Are you tired of trading hours for dollars?
Would you like to have more cash on hand for vacations and emergencies? Would you like to live life on your terms, with less stress and more flexibility?
Well, who wouldn’t say “yes” to those questions? Of course, you want to increase your cash flow without increasing your workload, but you’re not sure how.
You’re going to love this post. Let’s discuss four easy ways to build passive income quickly. Even if you’re a complete beginner to the concept, you’ll be able to use at least one of these passive money making strategies to compliment your business (and bring in extra cash). Let’s get started!
Here’s a list of even more creative ways to build passive income.
What is Passive Income?
Aside from inheriting a lump sum of money from a dearly departed rich uncle, there are two main ways you can make money: 1) trading hours for cash or 2) setting up a system that pays you without your ongoing input.
Passive income doesn’t mean “no work needed”. It means that you do all of the work on the front end setting up the product or service, and then you collect money when people buy it. All of your work is done up front, instead of you constantly having to produce more content.
Now, let’s talk about the four different things you can do to build passive income.
#1: Write a Book
One of my favorite ways to build passive income is through writing an book. While writing may not be your favorite hobby, if you choose a subject you love, it won’t be that hard for you to do.
When I say, “write a book”, I don’t mean write a romance novel. Unless that’s your thing.
For most people, it’s a good idea to start out with a non-fiction how-to type of eBook. Choose a subject where you’re helping your audience learn to do something.
For example, you can teach your audience how to adopt a vegan lifestyle or how to become a certified massage therapist. You can teach people how to speak a different language, how to play tennis, how to improve their credit score, or how to start a makeup line. You get the idea.
The topics you can choose from are limitless.
Ideally, you’ll want to write an eBook in a subject that’s related to your business. That way, you can build expert status for yourself. You’ll be able to tell your customers, “I wrote the book on that. Buy it here!”
How to Sell Your eBook
So, let’s talk about selling your eBook. You have three main options:
Sell it on a public market place like Amazon. Use Amazon Kindle Direct Publishing to self-publish your eBook and take advantage of the Amazon marketing machine.
Sell it on your website. You can use a service like Sellfy to sell for free (although you will pay a 5% transaction fee for the free account). You can also advertise your eBook on social media.
Sell it through affiliates. You can join an affiliate network such as Clickbank and offer a commission to those who help you sell your book to their audience.
How to Create Your eBook
I’ve actually discussed how to write an eBook recently. Check out this post: Need Help Creating an eBook? Here's an Action Guide.
#2: Create a Course
If you can write an eBook, you can create a course. It’s not as daunting as it may seem at first glance. Plus, you can use other types of content, like videos and slide shows, to support your course.
How to Sell Your Course
Sell it on a public market place like Udemy. Use Udemy to create and market your course.
Of the two, I prefer selling on your own website. Sure, you may get more exposure by having a course on a popular online learning marketplace like Udemy, but it’s better to self-host your course because you have more control. Plus, you can still market your course using super targeted paid ads on Facebook.
How to Create Your Course
I wrote a blog post on this topic, too. Check it out: A Beginner's Guide to Launching a Course.
#3: Create a Blog
Many people automatically think “Google Adsense” when they think monetizing a blog, but I don’t think that’s an effective use of the blogging platform.
Why? Because you’ll only get pennies, even if you have thousands of site visitors. Plus, displaying ads can really clutter your blog and make it an unappealling experience for your site visitors.
I recommend using affiliate marketing to make money on your blog. You can promote other businesses’ products or services to your audience.
But be careful and mindful of your marketing. Don’t turn your blog into a commercial for other businesses. Only highlight products and services that you use yourself or truly believe will benefit your audience. You want to maintain trust with your audience, and you’ll do that through authentic and transparent marketing.
There are all sorts of affiliate marketing opportunities around. Even Amazon has an affiliate program. I’m willing to bet that a product you love and recommend also has an affiliate program. It doesn’t hurt to check!
#4: Offer a Subscription
Another fantastic way to build passive income for your site is through charging for membership. You can charge a premium for exclusive access to your content. While not every member of your audience may be willing to pay for access, you may find a core group that won’t mind, especially if you’re offering a ton of value.
You can host all of your training content and other resources on your membership site. This includes videos, courses, workbooks, downloadable podcasts, and educational materials.
Spice Up Your Subscription Site with Videos
Let’s talk about videos for a second, but not those kinds of videos!
I’m talking about educational videos that provide an extra level of value to your subscribers.
Video is one of the best ways to connect with your audience. Plus, you can quickly produce a ton of content in a short amount of time.
You have three main options for video hosting: YouTube, Vimeo, and Wistia.
Right out the gate, I don’t recommend YouTube for hosting private videos. It’s better served as a search engine with public videos. When it comes to controlling who has access to your videos, you’ll want to go with a more secure option. That’s why I recommend Vimeo for a subscription-based model. It has sophisticated privacy settings, such as who can watch the video, if and where the video can be embedded, and what people can do with your video (such as download).
Vimeo Plus costs $59.95 per year or $9.95 each month if you pay on a month to month basis.
Wistia costs considerably more, with prices starting at $25 per month for 25 videos, but you’ll also get a ton more features.
Whichever method you choose, make sure your videos are private and cannot be accessed except through joining your premium site.
How to Create a Subscription on Your Website
You can easily create a membership site with the following:
Something to Keep in Mind
Although you can build these passive streams pretty quickly, it’ll take time and some marketing on your end for them to produce a substantial amount of income. But be patient with it, and don’t give up. Eventually, you’ll build a passive income that can help fund your passions.
Which one of these passive income streams would you like to try out?