WARNING!!! BE CAREFUL in choosing your site idea! While I think there are millions of ideas that can work, I’ve also had the sad experience dozens and dozens of times of seeing someone who poured 6 months of effort into a site that really stood very little chance of succeeding. The idea just wasn’t sound. If you’d like some help with your niche site idea before you start, check out Project 24 where I teach you exactly how to build your site and use it to earn a living. I’ve covered “picking a niche and domain name” in great detail.
Try peer-to-peer lending. Another residual income option that some people might be interested in is peer-to-peer lending. In peer-to-peer (P2P) lending, you essentially provide someone a loan just like a bank or credit union would. The returns you get from a P2P loan are far greater than the interest you would receive on an average savings account, CD, or bond.
With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.
You asked if we would like more of this kind of post, and the answer is yes! Thank you for the niche ideas but more importantly the strategies on how you found them. Do you have a post about different ways on how to monetize once you have found a niche/idea. I can’t seem to figure out how money is made once you have a niche or industry locked down. If there is a post or if you could write one just as detailed and informative as this one, that would be really awesome, thank you.
UPDATE: I created SoundProofExpert.com and wrote just seven articles on it. I got distracted and never finished the site. I usually like 50 articles on a niche site. Anyway, 1.5 years later, the site started earning $400/month in passive income from just SEVEN ARTICLES! We gave the site away as a contest on the Income School Youtube channel. Watch this video on our Youtube channel to see all of the details of this site–how much traffic we got, how long it took to get traffic, and all the earnings. We reveal everything about that project in the video. Oh, and be sure to subscribe to Income School!
Residual income is often also referred to as, “passive” or “recurring” income. Indeed, money makes the world go ’round. What better way to earn money than through letting money work for you even while you sleep? Surely, no greater method is available or even imaginable. The key here is to work smarter, not harder. Industriousness is required and you should be prepared to be very persistent. A common method of steadily earning residual income is through royalties earned from a book, song composition, software, or mobile application. Types of recurring income are not limited to royalties. Here are ten methods to begin earning.
There is a specific tax definition of passive income, known as “passive activity” to the Internal Revenue Service. Passive income is any income you make without actively working or are materially involved. The IRS defines it as any rental activity or any business in which the taxpayer does not “materially participate.” Nonpassive activities, or active activities, are businesses in which the taxpayer works on a regular, continuous, and substantial basis.
Self Publishing is mainstream today. When you purchase an eBook off of Amazon there’s a pretty good chance you’re buying a self-published book. Self-publishing is also ridiculously easy. I tried this a few years ago and couldn’t believe how simple the process was. To self-publish a book you’ll first need to write and edit it, create a cover, and then upload to a program such as Amazon’s Kindle Direct Publishing. Don’t expect instant success though. There will need to be a lot of upfront marketing before you can turn this into a passive income stream.
Singorama focuses on teaching people how to sing and includes various products and tools. The best income comes from promoting the digital version, where you’re earning a 70% commission. The physical edition doesn’t pay nearly as well but it is still more than many physical products. Just be aware that this is a Clickbank product. So, it’s best as a side affiliate project, not as the main product that you promote.
BigCommerce offers people the chance to build their own online store, one that allows them to sell physical products. The service allows for customization, along with the ability to list products, collect payments and manage shipping. There is also a free trial that should help convince people about the merits of the platform. eCommerce is a big field right now, so there are plenty of chances to make sales.
However, you should pick a niche and blog about that. If you're launching a money related blog, maybe it'll be about how to make money in real estate or simply how to make money online. Pick the niche and stick to it. If it's a diet and fitness related blog, maybe the niche is the Ketogenic diet, the Atkins diet or some other form of diet or fitness.
OK, I know what you're thinking — maybe you're not a writer. However, as Tamez says above, chances are, you're an expert sy ~something~. Also, chances are that other people want to know what you know. So whether you write an eBook on dating or tips on how to fix your car, once you write, self-publish the book, and let it go, it can sit on a site like Amazon and sell itself. Of course, you can market it, too, but that's another story! Some sites let you keep most of the earnings, while others do not.
The Shopify Affiliate Program allows users — who have applied to the program — to earn an average of $58 for each additional user that signs up for a paid plan with them. This is achieved through a unique referral link and $2000 for each ‘Plus’ referral. The program includes bloggers, publishers, educators, and other affiliates that refer their audience.
For a subscription of $27 a month, the Online Marketing Institute (@OMInstitute) offers a range of courses on marketing topics, including comprehensive training on email marketing. With 21 video tutorials of around an hour each in length, it’s possible for you or your employees to learn everything from database segmentation and management through driving response and tracking results.
This kind of site would be seasonal to some extent because it would obviously be more visited during the summer; however, some places in the world have summer most of the year. Also, a seasonally-active site could actually be a good thing for someone wanting to do more business during that time. For example, a school teacher who is not working during the summer.
When we look at where to focus our free blog content at Smart Insights, our main aim or filter we use is that the content must help digital marketers plan, manage and optimize their business results or improve their digital skills. This is also what our member content, in our guides focuses on too - starting with digital strategies and planning templates then more specialized marketing tactics like email marketing, social media, SEO, video and many more digital skills.
You've probably read blog posts and articles that recommend a certain brand of backpack or water, so you click on their hyperlinked link. Oftentimes, that person gets paid a commission when you do. If you have a blog, the same can happen for you. It's a win-win-win for everyone involved — you, the product you're recommending, and the person who clicks on the link to get the product. Pat Flynn talks about this at length on his website, Smart Passive Income, where you can learn a whole lot more on the topic, aside from affiliate marketing.
Obviously with such a hugely valuable niche where people will be spending on average around $30,000 to $60,000 on a boat, there will be tons of information and reviews available, right? Wrong! In fact, MOST of the boats that I was interested in had zero reviews to be found anywhere on the internet. Zero. And all the manufacturers showed was a few pictures, sometimes a sales video, and an abbreviated spec sheet. That’s it. I scoured the internet for unbiased reviews of boats and did not find anything helpful at all.