Passive income is the Holy Grail for online marketers. It's automatic. Effortless. But, not at first. In the beginning, it's grueling. I liken this to doing the most amount of work for the least initial return. However, over time, as your passive income begins to increase, your reliance on an active income plummets. That's when the real magic starts to happen.
With around 50,000 courses available on topics such as video filming, production and editing from beginner to advanced levels, website design using various content management systems (Wordpress, Joomla, Drupal, etc) technical web development, graphic design, photography, 3D and animation, much of the content is marketing-focused even when it doesn’t fall into the Marketing category.
Increased Chance of Success: Begin with a small, well-defined product range rather than casting a wide net. Selling a couple of niche products allows retailers to take the time needed to understand cost, pricing, and potential barriers to scaling sales. They can research their target audience and build a good marketing plan. With a focused marketing strategy, higher organic search rankings, and lower competition, niche retailers have the perfect recipe for a lucrative business. From there, they can then expand and diversify.
This is a venture that is growing rapidly. You can create videos in just about any area that you like — music, tutorials, opinions, comedy, movie reviews — anything you want . . . then put them on YouTube. You can then attach Google AdSense to the videos, which will overlay your videos with automatic ads. When viewers click on those ads, you will earn money from AdSense.
3d printing is a booming industry right now. 3d printers are machines that start with a chunk of plastic and essentially cut out whatever you design on the computer. You can make clothing, jewelry, technology accessories, all kinds of things. Writing a blog about what can be made with 3d printers, reviewing the best 3d printers, and having info on making the best designs would be AWESOME! I might even follow this kind of blog even though I don’t have a 3d printer, just because I want to get one so bad!
Andrew Warner is an entrepreneur who is best known for building Mixergy. He did well in business way before Mixergy, though: when Andrew was in his early 20s, he and his brother started few businesses, the most successful being an online greeting cards company that reached the revenue of 1mil+/month. Later, they sold that company, and Andrew came up with an idea for business meetups, which he called Mixergy. That didn’t work out very well, but once he discovered interviewing, he was on the right path and Mixergy as we know it today was born.
"Rental properties provide a source of passive income and the possibility of overall appreciation of the property with tax advantages," Lou Cannataro, partner at Cannataro Park Avenue Financial, tells Bustle. "Our generation and those to follow will not have pensions, and social security is 'iffy,' at best. Rental properties can provide that constant income (people always need a place to live) that is not directly tied to the marketplace and one cannot outlive."
In addition, you must know how much you want to earn by joining affiliate programs. Will it be your main source of income or just an additional one? For the first scenario, you should consider promoting products that are expensive and, consequently, that can bring you a good profit. If you plan on the second scenario, you can opt for affiliate programs that pay for sign ups or affiliate programs that pay daily.
"You know what they say: 'Don't work for your money. Make your money work for you,'" Jenna Goudreau, Managing Editor of Make It, CNBC's new site focusing on all things money, tells Bustle. "That's exactly the goal with passive income: By being smart about the resources you already have, an initial investment of effort can eventually earn you money while you sleep."
Dropshipping: Dropshipping is a low risk, low cost option, as there is no inventory or overhead costs. When a customer places an order, you send the sales order information to your supplier and they fulfill the order for you. You never handle any of the inventory. Dropshipping is an easy way to start an online retail business. It is great for those retailers who are looking for a hands-off approach and not interested in storing their own inventory. The downside to dropshipping is the lower profit margins and staying on top of communicating with your suppliers after every new sale. Make this option an even easier business model with dropshipping software that automates supplier communication and order management for you.
Charge a monthly or annual fee to offer members access to exclusive advice or products. Sell your expertise through exclusive podcasts, offering live FAQ sessions through Skype, or forums. You may want to try selling a monthly subscription to allow users to sample new products, similar to a book club. Frequent interaction increases interest and helps build membership through word-of-mouth.
I wanted to specifically call out one particular strategy within equity investing that bears mentioning – dividend growth investing is when you focus on stocks that not only pay a dividend but have a history of strong dividend growth. When I was first building my portfolio of individual stocks, I focused on buying companies with a history of dividends, a history of strong growth, and financials that supported a continuation of both.
For example, you can design digital products, like animal clipart or a downloadable wedding poem that could be printed by the customer. Your design could be resold thousands of times without needing to create each item or ship it. Once you create your digital product and list it on a site like Etsy or Ebay, the revenue flows in with little oversight.