Today is a completely different world! With the advent of the internet and proliferation of many tools, the average human is struck by a simple realization: I don’t need to slave away for the rest of my life, I can be my own progenitor, my own boss!
With the ever-growing and everlasting presence of the Internet, everyone is given a chance to get a shot at earning themselves a nice passive income from various sources on the Internet. I have many personal online projects (like SBWebCenter) that allow me to make a monthly and relatively passive income stream. This is excellent if you have spare time or want to travel for long periods. The best part about making online passive income is that it gives you mobility and the potential for geo-arbitrage. This means that you can travel while still making a consistent income. And the best part – if you’re making US dollars and travelling to somewhere like Asia – you can make a high value currency income stream while spending where goods are at a low cost.
Imagine how nice it would be to work four hours a week and never have to show up to that dreaded office ever again?
This has now become a possibility and in this article, I will show you the top three ways to do so.
Note: The methods I explain below are passive but do require work in the beginning! After that, the rest is easy sailing
1) Purchasing Established Websites
Not everyone has the time, creativity, talent or dedication to start an online business which may or may not succeed. A failure could lower morale and your hard earned cash. That is where purchasing an already established business comes into place. Purchasing an established website that is already earning income can be an excellent investment (if you know what you’re doing). There are a few things to know with regards to selling and buying a website. This requires a much more detailed explanation, which I’ll cover in my next article. For now, I’m just going to go over the top methods in which you can make a steady stream of cash flows with little to no work. Once you know which method you are interested in, you can checkout my other articles that get into the nitty gritty.
The reason purchasing a website is #1 on the list is because there are soo many ways to monetize a website if it has a steady stream of traffic. Just to name a few: selling products, selling affiliate products, advertisements, emailing lists, and the list goes on. Given that there are so many options to make money if you have a website, there is significantly less risk relative to many of the other methods.
Flippa is a very popular marketplace for purchasing and selling websites (they also have apps and domains for sale). It is a trusted and respected source that provides the customer with hundreds of website to choose from, with info-graphics and an abundance of resources backing up the past of those website(s).
2) Affiliate Marketing
Huge companies and popular retailers use affiliate programs to lure in customers from all over the globe and that is where you come into place; If you have a specific hobby or skill that you particularly excel at, affiliate marketing can get you the top of the mountain and here is how:
Let’s suppose that you are a woodcutter; A woodcutter has a lot of experience when it comes to the tools required to woodcut and with the different techniques and skills required to get the job done.
And how to convert these skills into revenue, I see you scratching your head?
By writing! You put your knowledge into paper and at the end of your article, you offer the newest and best tool on the market and if your reader were to purchase that tool, you would get yourself a nice commission based on the price of the item being purchased! Many people don’t really know how lucrative this can be. If you have a hobby that you are an expert in or are willing to learn, you can create yourself a blog that makes great income from advertisements and affiliate marketing.
The general steps to affiliate marketing:
- Start a blog – you can also purchase one, as suggested by #1 on my list
- Create valuable content – the content needs to be related to your niche and must add value
- Sell great products and earn a commission – this is as simple as just recommending certain products to your viewers
Affiliate marketing is also relatively safe as once you are an authority site, you’ll be ranked on Google and everyone will trust you for your information. The tough part about this method is finding an area that is not heavily populated with current blogs. If you do a search for your topic and the top 10 results on Google are of excellent, well maintained sites, then you may need to brainstorm a little more. Or, you can also purchase a website as suggested above, which guarantees a strong viewership base.
3) Kindle eBooks
Ever heard of Kindle? If not, that would be a shame as it is the largest online book retailer in the world.
Led by Amazon (don’t tell me you didn’t know about them either), Kindle has enabled thousands if not hundreds of thousands of indie writers to live a life of luxury and to lavish in the constant passive income stream that their written books provide them with.
Have a story, a fascinating experience or just want to test your creativity?
Writing a book can be a daunting task but here are some tips to make the process a thousand times easier:
- Hire a writer to do most of the writing for you – just provide your ideas
- Leverage online tools – there are many tools and services that takes the pains out of writing an eBook
- The book doesn’t have to be long! I’ve seen many successful eBooks that only had 70 or so pages
To sum up, never has the time be more ripe to enter Internet marketing than it is now! Though this is my personal top 3 ways to make a decent income stream online, there are many more out there and if you are really interested in the online business space, check out my other articles regarding SEO and online advertising.
With millions of ways of making a steady income stream for travel, retirement, or just to earn some extra dough, there is bound to be a method that catches your eye. And don’t forget that most of these methods can be outsourced to some degree, thus saving you a ton of time.