Updated: August 30, 2019
So many online income opportunities promise that they will put money in your pocket fast with minimal effort, but are any of them truly passive income opportunities?
Passive income means money that you get that you didn’t have to expend any extra effort to generate.
We’ll explain what that means in-depth in this article, and show you how you can use things like affiliate marketing and other techniques to start generating your own online income today.
First Things First: What is Passive Income?
Investopedia defines passive income as any earnings that are derived from an “enterprise in which [an individual] is not materially involved.”
Basically, it means income that you earn with little or no effort on your part whatsoever. That doesn’t mean that you won’t be doing anything at all; most of the online income opportunities discussed are things that you can tack on to tasks you already do.
For example: if you already create content for a popular blog that gets thousands of hits every day, you can use affiliate marketing links to create a stream of passive income.
You aren’t expending any extra effort to market the links, because you were going to create the content anyway for the blog. This is a good example of how true passive income opportunities really work.
What Is Your Goal?
When deciding what kind of online income opportunities you want to pursue, you should always keep your income goals in mind.
Do you want something that will pad your savings account with a little extra each month to help you build long-term wealth? Or do you need passive income that will help you pay your bills?
These are very different goals, and one will be much easier to achieve than the other. You may need to set up more online income routes if your need for the money is more pressing, for example.
Affiliate marketing is one of the best options for online income because it is so simple to get started, and can quickly become your full-time income if that’s what you want.
As in the example above, you seek out products, businesses, or services that you think an audience will truly benefit from being exposed to; you may already have an audience with a blog or a social media account, or you may need to do some initial work setting up that audience.
Then you simply act as a matchmaker, bringing links to helpful products to consumers. Anytime they click your link and buy a product, you get a commission.
While some affiliate marketing partners just make extra cash with these programs, others (such as Super Affiliate John Crestani) make six figures and travel the world while their affiliate business runs itself.
Create an Educational Program or eBook
This is another trick out of John Crestani’s book: if you are an expert at something, you could spend your life working in your field or teaching classes to train new experts. Or, you could present all of your expertise just once – for the camera, the page, in audio – and sell that material.
Once you’ve done the initial recording of your knowledge, and formatted the work to sell, all you have to do is set up a marketing campaign that can run automatically.
Emails can be sent via an email service; your website’s landing page can link visitors to your material; prewrite a few interviews, and you could easily keep your name in the public ear with a few well-timed posts on other sites.
Affiliate marketing and selling what you know are two great ways to truly create passive income streams online.
This article is written by Gen Netta.
What to do next: Click here to subscribe to our FREE newsletter.