If you want to become an affiliate marketer online, one of the ways that you will get paid is with passive income. It is one of the best ways to make money online, in my opinion. The thing about passive income you don’t need just one income stream you can have multiple passive income streams online. Having multiple passive income streams can help you achieve your financial goals and financial independence. Now I bet you are wondering what is passive income and how do I get started.
What Is Passive Income?
Passive Income is income that takes minimum to no effort involved to maintain it. The best way to put passive income is that it is money you create now and benefit from it long-term. So the phrase you seen online “make money while you sleep” is actually possible to achieve this with passive income. Some passive income requires you to invest money and work upfront, but you will benefit the rewards later.
An example of passive income would be investing in rental properties. This requires you to invest money upfront and work to make your properties presentable, but you will benefit from your hard work later. Rental properties are actually an offline type of passive income stream. I’m going to give you examples of different kinds of passive income streams you can make online.
Types of Passive Income Online
Passive income can be slow at first depending on how much time and effort you need to put in when creating it, It is not something you can get rich with overnight, but if you are consistent with it, you can reap the rewards later.
Some passive income streams require an investment to get started, but over time you will make your investment back as you increase your income. I’m going to share with you below 10 type of passive income streams that takes little to no investment to get started.
- Affiliate Marketing: Affiliate Marketing is promoting other people’s products for a commission of the purchase. The best thing about it is that affiliate marketing has many categories to pick from to get started, and you don’t have to create any products of your own. All you have to do is recommend or promote the product to others.
- Blogging: If you like writing or want to start a business in something you are passionate about, a blog is an excellent way to get started. You make passive income with blogs by providing your products, affiliate products, and ads. Blogging is something that takes time and patience, and you will not see profits by only posting one time. As you share more and more content, search engines will monetize your site, and you will gain traffic, which will build your audience.
- E-Books: Writing an e-Book is another great way to earn passive income online. All you have to do is write a story, novel, or teach others how to do something, and then you can publish it to websites like Amazon Kindle, or you can publish it to your own website.
- Online Courses: Similar to creating how-to e-Books, you can create an online course in something you are knowledgeable and passionate about and teach others. You can do this by making videos or providing step-by-step guidance. You can start by giving a snippet of your course for free and then offer the full course when your customers are ready to take the next step.
- YouTube Channel: YouTube is a very popular way to make passive income. You can create your channel in something you are knowledgeable and passionate about and grow your audience. There are many topics you can create a channel in, i.e., reviews, how-tos, gaming, and more. As I stated above, with blogging, posting one video is not going to generate passive income overnight. You have to build your view count by providing more videos to grow your audience and ad revenue. As your view count gets higher, you can make more money with product endorsement.
- Brand Ambassador: Becoming a Brand Ambassador is similar to affiliate marketing. Brand Ambassadors’ use a company’s brand by posting it on their social media accounts. This can be by video or pictures of them using the brand. In return, the company provides the ambassador with an affiliate link to promote the brand, and they earn a commission.
- Logo Designer: If you enjoy creating Logos or other designs for other people, you can actually earn passive income by creating your passion. There are websites like Fiver, Upwork, and many more that you can offer freelance work to others and get paid. As you provide service to others, you build your credibility, which in returns builds your passive income.
- Photography: If you enjoy taking photos or if you are a photographer, you can use your photos to sell to others. There are stock photo websites that you can sell your photos on for people looking for pictures for their websites. This is a great way to build passive income because you can sell those photos over and over.
- Build Your Store Online: If you know how to create your own products or if you are good a designing products, you can build your own store online. Shopify is a great place to get started; they really simplify things and teach you step by step on how to get started. Then you can use Social Media to recommend your products or design to build your audience.
- Consulting: If you are very knowledgeable in a niche, you can use your expertise to help others. For example, if you are an expert in affiliate marketing, you can help others get to your level by coaching them and charge them a one time fee for a month or monthly fees for six months to a year.
My #1 Ways To Make Passive Income Online
When it comes to generating passive income online, my number one ways are affiliate marketing and blogging. These two categories go hand in hand because, in order to profit with your blog, you need affiliate products to promote or recommend. The reason I love these two categories because with affiliate marketing, you don’t have to create your own product to get started, and you can start with any niche. As you grow your blog and continue to provide your audience with informative content, you can benefit the rewards later off a post you did a year ago or longer. This is why I love this way of making passive income.
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There are many ways to get started to generate passive income online, with the many choices you have to keep in mind that it is going to take effort, consistency, and dedication on your part in order to succeed. If you want to generate multiple passive income streams, I would recommend you go the blogging route.
“The best time to plant a tree was 20 years ago. The second best time to plant a tree is today.” -Chinese Proverb