Create an Online CourseĮveryone has a skill they can teach, so why not monetize yours AND help others by creating an online course?
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Related: How to Successfully Launch a Product in Under 90 Days 7. This is a challenging route., but it can be rewarding. Remember that this is one of the more time-consuming options it will take a good chunk of time to plan and get things up and running.Īlso, you will have to create and offer a truly valuable solution-and market your solution effectively-to make passive income with this, which isn't exactly easy. To do something like this requires coding knowledge or the funds to hire someone who knows how to code, but there are many resources available to find people who can do that kind of work for you, like Upwork.
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Offer Software as a Service (SaaS) BusinessĪnother potentially lucrative option for passive income is to create an app or software that you can offer as a subscription service-also called software as a service (SaaS). The trickiest part is making unique, high-quality designs that inspire your people to purchase them. When someone buys one of your designs, the print provider fulfills, prints, and ships the order on your behalf. You'll work with a print provider, like Printful or Teespring, to sell merch (t-shirts, mugs, bags, etc.) customized with your designs and sold per order. With print-on-demand, you don't have to buy any inventory ahead of time, so it's a low-risk business model. If you have a keen eye for design and current trends and know how to use design software, selling print-on-demand designs could be a great option to create passive income. Related: 8 Best Podcasts for Entrepreneurs 5. This is our affiliate link for Circle in case you'd like to check it out and give it a run! Circle is our top choice because it's easy to use and familiar to users who join. With a membership business, you may need a platform to host your community. Just be sure only to choose products that you can stand behind, and that will serve your audience well, and be sure to always be upfront that a link you promote is an affiliate link. People already know and trust shopping from Amazon, and you'll have a massive range of products to select from. One of the most popular and accessible ways to get started is through the Amazon Affiliate Program. And, when someone purchases from your recommendation, you'll receive a commission from the sale. You can talk about it on YouTube, a website, in an email, or even just with your social following. With affiliate marketing, you recommend other people or company's products and services to your following. So, how does affiliate marketing work, exactly? If you've ever recommended something to a friend, you know how to do affiliate marketing already.Īffiliate marketing has been my most significant single source of revenue, bringing in over $4 million since 2009. Affiliate MarketingĪffiliate marketing allows you to generate passive income simply by recommending existing products to other people. In one year, I generated over $200,000, more than double what I earned as an architect.
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