Hi guys, this is Sokumo here and in this article I want to
tell you about the 9 passive income ideas that you need to know if you want to
start earning online in 2023. Now, this is not going to be like a typical
article. I'm going to give you the step by step process that you need to follow
if you want to actually make money from these sources. It's going to be an in-depth
and a little bit broad article, but I hope that you will get value from this
one.
Before we start, I want to give you an honest definition of
passive income. Passive income is a way for you to make money, in which first
of all, you build the product and then you can sell it multiple times without
you having to do the same amount of work every single time. I'll give you various examples throughout this article so that you can
get more comfortable with this definition of passive income. Always remember
that passive income does not mean that you do not have to do any work. That is
not what passive income is. It's all about building out the systems and they
can pay out afterwards, even when you're not working on it. That's what passive
income is all about.
Let's talk about the first way for you to generate passive
income. And that is going to be –
1. Selling E-books Online: That's one thing that I have done myself as well. How do you start with this process? It's very easy. What you do is first of all; think about an idea that you want to share with the world. For me, that was LinkedIn. I have been using LinkedIn for the past one year and I have had huge success with it. I have gotten my podcast guest with the help of LinkedIn. I got my clients from LinkedIn. I got to meet some amazing alumni and senior from LinkedIn itself. And so, because of that, I thought of sharing my knowledge in the form of a book. And that's what I did. How did I actually publish it? It's very simple. I, first of all, just went out with a Google doc and I started writing down exactly what I want to write in this E-book and that is how my eBook came to life. It's about 90 pages long. It's nothing too crazy. But once that is done, the next step for you is to actually publish it so that people can actually buy it easily from wherever they want to.
And the best way to actually do that is with the
help of Amazon. Now, Amazon has a service called Amazon Kindle Direct Publishing
also known as Amazon KDP. The way this works is very simple. You take your doc
file off the book that you have. You upload it on Amazon KDP. Once you've made
your account, and then you create a cover for it. And once it is approved, it
is available on the Amazon platform, which is one of the biggest ecommerce
platforms out there in the world. This is the easiest way for you to get
started with publishing your books. It is completely free. They do not charge
any money. You can upload your eBook and people can buy it in the eBook format.
They can buy it in the paperback format, as well as in the hard cover format. How
much do you get to keep? That's a very important question. So you get to keep
about 50% of whatever Amazon makes from the eBook. Now, the way this works is
that you have to put out more than one or two eBooks for you to be actually
successful as an eBook writer. So what you do is think about all the things
that you are passionate about. It doesn't need to be one like a skill. It could
be a story that you want to write. It could be just anything that is
interesting to you, or if you're into finance or you are into motivation, you
can create books that talk about certain personalities or certain events. There
are tons of books you will find on Amazon that talks about, you know, ‘10
lessons I learned from Warren buffet’. There's a complete book that someone has
wrote on that. ‘7 investing methodologies that you can try out’
in which they talk about all of the most
successful investors in the world right now. So there are tons of examples, put
your head into it.
So that's the first way to make money with the help of
eBooks.
The second one is going to be the most cliché one that you might
have heard from everyone and that is
2. Selling Your Courses: Always keep in mind that when you're trying to teach something to someone, make sure that you have a good understanding about how it works. Now, there are some bad apples in this field as well. People who try to tell you that you can achieve this dream to live independently and you can make tons of money if you buy this particular course. But generally speaking, building a course and sharing your knowledge is a great thing overall, right? You can help people out. You can charge a minimal fee and it'll be a great thing for both of you.
So that's basically what you need to keep in mind.
Creative course is not the problem. The problem is - Do we really have the expertise
to talk on that matter? And if you do, then that is very good. So create a
course in which you can share everything that you have. Now, once it is
created, there are tons of platforms on which you can host the course. Once you
create the course, you can sell it multiple times to anyone out there. So you
spend, let's just say one complete month on building out a master class type of
a course. And you sell that to let's just say 10,000 people. You can quickly
see how this number adds up and how much you can actually make from it. So you
spend time once, but then you earn multiple times. Always make sure that you
have that authenticity and you actually have something to share and teach
people.
The third before you to make money is with the help of
3. Creating and Selling Your Design Templates: This could be through Canva. So you can create a template for people to download for people to use, and you can upload it on whatever platform that you want. You can upload it on platforms like Fiverr, Red Bubble etc. You have so many of these platforms on which you can upload these. You also have Gum Road if you want to sell these digital products and you can make money passively doing so. The idea behind is that if you're good at design, or if you just like to make something beautiful, use that and make an actual template.
The fourth way for you to make money is going to be with the
help of
4. Google Adsense: If you are good at writing, or if you are good at creating videos, generally in my particular experience, I just love creating videos. Just try to interact with you as much as possible and many times what happens is that these videos get ranked in search algorithm in the YouTube search for certain keywords. For example, if you just search for something like, you know, how to get Cousera courses, something like that, you will find that the first few videos are going to be from my channel itself. What that means is that my video is ranking at the top for that particular keyword on YouTube itself, because of that, a ton of people will continue to watch my video, even after me uploading it once on this platform. I'm not working on those videos now, but they're still continuing to give me revenue every single day. And that's the beauty of Google Adsense. Once you get it ranked on Google search or YouTube search, particularly, it'll keep getting you that sweet ad revenue. And that is another way for you to make money passively. I don't have to work on it. I just recorded it once and put it out there for everyone and it keeps getting views and the ad revenue out there.
Now the fifth way to make money passively online is going to
be with the help of
5. Building and Selling Software and Games: Now, there is just so much I can talk about this particular topic. Code is something that I am a huge proponent of for the past two to three years. I have promoted everyone out there to just learn to code once and see how it actually feels. With the help of code you can build out games, you can build out software that you can launch online and if it is actually good, learn to actually market it. There is an amazing book called ‘Make’ by Peter Levels, in which he's talking about how to actually launch a project, a website, an application yourself without the need to get any funding, how to acquire users and how to generate revenue with the help of that. It’s an amazing book that you should check out if you want to learn more about it. And in this book, he basically talks about how you can actually start marketing it. So what sources can you use? He talks about how to actually build a software and then launch it, just you working on that software and earning through that a single person company basically, That's basically how that works. You can sell your business, you can sell your games, you can install Google ads, and then you can earn revenue through that. Or, you can also offer some in-app purchases and you can make money through that. You will see a ton of apps on Google Play. They might be on the top crossing chart. And so if you can get your application in the top hundred list of Google Play, then you will have a lot of potential to get a ton of users and hence the revenue.
Another great way to
make money passively is with the help of
6. Uploading your Pictures or your Videos on Stock Footage Platforms: So once you think that you have a great camera or you have a great phone and you can record some really nice shots and really enjoy photography, you enjoy recording videos, you can actually upload these on these platforms and people can actually buy it for particular scenarios. We have had scenarios in which we want a very particular stock footage, but it is just not available. And because of that, we have to settle for something less and we wish that they would've been more stock footages available. So this is your opportunity to create more stock footages, to create more videos or graphics or icons or whatever it is like logos and presentation templates or whatever it is that you can sell on platforms like Envato, you can sell it on Theme Forest, and there's just a ton of marketplaces out there for you to sell these things. So get into this thing, learn about it and start exploring.
The next way to make passive income is with the help of
7. Affiliate Marketing: Now, this is a broad field. What I mean by that is you can do affiliate marketing in so many different ways, I'll share my own experience. I have seen a ton of these reels in which a person shows that here is an amazing gadget, and this is what this gadget actually does and in the caption of every single reel, they will always say link in bio to buy this product, right? If something is cool, if something is viewed by millions of people out there, you can be assured of getting a ton of sales. So what you basically do is you drop ship all of the items and you find out what is it that is interesting. Make a reel out of that, and then put it out on all of these platforms. You can do that on YouTube, on Instagram and have the link for that, that people can click on. Then they can just purchase it. There are some complications with this, of course, I'm not saying that this is the easiest thing to do, but that's what you have to do. One more example is let's just say, that you upload a funny dog short on YouTube. And with that, in that description, you can put out the links of; let's just say some products that people can click on. This is not the best way to make money. I am not saying that you will make thousands of dollars into this, but there is a possibility that you can make money with the help of it. So what you do is that you go to clickbank.com and sign in to become an affiliate. Try to find out products which have great reviews, as well as a high commission for you. These could be courses that you can sell as an affiliate; these could also be physical products that you can sell. So the list just goes on and on, but this is one way in which you can do that. There are tons of ways in which people make money with the help of affiliate marketing. One more that I'm remembering right now is with the help of Quora. So if you go to Quora and search for how to buy Bitcoin in India, there will be a ton of answers and everyone will have some sort of a referral link alongside the answer. So when you click on that, they get free engagement, they get free eyeballs and people click on that and that is how they get to make money as well. Now, affiliate marketing, I'm still not sure exactly how to properly monetize this. If you do not have an audience, like it's very easy for me to just say that, Hey, buy this great product, I use it, You can use it as well, link in bio or link in description. And there will be a ton of sales with that. That is easy for me to say, because I'm an influencer or a creator. But for someone who does not have that audience, how can they make money with affiliate marketing? If you know the answer, let me know in the comment section
Let's move on to the next way to make money passively. And
that is with the help of
8. Selling Character Designs: Specifically these are called us sprites. So every single character that you might see in a game, they have different movements, right? And depending on those movements, they will be having different sprites that they can create. These could be sprites for a character. These could be sprites for some particular object in a game. This could be sprites for pretty much anything out there. You can sell this complete bundle of assets on the Unity Store, and you can make money through that. There are tons of ways in which you can sell these. There are ton of platforms that allow you to actually sell these and you can make money with the help of doing so. This is very much similar to selling your eBooks. Just build it once and then you can start selling it on all of these other platforms. There are a ton of game developers out there who are not good at design. So what they end up doing is they just go onto these platforms and they end up buying all of these character sprites instead of making it themselves maybe because of time constraint, maybe because they're just not good at design, particularly. So that's where you come into place. That's how you can make money passively by just making it once and selling it multiple times.
The last way to make money is with the help of
9. Play to Earns games: It's a little bit new concept because you're talking about the WEB3 and METAVERSE and stuff like that. So the way this works is that platforms like AXIE Infinity allow you to have this thing called as a scholarship program. So what you do here is that you come in as someone who has the money and you buy out the NFT axies And once you have these Axies, you find out people who have a ton of time, but they do not have the money that you do. So what happens then is people from the third world or second world countries, they work with you together and they will be working on all of your accounts. And when they do that, they get to keep about 40% to 50% of the total sales. And you get to keep the rest of that, which is completely passive for you. So this is another great way for you to generate passive income. If you're interested, let me know what you think about this method. It's a little bit new, and I would want you to explore it and properly understand the risk involved before you actually go ahead and invest. I'm just giving you an example. AXIE Infinity is just one of the many different plays to earn games that you can start with, but this is one of the most popular ones out there. That is the video.
You
could also be selling NFTs. That is also a great fit for you to make money
passively if you want to do that. I have actually seen a lot of designers who
sell their NFTs and they end up making that passive revenue. Basically,
whenever someone sells your NFTs you can decide how much percentage you want to
keep. Maybe you want to keep 5% of the sale to you as the artist. That's another
for you to make money.
This is basically what I wanted to share with you in this article. Let me know what you think about this in the comment section. I wanted to go deep into every one of these topics and give you real value. Thanks a lot.
Nice
ReplyDelete