By Jonathan Prichard, the founder & CEO of MattressInsider.com, a company that specializes in custom mattresses made in any size or shape.
If you’re willing to invest a little time now, in the present, you can set up a revenue stream and generate income from it with little or no additional effort in the future. Yes, the money will come in even when you’re sleeping or putting in little to no effort to obtain it. That’s how passive income works.
Here are seven ways people are earning passive incomes today that could work for you too.
Tap Into Your Expertise And Sell Online Courses
Are you an expert on a specific topic or industry or have special know-how that other people could benefit from? If so, then you have knowledge that you can turn into online courses and then sell access to those courses in order to generate passive income.
Create a series of videos of yourself talking or record your voice along with a set of presentation slides. Upload the content to a learning management system (LMS), add a price tag, promote to your mailing list and voila. You’ve created content that you can passively sell.
The easiest way to get your online courses up and running quickly is to offer them through an established online learning site like Udemy or SkillShare. Another option is to use a software-as-a-service (SaaS) tool like Teachable or Kajabi.
Share What You Love With Affiliate Marketing
Are there specific brands or products that you love? Are you active on social media or do you have a blog or website with some traffic? If so, affiliate marketing could be a perfect passive income opportunity for you.
When you join a company’s affiliate marketing program, you will have access to links, banner ads and more that you can publish and share on your website, blog, email newsletter and social media accounts. Depending on the company’s affiliate program terms, you’ll receive a commission whenever someone clicks your affiliate links or makes a purchase.
The key to successful affiliate marketing is to choose companies with products and services that make sense for you to share with your online audience, otherwise they won’t click and you won’t earn.
Leverage Your Online Following As An Online Influencer
If you already have a large online following or you’re ready to invest some time into growing a large following, then you can promote yourself as an online influencer and generate an income from the activities you already do, such as publishing social media posts and videos or live streaming. The online influencer is typically paid a fee or a commission.
The trick to being successful is to build a personal brand and publish content that is highly focused on a specific target audience — one that is desirable for other brands to connect with. The most popular online influencers know this, and their TikTok, Instagram and other social media feeds are filled with content that their followers are interested in.
Build A Review and Comparison Website
For entrepreneurs who are tech-savvy and not afraid to set up a website and keep it updated, building a review and comparison website can be very lucrative. With this type of website, you simply publish content reviewing products and comparing products to help people make buying decisions.
Choose a niche of products that consumers typically have to do research about before deciding which brand to buy. Join the affiliate marketing programs for businesses you know you’ll include in your content, and when you publish reviews and comparisons on your site, use your affiliate links. That way, you’ll earn revenue when people click and buy.
As you build an audience and your traffic increases, you can also sell ad space on your site to generate additional passive income.
Hop On Trends And Start A Dropshipping Business
Dropshipping businesses have become extremely popular in recent years. With dropshipping, you set up an e-commerce website, choose suppliers and sell their products through your site. All payments and shipping are handled by the suppliers, so you’re only responsibility is maintaining your website, promoting it and handling any customer service inquiries.
To find a product line to focus on, search trending content on social media sites and use Google Trends. Once you choose a niche, you need to find reliable suppliers. Do your research, request samples and place your own orders first to test them.
You can search using sites and tools like Oberlo or Megagoods. Another option is to work directly with brands that offer wholesale programs where they handle the shipping for orders.
Exploit Fads With A Print-On-Demand Business
Have you ever seen T-shirts, mugs or bags with funny phrases, cute pictures or trendy designs printed on them? If so, then it’s very likely you’ve stumbled on someone’s print-on-demand business.
Two of the most popular print-on-demand suppliers are Printful and Printify. Using their services, you can create custom product designs to be printed on clothing, bags, hats and more. The supplier takes care of the production and shipping.
Leverage Success And License Your Work
Licensing is a process where you grant others the legal permission to use your creativity, work, process, business model, materials, products or services and sell it through their own business in exchange for a royalty fee.
If you have something of value that other businesses can use and would be willing to pay for, then licensing allows you to exploit that item or idea and generate a passive income from it. Just be sure to work with an experienced attorney and financial professional when you set up your licensing program and agreements.
Next Steps To Make Passive Income While You’re Sleeping
I’ve seen people achieve success with all of these passive income opportunities. To get started, you must create a plan and stick to it. When you’re trying to set up passive revenue streams, it can be easy to procrastinate, but remember, every delay leads to wasted income — both while you’re awake and while you’re sleeping.