay you according to the number of clicks the ad generates, or Cost Per View(CPV), whereby you get paid by views. This is NOT the number of views, but if someone watches an ad for half a minute or half the ad, you get paid.
So, though your video can become very popular and have tons of people watching it, it may not be enough. It all boils down to how much time they are spending engaging in viewing the ads, that will determine the profit you earn.
The pay is not mega bucks and it takes some hard work initially, but at the end of the day, its a passive income source nonetheless. One of the best things about these videos is, that unlike ads on TV or within a magazine that is short lived, your video will be there for a while.
So, get your acting skills sharpened up and let the camera start rolling!!
2. Earn Royalties from taking Photographs
Did you know?
That on average, around 51million websites are created every year. That’s around 140 000 or so every day!!!
So what has this got to do with taking photographs?
Fancy yourself to be a good photographer? Why not put your skills to good use? Take some awesome photos, landscaping, scenery, people, animals. cats, dogs, cars, waterfalls, etc. whatever your passion is and get paid for those precious images.
Everyone building a website needs images to brighten up their articles, get it to be more attractive, enaging and interactive. So whilst webmasters may opt for free images, a lot of them will buy licensed images. This is where you come in.
Register with stock photo companies such as Shutter stock, to get them to add those lovely images onto their database. Whenever a prospective client wants to use your photo, you can either earn a set amount or a percentage of the licence fee that the client pays.
The best part is that one photo can be used multiple times and you earn every time it is used. All the procedures are handled by these platforms.
You’ve just got to have a lot of photos, as you can imagine the competition is not a walk in the park. But hey, its still a good way to earning money.
3. Domain Flipping
You will never be able to buy these domains, once someone else owns it. This is where domain flipping can be lucrative and a good way of earning passive income.
This is the process of buying, building or selling of ‘online website properties’. As you can imagine, its takes some knowledge, practice and time to do this.
You can approach flipping from two ways
- You can buy a website, tweak it then optimize it to receive some traffic and then sell it, or
- Build up a new website(learn now right here), and then sell it off for a fee.
Check out places such as flippa.com that specialize in these kind of services.
4. Create your Own Online course
If you have a talent or any expertise that you would like to share, and think people would enjoy doing it, or gaining something from it, then why not create your own online mini course or program.
It does involve a lot of your effort in designing the modules or lessons, and may be expensive in terms of getting you off the ground. You will also need to get accustomed to producing audio and video parts. However, even though this takes time no doubt, at the end, it can really be worth it.
It can be an exciting venture. Once the courses and a payment gateway has been set up, you can earn from recurring membership fees. Once in a while you’ve got to keep a check on new updates, but hey its what you love to do and that’s the best part, you are helping others.
How’s that for a passive income idea?
5. Earning from Google Ads
Very similar to the You tube videos. Only difference here, is that you need to have a website of your own. It needs to have some decent traffic coming into it, as this is how you leverage profit from the ads.
You apply to Google AdSense. Once they are happy with your site, your site will be able to have ads placed within certain areas. Such places include the side bar, within the article, top, or at the bottom of the article.
It costs you nothing to apply, as its free. However, your site may not always get accepted the first time around. I got rejected initially,and 6 months down the line I had to re-apply for one of my sites.
If you are interested in learning more, check this article out, “How to properly add Google Adsene to your Site.”
The great part is that you don’t have to find advertisers, and you don’t have to source the ads. You can easily trace the links using the analytics and once someone clicks on the ads, a portion of the revenue goes straight into your bank account.
6. Making Money selling your own Ebook
Try your hand at writing and selling your own ebook on Amazon. If you select merchant marketplaces to sell your ebook, you can earn up to 70% royalty if your books are between $2.99 and $10.00. If your price deviates from this margin, then the royalty goes down to around 30%.
How else can you sell your own e-book?
By building your own website and marketing it from there.
Doing it this way offers you much more advantages, such as:
- Less competition – as compared to you listing within a marketplace environment.
- Increase the social awareness of your ebook- More marketing power for you.
- You can sell it at your own price and 100% profit is yours.
7. Bitcoin Trading
I am sure at one point or another, you have heard some news about this form of “crypto currency.”
This virtual money has been taken as an alternative to conventional forms of payments by big brands out there. These include car companies such as Lamborghini, Jeep and Mc Laren. Even Billionaire Tycoon, Sir Richard Branson, accepts this as payment for his Virgin Galactic brand, if you interested in flying into Space!!
Its important to bring to your attention, that this currency has also come to be used by the hands of drug dealers as well. Whenever it makes the news, there are fluctuations within its value.
There is however, no stopping this currency from doing it rounds within the online world. In fact, companies are building huge computers to “mine” these bitcoins by solving complex mathematical problems, so that more will be released into circulation.
Only limited quantities will be available and by 2040, no more can be mined.
So, here is an option for you to learn how to get into the trading of bitcoins.
8. Affiliate Marketing
In my opinion, this is by far the most definitive way to earn a passive income online.
1.Because its a simple concept to understand. It does take some hard work, effort and lots of patience, but once you get the “hang of it” , the sky is your limit.
2. Because you can then set up multiple streams of affiliate marketing sources(or websites) and earn expontentially. Its truly an exciting and rewarding experience. I have written an entire post on affiliate marketing, if you would like to learn more.
This is the process of earning commission from products that you promote on your website. The great part is that you don’t have to stock any of these products. You just register with affiliate programs(its usually free by the way) and then provide lots of engaging content for your reader.
Once your site is built up, you can start to monetize it and add affiliate links. When your loyal readers are interested in products that you have reviewed for them, they will click on the affiliate link and should they buy,you earn your lovely commission.
How does the commission work within the affiliate marketing industry?
Commission structure will differ from one program to the next, so shop around here.Honestly, don’t lock yourself in with just Amazon.There are so much companies out there, with the likes of Sharesale, Commision Junction, and Target.
When I started within this avenue of marketing, I was intimidated by the whole idea of building up a website of my own. How am I going to learn all this stuff? Who will help me? Will it really be worth my while?
Over 9months now, down the line, I am happy to tell you that I have created two websites. This is one and other one is www.dealwithtinnitus.com.
So, if you would like to learn more about about starting your own affiliate marketing business, check out the Wealthy Affiliate training platform, its where I have learned all of this stuff and am still learning more everyday!
Thanks for joining me today. I hope that you picked up some ideas from my list of the best ways to make passive income online.
As you will have noticed, most of these ways include having a web presence. This is not surprising, as we move into the information age and everything becomes readily available online. Be it information, gaming, buying, selling , auctioning and educating. Its all here.
If you can leverage one of these ways in the direction of helping people, then earning a decent passive income online can be an awesome reality for you.
At the end of the day, its up to you. So which way would you like to go online? Have you tried other ways? If so, please share it with us. How long did you work at it and is it still your source of passive income?
Looking forward to hearing from you.