Last updated on November 6th, 2020 at 01:54 am
Is there anything greater than making money while you sleep ? I mean, wouldn’t you love to wake up with an inflow of cash crawling into your bank account ?… Let me introduce you to online passive income streams !
I’m sure you’ve heard of this phrase before. But do you really understand it ?… And, Do you know how to create it ?
This post will cover the concept of online passive income streams, and I’ll provide you with a parable video to have a better understanding. Then, I’ll give you my top 9 of actionable passive income opportunities online.
Without further due, let’s jump into it.
What is a Passive Income Stream ?
A passive income stream is the money earned with little or no effort, and it’s often earned by individuals and companies on a regular basis like an investment or peer-to-peer lending.
The great part is that it offers increasing levels of financial security. If it provides steady cash flow, it offers great security because it’s not connected to your time.
As a matter of fact, when we were growing up many of us were taught to go to school, study hard, get a degree and a high paying job and be happy… This path surrounds the process of active income.
We exchange our time for money by working for someone or a company and get a paycheck. Correct ?
But the truth is this is absolutely not sustainable.
Now imagine you get sick, have an accident, or anything that makes you disabled and incapable of doing anything. (Please don’t start to freak out, I’m not cursing you, but just giving some examples) In all these situations, keep in mind that as soon as you stop working and trading your time for money, your income stops as well.
This is a sad reality…
However, with passive income source you can have a better quality of life as the money works for you and will never stop even if you’re not working.
Anyway, now let’s have a look at the 10 minutes parable video I mentioned earlier. This will make you understand absolutely everything about passive income streams.
It’s truly worth it.
Now I’m 100% sure you’ve got a better understanding and importance of a passive income stream.
Passive Income opportunities online
Now that you know what a passive income stream is and its importance, let’s have a look at some passive income opportunities online that exist out there.
Here is my top 9 strategies that are proven to work, and will always work in 2020 and beyond.
1. Affiliate Marketing
Affiliate Marketing is an income idea that requires you to have a Niche website or platform you can use to promote other companies products or services. When someone uses your affiliate link to purchase a product, you get a commission.
This is a passive income stream opportunity because once your site is up and running, with your content and everything, it’s working for you 24/7. Your website will be there all the time and your visitors(readers) can be coming from all around the world.
Keep in mind that the potential of affiliate marketing is huge. This is why it’s by far my #1 recommendation to start online and to build this passive income.
There is a very low barrier of entry, and the incredible part is that you don’t have to create the product, don’t have to deal with customer support, or the refund policy stuff etc.
In fact here is how simple the process is :
- Choose an interest
- Build a website
- Attract visitors
- Earn revenue
2. Display Ads
Another way you can earn passive income is by using display Ads. Once again, this is going back to the blog. The beauty of having an online property is the fact to be able to monetize it in so many ways.
Display Ad refers to the process of advertising a product or service through visuals like images and videos on network of publisher website such as the Google Display Network and FaceBook etc.
Display Ads are placed on relevant third-party websites in the form of banner, image and text ads.
It can be divided into three basic categories :
- Site placement advertising : In this type of display advertisement, the advertiser/marketer chooses the website they would like to run their display ads on.
- Contextual advertising : Here Networks place ads on relevant websites. For instance showing an ad for cat food on a pet adoption website.
- Re marketing : Re marketing display ads appear in front of users who have been on your website or post-click landing page but have left without completing the relevant conversion goal.
The best part about display ads is they’re entirely passive, and you can get paid a ridiculous amount of money based on your traffic, even while you sleep! Isn’t it Amazing ?
3. Buy Music Rights
Were you aware that you can get royalties from music or movies you didn’t take any part in creating? Yeah, that’s right. In case you don’t know, Royalties are money actors, singers and other artists receive when they create a song, a movie or TV show.
Most of the time, these artists want to sell future royalties because they need lots of money as soon as possible. Maybe they have some projects, or unexpected plans, etc.
So, this is where they sell a portion of their future royalties to investors. Those investors make their money back with profits. In fact, companies like Royalty Exchange for instance does a good job connecting artists with investors.
4. YouTube Videos
Earning passive income through YouTube views might be a dream to many.
But a lot of people have made it, with some even becoming millionaires in a short span of time with a legion of fans, lucrative sponsorship, and cool merchandises.
Professional YouTubers like BigDaws TV, Chris Heria, and many others get a million of views on their YouTube videos, but that only represent a small portion of their actual income. In fact most of their earnings also come from diversified sources like Google adsense, etc.
So, if you love being on video and want to earn a living while you sleep YouTube is definitely worth it.
Drop shipping is a unique business in which not many people are aware of.
Let me explain you how it works. You create and set up your own e-commerce internet store and make a deal with the suppliers who accept your orders and ship the products to your customers. You don’t need to store any inventory or to think of logistics.
Here is a simple process : The customer pays you for a product; then you pay your vendor for the order, and the vendor makes the delivery.
Keep in mind that the seller(You) doesn’t have any physical contact with the product…
Since you don’t have to worry about product creation and inventory, you can earn a passive income if you do it properly, because you have third parties managing stuffs for you.
Many people do drop shipping on Shopify.
6. Sell ebooks
This is one of the best ways to make passive income online for authors, bloggers, travelers, and all of those who are willing to share their passions.
Actually you don’t have to be a writer. I know many people get scared when it comes to writing, but all you have to do is to share something valuable.
You can write an eBook about a topic you’re keen on, format it, and create a digital cover.
One of the most popular sites for publishing eBooks is Amazon Kindle Publishing.
7. Sell online courses
Again you don’t have to be a teacher. As long as you have knowledge and expertise in certain area, you can definitely teach.
A course can be anything. Do you have some skills in Logo design, website building, marketing, etc ? You can absolutely create a course instantly.
Keep in mind that earning money with course sales is not as easy as turning on a switch ! You have to create the course first, which can require weeks or months of your time. But once you’re done with the work required to create your product, the income can become passive.
Imagine people paying $100 or more to learn. If you can get enough people to buy or if your price is high enough, courses can bring in plenty of cash over time.
8. Create Mobile Apps
Creating a mobile app can be a huge opportunity.
Do you know how to develop an App ? You can turn it to a huge passive income stream for you.
You can create a mobile app for any activity like Fitness, traveling, cooking etc. If your App is valuable for people, they’ll download it on their mobile devices.
The majority of Adds are free to download, but the money is made by inserting ads into your app. Also, through in-app purchases. By the way the total world revenue from in-app purchases was $37B in 2017.
You can read this post on “The right way to Monetize your Free App”.
9. Software Tool Developer
Lastly, this can be huge.
The above 8 opportunities don’t require much technical skills. So most people are able to adopt any of them and succeed with consistency and hard work.
But this one requires more specialized technical skills to manage. If you have the programming skills, you can develop a software or online tool to help individuals or corporations in certain services. Many of the tools today charge monthly fees to its users. So it’s definitely a passive income.
The list of opportunities are pretty much endless. There are so many opportunities out there today, while more and more are being invented.
What I would like to urge you is to start developing your ideas for passive income online.
And the best way to start online is through Affiliate marketing. This business model is so great because you don’t need any technical skills, and you can basically promote any product(which has already been created) you want based on your passions. Isn’t is Amazing ?
Not only this, you can also combine affiliate marketing with some opportunities mentioned above in this article like display Ads or CPC Ads… Which will make it even more powerful.
You know the best part ? there’s a platform that can help you get started for Free!
Otherwise you can simply go on with your 9-5 job, because you’re going to be there for a while.
And I’ll be here building even more online passive income streams that work around the clock.
If you have any question or would like to add something about this topic, please feel free to do so in the comment section below and I’ll get back to you as soon as possible.
Thanks for the support!