10 Ways to Make Passive Income Online
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Hey everybody, thanks for visiting us here at importantdollar.com, we’re here to help you spark some awesome ideas today.
So today we’re gonna talk about 10 different ways to make passive income online. And I’m really excited about this, because this is probably one of the most important topics, especially for people who are kind of stuck.
These are things that will actually help people achieve financial freedom, make some extra money, give themselves a raise, maybe put some money away for their kid’s college, so I’m super excited to talk about this.
Now I’m not one of those internet gurus, who is trying to sell you on the idea that passive income means not having to work, or get up early, or do anything like that.
It’s freaking hard work and it’s nothing new.
The top Fortune 500 companies in the world, are making passive income right now. You just have to change the way you’ve been thinking about it, so that you don’t think of it as a scam or a myth.
The honest truth is, many people fail to make any money online because they never actually tried. They may think they gave it an honest shot, but, comeon, how many times in your journey have you:
- Taken breaks you shouldn’t have been taking when you should be working
- Told yourself what you are doing is too hard
- Started on something, discovered it was more work than you thought it was, then gave up.
- Switched to another project before finishing the one you were working on.
You can go into the psychology of why we do the things we do, but, it really just comes down to the fact that we as human beings are wired to take the path of least resistance.
No one wants to fight an uphill battle, it’s too long and hard. We want the easy button that’s gonna make magical dollar bills fall from the sky.
Understand your weaknesses and change your mindset, see 1 thing through all the way to the end and don’t stop until you achieve it, because if there was 1 thing that will surely murder your dreams of passive income, it’s shiny object syndrome.
Shiny object syndrome is basically what I mentioned about not being able to stick to 1 project. You suddenly discover some guy making a killing with Forex and you drop everything you are doing to try that out. Bad idea!
How are you ever going to master anything, or even get good at anything, if you can’t see anything through? You need time to develop. Give yourself a chance.
Alright let’s get into this. There’s a lot of ways you can really think about exactly how things work, and have always worked.
Why Can’t This Be You?
Here’s an example of passive income – the people who control the licensing to major TV shows. The reality is that, right now, whoever is doing the licensing, or has the licensing in Netflix for a show like Dawson’s Creek, or Roswell, or something like that, from years and years ago, guess what, the actor’s might not be making any money from that right now, or they might. It’s called, they might be getting royalties.
But whoever controls the licensing, and was able to sell that to Netflix. Whoever had the rights to the whole thing, they’re making money years after that show is already off the year.
The camera man, who showed up every day, he’s not still making money off of Dawson’s Creek, or Smallville, or whatever. But whoever owns the licensing to that intellectual property, is still making money today.
The person who invented the paper clip, their descendants are still making money today. So when you think about passive income from that perspective, you realize that the largest corporations in the world are raking in passive income right now, while you’re waking up and grinding, which by the way, you should probably still be doing.
But, they are doing that, and making money on the backend.
CEO’s could probably stop working today, but because they own their company, they will make residual passive income everyday, whether they show up and run the business or not, or whether their general manager or their VP does it.
So, you have to start thinking about it in that way.
10 Ways To Make Passive Income Online:
Here are ten ways that you can actually start making passive income, and a lot of them are really easy, and you can do them right now.
#1: Affiliate Marketing
For one thing, if you don’t own your own intellectual property, affiliate marketing is a great start. You can do what’s called affiliate marketing.
Affiliate marketings from programs like Amazon, or Commission Junction, or even through individual web hosting companies, like BlueHost, and GoDaddy, and One in One, all allow you to sell their products or their services, and you will get a commission for it.
It’s like owning a product without the hassle of owning a product. That’s what affiliate marketing is.
So if you read a book, like, let’s say, the “Ask Gary Vee” book, which is one of the best books to buy right now, it’s a blueprint for entrepreneurship.
“Ask Gary Vee” is a great resource for anyone who wants to learn the requirements of success in entrepreneurship (you can buy the book for yourself clicking here). See what I just did? That is affiliate marketing.
So I want you to buy Gary’s book and learn about how to be an entrepreneur, or how to grow your business, and if you do, I’d probably make a couple bucks. That right there is a primary example of affiliate marketing.
Now granted, you should do that for things and products that you believe in, and you know, and that you are reputable to speak about.
If you’re a photographer, talk about the camera gear that you own, and review each piece of lenses, and camera bodies, and your lighting equipment, and get people to buy those based on your recommendations.
Or recommend alternatives to those, and that’s a way to do affiliate marketing. That’s just one example. You can do affiliate marketing whether you’re a photographer, an artist, a makeup guru, whatever, it’s something that you can do right now, just by talking about products you own, and products you love.
Now, a lot of you might be thinking, well, if I do that, that doesn’t necessarily mean I can quit my day job, or that I can create financial freedom for myself. You’d be surprised, actually.
I’m not allowed to talk about certain numbers, from certain programs, but I can tell you right now, that I do very well in Amazon. I probably do somewhere between 1,500 and 2,000 dollars a month, in Amazon affiliate marketing, right now, based around my content on my niche websites.
So that’s just a primary example. I can tell you that other affiliate marketing programs like Siteground, the web hosting company that I use, and that I do affiliate marketing on behalf of, whenever I get somebody to sign up for the cheapest Blue Host plan, I get 65 dollars.
Right now, there are many of you reading this that are making 65 dollars after working all day busting your hump at your job right now. Whereas, if you were able to actually get two people to start a new website, you’d make 130 dollars for that day.
I would say that taking advantage of programs like Amazon, BlueHost, and Commission Junction are a really good way to make passive income.
And, even if you have no intention of ever leaving your day job, this will give you that 5,000 dollar a year raise that your boss just isn’t gonna give you, and is not gonna write a check for.
So affiliate marketing is one of my favorite ways that you can make passive income, but there are other great ways that you can as well.
#2: Product Creation
One of them is creating your own products.
Like, writing a book? Or maybe your thing is that you’re really good at making music in Garage Band, or Fruity Loops, or whatever.
You can actually sell products online, whether they’re a book, whether they’re videos, whether they’re music, you can sell these products online in things like Amazon and iTunes and Google Play, and you can make passive income.
This is the same as the same big companies that are selling their DVDs or their downloads. You can do that too, and the beauty of it is you can go directly to the marketplace, and not need to sign with a label, or a publishing company.
The guy who wrote The Martian, whose name escapes me right now. He put his book out for free, and his audience demanded that they be able to read it on their Kindle, and on their iPad.
So he went directly to the marketplace, and more people bought the book, than downloaded the free version when they could before, or they went to the website and got the free version. More people bought the book.
It was an instant Amazon best seller.
All of a sudden, all the publishing companies that turned him down, and mocked him, and laughed at him, they all came crawling back and wanted his business. Which brings us to the next tip
Later, he sold the licensing rights, which is another way that you can make passive income, for that movie.
So licensing your content, licensing your intellectual property, whether it’s the rights for your book, or your idea to become a film, or a television show, is a great way for you to make money, and to get royalties so that you’re paid for life off of that, as well as sell the product directly.
So these are two great ways, that you can make passive income.
And again, you can do this whether it’s the licensing of your idea for a movie, whether it’s selling part of the rights to your book, whatever it is, you can do that, and go directly to the marketplace and sell your product, or you can license it to somebody else, and make money on the backend.
#4: Stock Property
Tip number four for making passive income, speaking of licensing, is the use of stock video, stock photography, and stock audio.
By selling stock resources, you can actually make royalties off of that forever as well.
If you’re a photographer, and you shot some great landscapes, or you have some stuff that you bought from the dollar store, you shot against a white background, like a piggy bank for example – marketers like me buy stock photos like we need water to survive.
We need them for print ads, and for billboards, and for things like that.
So you could make a lot of money off of marketers and designers if you’re a photographer, and if you shoot video, you can sell to video editors and to marketers as well.
As far as stock video, we’re always looking for that stuff, and we want that to be royalty free, so we’ll pay for the rights to use it, and if we want it to be exclusive, we’ll pay even more.
So producing stock audio, and selling that to people in a marketplace like iStock, or Audio Blocks, or Graphic River, or Invato, all of those things are a way to make passive income online forever, having done the work one time.
So if you make a lot of these things, you stand to make a lot more money. If you have like 100 beats to sell, you can package and bundle some of them, you can sell them individually, and you can sell them in multiple marketplaces.
You don’t have to do marketplace exclusivity. You get more money if you do, but you can sell them everywhere and make a lot of money.
You can do the same thing with your photography, or if you’re a graphic designer, you can make some simple graphics, you can make word bubbles, you can make arrows, you can sell banner ad templates, you can sell website templates, and this will make you money online.
So, selling stock graphics and stock audio and stock video is a great way to make passive income, because again, you’re selling a product.
One of the other ways you can make passive income online, is through online advertising.
Online advertising through Google AdSense and other marketplaces are a great way to make some real money.
Now granted, it’s pennies on the dollar, but if you have enough content in enough places, it all adds up. You could also use affiliate marketing banner ads and links along with these Google AdSense pay per click ads, and that could be a good way to make some money in different ways.
So if you have a blog, you can do Google AdSense, and you can do the other ad marketplaces, but you can also use your affiliate marketing there as well, and then you have more shots at making real money.
I would highly encourage you to sign up for as many of those marketplaces as you can, and get in on Google AdSense, as well as some other ones.
#6: Video Marketing
A sixth way you can make passive income, is through direct video marketing.
Now, this works in a couple of different ways. There are video platforms outside of YouTube, that pay you, like Daily Motion has a way to pay you, and so does Vimeo, as far as paid on demand videos. You could use those marketplaces.
YouTube also is connected to Google AdSense, and that is another way to make passive income.
Use video content, and paid video, to make passive income online and that’s another great opportunity for you.
#7: Sponsored Content
Another way you can make passive income online, is through sponsored content.
Now, the way sponsored content works, is very different, depending on who the sponsor is. You could get what’s called, pay for performance sponsorship, which means that they will pay you in proportion to how many views that you get for your content, whether that’s a video, whether that’s a blog post, whether it’s a podcast.
They’ll pay you based on either the downloads, or the views, or what have you. That’s another great way to make passive income online.
Some people want to pay you a flat rate, and that’s okay too.
Another option is also, they could pay you a commission based on what’s called cost per action, meaning if your videos translated to a sale for them, and it’s trackable, they will pay you for that.
So it’s similar to affiliate marketing, but it’s a little different. Instead of going to the marketplace, you have a direct deal.
The commissions for that could be higher, than if you did affiliate marketing, affiliate marketing is usually lower percentages, anywhere from four to ten percent, but when we’re talking about direct sales, it could be higher.
So just look into that.
#8: JV Partnerships
Speaking of sales, another great way, and I think this is number eight, to go ahead and make passive income online, is what’s called joint venture partnerships.
So if somebody’s launching a product, or a course, and you’re what’s called a JV Partner, a joint venture partner, you can sell on their behalf, and they will cut you in for the profits, and this could be 20%, 30%, or even upwards of 50% and that’s great.
Now, you might be wondering, why somebody might do that, but the reality is, selling stuff is harder than people think.
So if you have ten people out there selling for you, getting 50% of the sales of ten people, is much better than getting 100% of just the sales you can bring in by yourself. That would be another great opportunity.
Look for joint venture partnerships, by either working directly with entrepreneurs, people in your network, or just do a Google search and find out who’s looking for JV Partners, and see what you can bring to the table.
#9: Network Marketing
Another way of doing passive income online is network marketing.
I’m not the biggest fan of network marketing personally, but, there are a lot of people who swear by it, and I would just say, make sure you’re not tricked into a pyramid scheme.
Look for something really strong, as far as network marketing, and something that’s reputable. Grant Cardone has a lot of great advice on this, so I would highly recommend that you look into that.
#10: Physical Products
One of the final ways I’m gonna talk about making passive income online is selling actual, tangible products. Meaning, that you can actually go into Amazon, or Ebay, and you can sell existing products that you already have to people, whether they’re new or used.
This can be great if you happen to get a gift that you have two of, you can go ahead and make some money by doing this, by just taking a couple pictures and posting up for sale and seeing who bites.
This is a fantastic way to make money online, think of it as a virtual garage sale.
That’s A Wrap!
There you have it guys, 10 ways for you to make passive income online. I might go in depth about each of these, later down the road, but these ten things are something that you can execute on probably today, tomorrow, or within the week, if you really wanted to.
Anyway, I hope this article helped you guys out. This should probably help some of you figure out how you can make a little bit of extra money.
A lot of these things are things that I’ve done, I’m actively doing, or have done in the past, or I specifically know people who have taught me about it, so that’s why I’m giving this advice.
So make sure you’re checking that out. If you still have questions about passive income, and how to make it work for you, let me know in the comments section below.
I’ll try and answer as many of your questions as I can.
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