10 Proven Ways to Generate Passive Income with Minimal Effort
There are many ways to generate passive income and transform your financial future. Whether you want to earn an extra $1000 a month or do something full time and replace your current salary, different passive income ideas require different work and time.
Upfront work is required, so don’t expect to get rich overnight, but with a plan and the right kind of motivation, you can see success sooner than you think.
1. Start an Online Business
Starting an online business is the best way to generate revenue on autopilot.
Why?
- You don’t need a lot of cash beforehand.
- you have a lot of room to make mistakes, and
- It is one of the most gratifying life adventures you will ever have.
I started my first online business in 2008 after being laid off from my favorite architecture job. My website helped architects crack a tough exam, and people paid me for study materials I created to help them prepare.
How much money did this business make?
In one year, I made over $200,000, which was more than double what I was earning as an architect.
2. Affiliate Marketing
Affiliate marketing allows you to generate passive income by recommending existing products to other people. If you’ve ever recommended something to a friend, you already know how affiliate marketing works.
Affiliate marketing has been my most important single source of revenue, generating over $4 million since 2009.
So, how exactly does affiliate marketing work?
With affiliate marketing, you recommend other people or company’s products and services to your followers. You can talk about it on YouTube, on a website, in email, or even just talking to your social followers. And, when someone makes a purchase from your recommendation, you’ll receive a commission from the sale.
One of the most popular and accessible ways to get started is with the Amazon Affiliate Program. People already know and trust shopping from Amazon, and you’ll have a huge range of products to choose from.
Just make sure that you only choose products that you can stand behind, and that will serve your audience well, and always make sure that the link you are promoting is an affiliate link. Is.
To be successful at this, you need to put in the time to build an audience that trusts that you will always lead them in the right direction and then follow through.
RELATED: 12 Myths and Misconceptions of Affiliate Marketing
3. Start a YouTube Channel
Starting a YouTube channel is an excellent option for earning passive income online; It’s free to start, and if you make videos that people want to watch, you can generate revenue from advertisements, sponsorships, and even promoting your products.
Recently, I have started a new youtube channel called Deep Pocket Monsters about pokemon cards. In two years, this new channel has grown to over 500,000 subscribers, and it generates revenue from ads, sponsorships, and even affiliate marketing by promoting card shops and binders on my videos.
4. Open a Paid Membership Business
Like signing up for a gym membership, people join an online membership and pay a recurring fee for the sense of community and value they get from it. In fact, we have a couple ourselves:
- Our SPI All-Access Pass is a community of budding entrepreneurs who get access to all of our courses, workshops, community events, and even content to guide them through.
- SPI Pro is our high-end community of established business owners looking to network, connect and share ideas with growth in mind. To join this paid community we need an application.
Both our communities require recurring payments (quarterly or yearly), but people are happy to keep paying because they’re getting more value in return.
With a subscription business, you may need a platform to host your community. Circle is our top choice because it’s easy to use and familiar to users who want to join. This is our affiliate link for Circle if you want to check it out and play!
5. Create Print-on-Demand Designs
If you have a keen eye for design and current trends and know how to use design software, selling print-on-demand designs can be a great option for making passive income.
With print-on-demand, you don’t need to buy any inventory ahead of time, so it’s a low-risk business model.
You’ll work with a print provider like Printful or Teespring to create merchandise (t-shirts, mugs, bags, etc.) that is customized to your design and sold per order.
When someone buys one of your designs, the print provider fulfills, prints, and ships the order on your behalf.
The hardest part is creating unique, high-quality designs that inspire your people to buy them.
6. Offer a Software as a Service (SaaS) Business
Another potentially lucrative option for passive income is to create an app or software that you can offer as a subscription service – also known as Software as a Service (SaaS).
Doing something like this requires coding knowledge or money to hire someone who knows how to code, but there are many resources available for finding people who can do that kind of work for you, such as Upwork.
Remember that this is one of the more time consuming options; It will take a long time to plan and execute things.
Furthermore, you have to create and offer a truly valuable solution to make passive income with it – and market your solution effectively, which is not easy at all.
It is a challenging path, but it can also be rewarding.
RELATED: How to Successfully Launch a Product in Less Than 90 Days
7. Create an Online Course
Everyone has a skill they can teach, so why not make your own money and help others by creating an online course?
Creating an online course isn’t too difficult, but it will take a lot of time and effort to make sure it’s useful. We host our online courses on both Teachable and Circle, and it’s a wonderful way to package information in a place where people can experience change or solve a problem.
Once you create content and get everything organized, this can be an incredibly profitable source of passive income.
There are many platforms like Udemy or Skillshare that you can choose from to host your course and facilitate your course to get a paying audience.
However, I always recommend using your own website to give you more control and true ownership.
8. Build No-Code Apps
Did you know that you can profit from building an app without even knowing how to code? Apart from hiring an expensive developer, that is it.
Yes, you can control the process and build an app through development platforms like Zapier, Appy Pie or Bubble.
there are Very There are number of apps out there, so to be successful in this, you have to find and identify a need and fill that need with your app.
If you set your objectives ahead of time and know what problem you’re trying to solve – and who you’re solving it for – you’ll already be a step ahead of the competition.
With this, you can earn high passive income through downloads, subscriptions, ads, etc. – depending on how you model it.
9. Publish an eBook
Selling eBooks online is a very accessible way to earn passive income.
The idea of creating an entire digital “book” may still sound intimidating, but I promise it’s really easy to do.
The content of your book can be informative or entertaining, and it can be as short and simple as a 5-page PDF.
You don’t have to be a professional writer or expert on the subject of your eBook. Just be sure to provide high-quality, well-designed content that your audience will enjoy.
You can also hire a freelance ghostwriter and graphic designer to help you.
All you have to do is self-publish it on Amazon or Apple Books and promote it among your audience.
Writing an eBook gives you a medium to benefit your existing audience with useful information, thereby strengthening your relationship with them.
It’s a great tool for growing your audience to new levels and driving traffic to your website, podcast, and other channels – boosting your brand.
10. Write a Book
Writing a physical book is a great way to generate passive income, not only from the potential sales of the book, but how it can promote other services and products you offer.
I’ve written and published three books myself, and although it’s been a tough road, it’s very rewarding, and the residual income can be abundant if you keep marketing the book (or let it grow on its own). Is my self published book, will it fly has generated a total of $459,341.00 (between 2016 and 2019).
If you’d like to join a community of people like you who are building their businesses right now, please check out our All-Access Pass. We’ll guide you through our extensive course library to make sure you get the best opportunity to earn extra income.
you got this!