Making money while you sleep or travel the world might sound like a dream to a lot of people but this is one of those dreams that can become a reality thanks to the transformative power of the web.
To earn a passive income, all you need to do is set up a system that allows you to sell products without having to put in any work to create and deliver said products. That could mean that you’re selling a digital product such as an ebook for example, or it might mean that you’re selling a product on behalf of another company – acting as an affiliate. It could even mean making money from advertising.
And there are a surprisingly large number of ways you can do this. Read on to discover some of the best methods you can use to make passive income and how they each work…
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Sell an Ebook From a Sales Page
Creating an ebook is a simple matter of choosing a subject and then writing about it in a Word document. You can then save that document as a PDF file and start selling it from your website. If you don’t have the necessary writing ability, knowledge or patience to write an ebook though, then you can simply outsource this process by hiring a writer from a site like UpWork or Elance.
Add an automated sales and delivery system, creating an advertising campaign or evergreen website and you’re good to go!
Sell a Kindle Ebook
You can simplify the process of selling ebooks too by selling through Kindle. Kindle is of course the name of Amazon’s e-reader device and this also comes with its own store where users can find and download books. This makes it a highly effective ‘distribution platform’, meaning that it’s a very easy way for you to find customers, sell to them and deliver your product. You don’t need to worry at all about marketing, about handling payment or about delivering the product – Amazon does all that for you!
Best of all, it’s free to sign up!
Sell an App
Or why not make money from an app? This works just the same as selling a Kindle book, in that you have access to a ready-made distribution platform with a large, captive audience. And if you sell your app on Android, then you’ll only need to pay $30 to sign up and your app will be automatically approved in a matter of hours.
Don’t know how to make an app? Then just use an app builder tool or outsource the process!
How to Design and Build a Best-Selling App
Making money from a mobile app is one of the most exciting passive income business models there is. With this strategy, you can sit back and watch as the money roles in as users download your app. What’s even better, is that you get the sense of satisfaction that comes from knowing it was a program you built from hand that helped you to start earning that money! It’s possible to make a lot of money from an app too!
But you wouldn’t be the first person to have an idea for an app. The problem is that an awful lot of people don’t know how to go about capitalizing on that idea and making it into something that will actually make money. Read on and let’s take a look at some of the best methods and strategies for profiting from a mobile app…
The first thing to do is to make sure that your app idea is relatively simple. This is something that a lot of people get wrong: ask what their big app idea is and they’ll normally tell you it has something to do with a social network that will change the way people do [insert everyday task here]. Often they won’t tell you what the idea entails (in case someone steals it!) and they’ll spend months and months working on it.
This is almost doomed to failure. If you have never released a successful app before then why would you make your first one something that involves so much work and that is so complex?
Keep it Simple Stupid!
A far better strategy is to release something very simple – this could be something as straightforward as an app that shares information (perhaps a collection of essays on fitness?) or maybe a very simple game.
This will give you the opportunity to learn the ropes, to see what it’s like to sell an app and crucially to avoid investing huge amounts of time into something that ultimately isn’t a hit.
Use the ‘fail fast’ method by creating lots of MVPs and then developing the ones that turn out to be successful!
As long as you choose the right niche, it will sell/get downloaded!
The other reason to make something simple, is that it will allow you to avoid learning to code in Java – simple apps can be built with straightforward app creation tools.
Finally, note that the best way to make money from an app is often to charge for it.
Yes, display ads can make money but only if your users click on them in huge numbers. This means you need a gigantic number of active, regular users who are engaged with your app every day to make a profit.
Conversely, if your app looks very appealing and only costs a dollar or so, you’ll find you can entice people to make a lot of impulse downloads. Get 50 downloads a day and you’re earning a decent amount extra – and remember this can be across a large number of apps!
Run a Website
If you can get enough visitors to a website, then you can use this as a means to turn a profit from advertising. Use AdSense and each time a visitor clicks an ad, you’ll get a tiny payment (usually of a few cents to a dollar). The hard part is getting enough visitors to your site without spending every waking moment running it – but if you hire writers, or if you create an ‘evergreen’ resource, then this can work well.
Can You Make a Large Passive Income From Running a Website?
The best way to make passive income is to sell a digital product. This simply requires that you make or find a digital product to sell, build a ‘sales page’ from which to promote said product and then use advertising or marketing strategies in order to drive more visitors to that sales page.
This is a very ‘hands off’ method of earning an income that will generate money while you’re sleeping – and you don’t even need to worry about delivering a product!
But the problem is that this is limited in scope. Eventually, you are likely to exhaust the market for your product and find that the cost of advertising starts to outweigh the profit from your sales.
You aren’t delivering any value to the end user, you aren’t building a relationship and at the end of the day, this is a technique that won’t last forever.
And that’s why a lot of people are interested in making money from a website. That way, they can build their own brand, build a big audience and then sell products that they’re really interested in and proud of.
But is it possible? Can you really generate the same kind of passive income from a website? How long will it take? Let’s find out…
There are a number of challenges that make it harder to make a passive income from a website right from the offset.
For starters, you will immediately find that the money you make from adverts such as Google Ads is not truly comparable to the money you can make from a digital product. Ads will typically pay out a few cents per click and most of your visitors are not going to click them often. This is especially true these days with so many people running ‘ad blockers’ and the like.
The other problem is that it can take a long time and a lot of work to gain a big audience on a website. You’re going to be competing with the rest of the web and many of the creators you’re going up against will have gigantic advertising budgets.
But as with most things, the secret is to work ‘smart, not hard’.
That means picking the right niche to begin with. By selecting the right niche to enter into, you will be able to avoid going up against huge competition (as you might do if your niche were something broad like ‘fitness’ for example) while at the same time ensuring there is enough of a demand for what you’re selling.
Choose a niche that has clear products to sell to a specific audience and one that will allow you to avoid the hugest competition.
The next strategy is to recognize that you need enough content to climb the ranks of Google and that this content needs to be high quality. This is where it can be hard to keep your model ‘passive’ but the solutions are either to hire someone who will create the content for you, or to spend a while writing lots of content so that you can post it gradually over time.
How to Generate Passive Income With Minimum Work From YouTube
When you think of making money online through YouTube, you probably think of becoming a ‘YouTuber’. That tends to carry the connotation that you’re going to become an active content creator, film lots of video and probably build a large audience/following for your brand.
This is a great lifestyle that allows you to make money doing something you love, while also enjoying a modicum of genuine fame. It’s a lot of work and requires a lot of skill but it’s also almost definitely worth it.
But that’s not the only way to make money from YouTube. Actually, YouTube can be set up as a very nice passive income model that will generate revenue even while you’re resting. You can practically automate this money-making system and find it’s still surprisingly profitable. Read on to learn how…
YouTube Can Give You Maximum Revenue With Minimum Investment
YouTubers can make money in a number of different ways. They make money from advertising their own products and affiliate products for example but they also generate revenue from PPC ads. These are adverts that pay out for each click – so every time someone clicks on an ad or watches it all the way through, they get a tiny amount of cash.
But while that amount is tiny, if you can rack up thousands of views a day, then it starts to add up. If you have a YouTube video that ranks in the top spot for a very popular search term, then potentially you can stand to make hundreds of dollars a day.
And if that content is evergreen, then there’s no reason why that video can’t keep making money for a long time to come!
Better yet, when you consider that you can probably make and edit a great video in a few hours… there’s nothing to stop you from repeating the formula over and over again until you’re eventually making hundreds, if not thousands of dollars.
Yes, it really is that simple – but there’s a couple of tips that will help you ensure you use precisely the correct strategy!
Quality and Brevity
When making your videos, think ‘quality not quantity’. That is not to say that you shouldn’t make a lot of videos, rather that they shouldn’t be overly long. Google actually encourages YouTube creators to keep their videos to around 3 minutes, as this will increase the number of complete views and thereby drive up revenue.
What’s more though, is that making your videos shorter means that you can make more videos in a shorter time frame and then have more content to upload that will get multiple views. That way, you can take a few days out of your regular gig, film some short videos and then upload them all in order to generate big revenue.
It sounds easy and it really is – as long as you are making those videos high quality (which needs the right equipment and good editing) and as long as the videos are in a popular niche!
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