Have you ever woken up a £100 richer ?
You probably already know at least one friend that works on the Internet. While there is an abundance of jobs you can do on the Internet, there are a few out there that can make you money passively.
This means that after the initial setup, you will earn income without additional input. The sales and payment are processed automatically by the system and you can make money while sleeping, partying or just doing your regular job. Making money while making money is always the best…
There are lots and lots of ways to do it, but below we will discuss the four most popular and successful ones.
Affiliate marketing is when you market somebody else’s products and services and get a portion of the profit, based on a specific arrangement with the business.
Affiliate marketing is great because you don’t need to go through the product development process and just find a product or a service that already works and sell that. Product development is a long, expensive and insecure process. At any point and time, your product can fail even though you did research and studies and all the preparation that is required.
Affiliate marketing focuses on the selling part. Sure you’re making money for somebody else, but you also get a commission on each sale, so the more you sell the more money you get.
The most common affiliate marketing arrangement is when brands and publishers that work in the same or similar niche join forces and start working together.
Publishers, mainly online blogs have decent sized audiences, which are interested in a specific topic. Offering them a product or service of the same topic will frequently interest them outright.
There is a lot of hit and miss and it can take a lot of fine tuning before you find the right product and send the right message to your users, so they become interested and potentially make a purchase.
However, once you’ve got the secret sauce recipe, affiliate marketing becomes a passive income stream.
If you have a blog that you’ve been maintaining for years, but it doesn’t even pay its own hosting costs, you need to look at affiliate marketing.
Sure, you could also install Google Adsense and get no brainer profits, but selling random ads, through somebody else’s network will likely not make you rich.
Affiliate marketing CAN.
E-commerce stores (dropshipping)
Coming off of selling somebody else’s products, what would you think if we told you you could have a shop and have a single physical product in storage ?
Dropshipping is a business method where the store that sells the products doesn’t keep them in stock. Instead, the products are purchased from a third party store or shipped directly from the manufacturer.
This removes the capital barrier of opening your own shop and allows you to get into business with as little as £50 investment for setting up a website. Technology like Shopify removes the technical challenges of having a working digital store.
Today, you can build a working e-commerce business in just a few hours from the ground up.
There are drawbacks to using this business method. Shipping and logistics sometimes get complicated and there are lots steps on the delivery process. If anyone gets executed badly, the customer doesn’t receive their item and resolving the issue is often quite hard.
Furthermore, because you’re purchasing the product on demand, you can put lower profit margins and thus, you need to rely on scale to make up your profit.
However, if you know what you’re doing (and eventually, you will) dropshipping can be a very successful endeavour that earns money passively.
If you’re experienced in a niche field, you can put that hard-earned knowledge to good use and make some money.
Online course platforms are very popular because they allow users to pick exactly which course they enrol in. This allows them to sculpt their knowledge precisely and ignore skills and topics that they have no interest or no need in.
Udemy is one platform that leads the online education revolution. There, you can find all kinds of courses – math, engineering, programming, graphic design, hobby crafts, woodworking, economics, etc. There is a course for literally any skill you can think of.
With a minimal investment into equipment – a camera and a decent microphone, you can record your own courses and earn money for each person enrolled.
If you know enough of something for an online course, you can also write an e-book. E-books are cheap, but they also require a lot fewer resources to produce.
You need a good cover designed, and you can already choose from thousands of templates, and you need your knowledge well written and formatted for reading. You probably need to hire an editor to check and validate your work.
Aside from the above, you don’t really need too much more to start selling and earning money. You will need to submit your work to Amazon and other popular ebook websites, like Goodreads.
If your book is generating good money and readers are rating it well, you may think of going further and recording an audio version to sell at Audible or related websites.
The possibilities to repurpose your knowledge into passive income products goes on.
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