Many people out there have this dream. Earning a nice income online enough to quit their full-time job and have time to do the things they love. Escape from the oppressive 9-to-5. Relatively few, however, have the courage, motivation and persistence to make it a reality.
Yes, there are several ways to generate money online and doing so is really not that difficult to achieve but it does require time and discipline. You will need to put in a lot of work upfront but it is definitely worth the time investment as it will pay great rewards later on down the road. You need to start somewhere and sometime so how about right here and right now?
Just want to make it clear right off the bat that these are not those get-rich-quick schemes that DO NOT WORK. What I include in this post are legitimate and sustainable ways to earn long-term and ongoing income.
Now, in my opinion, the best kind of online income that you should strive for is passive online income so that is what I will be focusing on in this article.
What is passive online income?
Passive income is money you earn while not actively working at that moment. The kind of income you make while sleeping or laying on a beach in Bali. Note that I said not actively working, meaning that you are not on the clock at that precise moment. However, there is a lot of work involved to get your business up and running. It might take months of hard work but it is definitely worth the effort.
Success is 90% perspiration and 10% inspiration.
One of the things that I love the most about setting up online passive income is that it allows me to be location independent. I just need a laptop and a good internet connection and I’m good to go. Imagine getting to the point where you have your online businesses set up and you have the time and freedom to pursue the things that you’ve always dreamed of. It is possible. As mentioned above it will take some initial hard work but the reward is absolutely worth it.
There are many different kinds of passive income such as renting your car, lending money or investing in stocks, but I like to focus on a few safer options that I can do online.
I’ve listed the most common ones below with a brief description of each one. You can click on the links for a more detailed analysis of each one.
What are the best kinds of online passive income?
1. Start a website or blog
Many successful bloggers earn upwards of $10,000 a month. Of course it takes time to build your brand and following, but thousands have started and succeeded and so can you.
First you need to choose a niche or topic for your website and once you’ve uploaded some good content and started getting some traffic you can begin to monetize it. Monetizing your site means converting your traffic into revenue.
The key thing to remember is to always think of adding value to your audience. Offering great content to your readers should be your number one priority. If you provide great information you will slowly start to build up your traffic and then you will generate income. Check out our Step by step guide to create your own website.
2. Start a YouTube Channel
Do you like making videos? If the answer is yes, then this can be a great way to generate online passive income. The two most common ways to earn on YouTube are making money from ads and selling your products and services. Check out my detailed post on starting your own YouTube channel.
3. Write an e-book
Remember the days when you needed a big publisher to get your book out to the public. That is no longer the case. Nowadays it’s much easier to self-publish your digital book and not have to worry about printing and distribution. E-book sales run in the hundreds of millions per year. The great thing about this one is that once the e-book is written, you can sell it forever through a thoroughly automated process. There’s a lot of money there and some of it can be yours. Find out how to write your own ebook.
4. Affiliate Marketing
You can make money while you sleep with affiliate marketing. The way it works is basically like this. You recommend products or services to your followers online and if they go and buy them, you get a commission.
The key to be successful with affiliate marketing is to choose a niche that you are passionate about and that isn’t too saturated or doesn’t have so much competition. There are many affiliate networks, such as ClickBank, FlexOffers and CJ Affiliate that allow you to promote other people’s products and services. How can I earn money with Affiliate Marketing?
5. Start an Amazon FBA business
The potential to make money with the Amazon FBA program is huge. In a nutshell, you can create a product or find a manufacturer and start selling that product on Amazon. FBA stands for Fulfilled by Amazon which means that they take care of all the customer service. You or your supplier sends your products to Amazon, you list your product on the Amazon store and whenever you get a sale Amazon ships it to your customer. Find out more about making money selling on Amazon.
6. Design and sell a course
Is there anything that you know a lot about? How about teaching the world about it? People are going online to learn about pretty much everything more than ever now. Online courses are a great way to earn money online because they allow you to monetize your skills. And the great thing about it is that just like with e-books you create a course once and then you can sell it for years. How can I design and sell my own course?
7. Build an e-commerce site
Ecommerce sales currently account for 17.2% of all retail sales, with online shopping itself growing 13.7% year-on-year. In 2019 online sales in the US are expected to top $500 billion. That is a huge pie and why not serve yourself a piece?
Building an online store is a great way to make money online and the good news is that you don’t need a lot of money or technical knowledge to get started. There are e-commerce platforms such as Shopify or Wix that make it very easy to build your online store.
These are a few different ways to earn money online and there is no better time to get started than right now!