Common types of passive income
There are literally hundreds of types of passive income that you may want to pursuit. Here are five of the most common. We link to several websites because they are the best at what they do. We know, we know…we shouldn’t be sending you away from our site. Don’t worry about us, we’ll be just fine. The truth is, we aren’t experts in every form of passive income. No one is. We believe that anyone we link to is the best resource on that particular topic. Bookmark our site as the gather hole for great ideas.
1. Write and Sell Your Own EBook and Print Book
Most entrepreneurs are idea-people. We have loads of commentary on just about everything. Some of what you know may be truly valuable to someone else. One of the best forms of passive income is in writing books. We recommend self publishing those books. You control how and when your title is released. You retain your rights. Plus, you receive the net revenue after expenses have been deducted. Here is a great article about publishing on the Amazon Kindle platform. Click here to get started.
2. Set Up Your Own Website and Implement Affiliate Marketing
Ten years ago websites were built by coders and designers. You needed to pay nearly an arm and leg to be able to have a professional looking site. Today it is quite different. With the invention of WordPress websites and drag and drop solutions, you can have your own professional looking website in under one day’s work. That’s fantastic. Along with your website you can monetize quickly too. This is where affiliate marketing comes into play. Affiliate marketing is the term used when you advertise a product on your site, someone clicks on your link, purchases the product through an affiliate (a different site) and you get a commission from the sale. Click here to get started learning about website creation and affiliate marketing.
3. Start Your Own Podcast
Podcasting has sure become a lucrative business! What is more important to know about podcasting is that it may be the best way to communicate your ideas to your audience. It is the medium you should use if you want a high amount of time spent hearing your message. It is said that most people will give you 7 minutes of their time when they initially download your podcast. The bounce rate for first time visitors to a blog is as short as 7 seconds. What a better opportunity! As well, podcasting is the best way of building rapport with your audience. Video being second best. Click here to learn how to begin podcasting.
4. Star in Your Own YouTube Channel
YouTube is the second highest ranking search engine in the world. The first is Google. Both are Google companies. That being said, you need to rank in Google whether you are a small niche site or an author/coach. You need to rank in Google. Have we said Google enough? YouTube is a video search site. It is also the sender of greats amount of traffic to other sites. If you are thinking you may not be able to create videos, you may. Here is a really great article to get you started. Click here.
5. Sell Your Designs and Photos
Selling designs on sites like www.society6.com is a great way to create a design and put it out there on t-shirts, canvas, prints, coffee mugs and more. Even the most novice designer can put something out there. In the same way, photographers can sell their work on websites like www.shutterstock.com. Both design work and photography are great passive income revenue streams. You simply make your work available for sale and sit on the beach collecting royalties.
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