Make Money Repackaging Existing Content
The average blog is like the average wardrobe…a complete fucking mess; with gold nuggets of wisdom spread throughout 100's of articles.
How much more useful would it be – to your reader – if you created a unified guide?
i.e collected all the best bits of your blog, ordered them and edited them down into a succinct punchy broth?!
If you can do this with blog posts, eBooks, podcasts, interviews or whatever, you can end up with an entirely new product to sell.
Since this idea could end up as an eBook, online course, video, or whatever, I thought it worth putting as a separate passive income stream idea.
PS need convincing? Then think about how many people buy eBooks that are simply ordered and succinct versions of existing blog posts!
PPS readers often write in and tell me 2 things are hard. 1) making sales pages for their eBooks without having to spend hours and ££ on a designer. and 2) making 3-D renderings of their eBooks for the sales page.
Solve these two common problems, and you've got an income stream in the making right there.
Make Money By Blogging With Affiliate Links
Who doesn’t like some down and dirty affiliate fees?!
It’s even easier to make money this way than with an ebook, because all you need to concentrate on is pumping out the content for your own site and getting the traffic in – most people can get an affiliate sale within 30 days of starting a blog.
And hey, no need to mess around with a product.
But most of all, now you can make money from selling all kinds of products; other people’s info products, online tools and resources, physical products, books, etc! Very cool.
Depending on the niche you choose, affiliate fees can vary widely.
It’s best to promote products in niches where most of the players already have affiliate programs setup; eg players in the small business support niche all have affiliate programs setup, from the hosting providers, to the WordPress themes makers, to the teachers of online courses.
By contrast, promoting say fitness equipment can be much harder since most providers won’t have affiliate programs set up and ready for you to sign up to – or at least not setup in a very user friendly way.
To really succeed with affiliate marketing, it’s super important that your blog/website focus on a specific niche (eg juicing) and that you only affiliate for products in that area of focus (eg juicing machines, supplies, recipe ebooks etc), because your readers will trust your opinion and thus be convinced enough to be ready to buy – ie they will actually click through.
If by contrast you just did a general blog that covered technology, marketing and writing, you’re never going to get the thing moving traffic wise or conversion wise to do any damage. With all this said, do make sure your niche has enough products to promote (ie 50 or more).
The best products to affiliate include digital products like ebooks or online courses (you get super higher % splits, often 50% and more) and recurring online services (if they offer ongoing referral fees, eg hosting, gambling etc).
One more little tip I like on making money with affiliate marketing, is to move a lot of your affiliate links off your website and into things like free ebooks, email autoresponder etc.
This not only helps your site appear less spammy in Google’s eyes, but visitors are far more likely to click on links in free helpful resources that they’re enjoying / trusting (and they’re not feeling like they being sold).
Make Money Outsourcing A Real Business
This is the craziest kind of passive income I can think of, because it basically involves executing Michael Gerber’s e-Myth idea 110%…
i.e so much so, that you are no longer involved in the daily running of the business.
But it isn’t that hard.
In fact, this is what your real entrepreneur does best; starts something up and then gets management in to run it.
But the twist I’m putting on this idea (so you can make the most money possible), is to think of a service business where the majority of the work can be done overseas.
Without this aspect, you can end up eroding your profits to a slightly sad 3-8% (hello your average small business!).
But what businesses fit within this realm?
A lot more than you think.
Anything that is done on elance for example fits perfectly; meaning programming (web design, SEO, etc), design (graphic, logos, branding etc), writing (copy-writing, editing, web content etc), marketing (PPC, business plans etc), admin (data entry, research, transcription etc), consulting (accounting, financial planning, budgeting etc), legal (contracts, incorporation, wills etc), engineering (CAD, product design etc).
If you can create a website, then market it via Google SEO – think content like articles and videos – and push all leads to an in-country part-time project manager, who then liaises with your outsource workers, boom, you’ve successfully executed!!
So why isn’t everyone doing this?
Well, it’s a helluva lot of work up front and you can make a lot of mistakes.
I know it took us about 6-9 months to successfully execute this ourselves and it requires a good eye for talent, systems and well, trust!
Most small business owners unfortunately can’t work themselves out of the business and delegate like this.
But anyways, let me finish this idea by saying it kicks ass, and for those of you who already have service oriented small businesses, then you may already have your passive income idea at your fingertips. Time to transform that puppy from painfully active to 90% passive!
To give you an idea of what I’ve done; well, I’ve applied it to a service business (web design) to great effect, along with my business partner, and let me just say I do max 1 hour work a day on this business thanks to systematisation, automation and outsourcing. Pretty cool right?!
The big thing about this stream idea is that you have a real business, i.e it generates £100k plus a year, and your ‘take home’ margins remain in the 50-70% range.
We’re no longer talking about selling £3k of eBooks a year.
And yet, we’re only needing to do a few hours a week of overview work; checking the numbers, skim reading emails, making a few phone calls and well, that’s about it.
I will say the big thing we’ve learnt with this idea is that if you really want to make it passive (i.e no more than 10 hours a week of work), you really need to pay well above the standard rate for your outsourced personnel. It really is that simple.
Be generous and you’ll say goodbye to headaches forever.
Even the longest journey, must start from a single small step ...
To many, success seems to come suddenly. When you observe others and what they have achieved you usually don’t appreciate what it has taken for them to get where they are. Ultimately, in failing to do this you also fail to learn what it would take for you to attain the same level of achievement and success.
But, if you take the time to truly think about it, you will find that success is usually only a small step away, yet despite that, it eludes most people. It is always so near and yet so far. Let me illustrate what I mean with a short story I found whilst looking for inspiration on taking small steps to achieve big goals.
A lesson from military school
As part of our military training in the air force we were given a very demanding assignment. We were put in groups of about 10 and taken to some unknown location far in the bush. After a few days of camping there and doing some military manoeuvres, we were told to head back to the base. Only this time we wouldn’t be driven back – we would have to hike back.
We had only a few things to carry - a litre of water each for the whole trip and an AK47 riffle with one round of ammunition.
So we started off that day at sunset, walking through the thick bush. Because we were using a compass for direction we had to walk in a straight line back to the base. Any slight deviation from the path and we would inevitably have gotten lost. That meant that whatever obstacle we encountered on the way had to be overcome. That straight line had to be maintained at all costs. Worse still, we had no light - we were basically walking blind in the moonless night.
So you could not see where your next step was going to land. But we had to walk fast. Our deadline was 12 noon the next day to be at the base - or else we would have failed the assignment.
So we walked through the night. There was no time for fear, no time for doubt. We had to do what we had to do. Our futures depended on it.
"Just take it one step at a time"
As I walked through that unknown and scary world one thought kept going through my mind…It was… “Just take it one step at a time. Doesn’t worry about what will happen later, just think about each step… one small step to success”… That was the idea I hang on to.
So with that I found some courage to get going. We moved on through grass as tall as giraffes and as tough as bamboo. Our hands were pierced, bruised and sliced as we searched around in the dark to make a path to go through.
We conquered what seemed to have been endless mountains on the way. The rocks were so hard on our tired feet it was as though we had no boots on. Our legs cried for mercy from the effort of climbing up the steep slopes. We had to keep moving… “small steps to success.”
Every now and then a dim light would appear in the distance offering some hope to find a village and get some water to replenish our fast depleting reserves. Only to disappear as we got closer. It was not on our route. Or perhaps we had had some mass delusion.
Take a break, if you must, but don't give up
Finally, we could go no further. The pain and fatigue was unbearable. We had to catch a nap – it was past midnight. One hour of sleep, all cuddled up like puppies for warmth, and then we moved on.
Soon the morning came. But there was no time to appreciate the sunrise. Our water was all gone and the day brought with it unbearable heat and nasty irritating little flies which were intent on getting into your nose or your ears. It was so hot you could feel the heat embracing your face.
We were getting dehydrated by now. It was so bad you could eat the salt off our faces. All the sweat had dried up. Had it been any other day I would have laughed out loud at seeing everyone walking round with a white powder on their face. But right then my tongue was sticking to the roof of my mouth and laughing was very difficult.
By now, everyone was wishing they had not had to carry the heavy AK47. It seemed to have gained an extra 5 kilos since we had begun. The straps had slowly dug into the flesh across the shoulders and the back.
Every step was accompanied by some pain in one part of the body or other. Every part of the body was crying out for attention. But we had to move on… “small steps to success.”
By mid morning we were utterly exhausted. Some dragged their riffles behind them like unwanted tails.
Others had taken off all they could for the heat. We were as dry and shrivelled as prunes. We were a sorry sight. But right then it was more about survival than about dignity.
Finally, a few minutes to midday…we arrived at the base. Only then did I notice how horrible I smelt. I had no idea I could stink so bad. But first things first despite the smell… water… food….and a bath…in that order!
The journey of a thousand miles...
So, you see, we took small steps to success all along that hike. Together, they added up to hundreds of thousands of small steps. But we might have chosen not to take the first step. We might have stopped at any point along the way. That would have meant that we would not have gotten to our destination.
There were also obstacles along the way. But with each small step they were overcome.
There were frustrations, fears and uncertainties. But with each small step they were crushed.
There was hardship and danger, but with each small step and focus on the desired destination it was conquered.So you see, success is no mystery.
It takes only one small step to succeed.
Because, as the Chinese philosopher Lao-tzu said: “A journey of a thousand miles must begin with a single step.”
Have you taken that one step today?
If you're looking to create Passive Income, you've come to the right place
Become a Crafty Partner
Guess what? If that has been your goal, then I'm Indiana Jones, because I've found the Holy Grail of Incomes...I challenge you to join me, and together we'll increase our Passive Income streams.
Click the Join Me button, my contact page will open with the various contact options.
Why you shouldn't work from the beach
I was scrolling through Google last week and was searching for my Passive Income competition - almost without fail, they all preach the Passive Income dream as Working From the Beach!
My friends, this is not the central image we need of flexible work. This is not what we should have in mind when it comes to location independence or getting more done. And this image certainly has nothing to do with balance.
Just because you can work from anywhere doesn't mean you should work from anywhere. My Passive Income goals include having the ability to work from anywhere in the world, including the beach - however, the beach is a terrible place to work from on a laptop.
Beaches were made for sand castles, seashells, and checking out the hotties in bikinis, not for you checking your reports from your laptop. Beaches are there for us to contemplate the immensity of our world and to get lost in the beauty of nature. No one wants to see you check stocks while you apply sunscreen.
Sand and laptops, not a good mix, sun-cream will mess up your screen, and lets not talk about over-heating - you'll half your laptop batteries life.
So please, get your work done and then come outside to play with us. We really don't want to crack your screen with our football.
Make Money Writing For Adsense
This is different to setting up a blog and putting up ad-sense on it.
With this idea instead, you write like a freaking nut-job and distribute your content to one of dozens of high page rank content publishing platforms.
Anything from eHow to HubPages to Squidoo to Quora to Yahoo Answers to InfoBarrel will do.
They all differ dramatically in how much % share you get in the ad revenue, but if you’re able to really pump out decent content on niches where there isn’t info saturation, then it could pay off, maybe.
And by pay off, let’s get expectations right here, and think a couple hundred dollars a month for say 50 quality articles…if you pick the right niches, write useful content and get a bit lucky. Very rough calculations here.
But on the plus side, if your content is evergreen and based on smart keywords it could bring you in a worthy amount over the course of time. And hey nothing feels better than getting that monthly check for £300 for a bunch of articles you wrote last summer in your spare time.
But to be honest, I’d much rather self publish my content and monetise it myself through info products, affiliate links, direct advertising and who knows what else!
Make Money With Ecommerce & Drop Shipping Products
This idea is for those of you hell-bent on making some serious passive income online.
There’s a lot of work upfront and by comparison to other ideas, there can be a fair bit of work on an ongoing basis. But if you automate as much as possible and/or hire a VA in the Philippines for example, you can get it down to just a few hours a week.
Anyways, so here’s the idea…
Find a product or group of products that are hard to buy locally for people (anything nichey works, from magic trick supplies to specialised bedding), aren’t that easy to buy online (or you can otherwise rank high in Google), and then setup your online store.
Sort out a drop shipping arrangement directly with a trustworthy provider and voila!
There’s a lot more to say on this and it ain’t a case of one two three voila, so I’ve spent a fair whack of time going through the process in a separate article.
But getting back to the main thing here; look for products to drop ship that are in the £50-£200 range, are cheapish to ship, are pretty stable over time (i.e not always being updated / changed / running out of demand) and cannot easily be price-shopped online (e.g branded cameras are easy to price-shop, whereas something like aqua blue bedding with it’s different mix of thread count, material type etc, is much harder).
Minimum Viable Income
Let us talk about minimum viable income and everything that you should know to be able to afford to chase your dreams.
Starting your own business is for many people ultimate freedom. You get to set your own hours, all the work you do for you and your business and when you do things right there are unlimited opportunities. However, it is not all sunshine and butterflies. Contrary of traditional employment, entrepreneurship does not guarantee income.
Now, personally I am very enthusiastic about the online business model and I truly believe that you can create a full-time income with it. As much as we sometimes wish to dive in and focus on our passion, it is important to know what the numbers are that we are working towards.
It would be disappointing if you would have to beg to get your old job back.
The good news is that often this number is a lot lower than you might think, to make it even better I have developed an easy to use tool that gives you some quick information about your numbers. So let’s get started!
Minimum Viable Income – An Introduction
The key to knowing your magical number that you need to make to keep your life afloat is called minimum viable income. Minimum viable income means the least amount of money your business or side project would need to make in order to support yourself and those that depend on you.
Now minimum viable income could greatly vary per person. A student that lives with its parents needs less income to maintain their lifestyle than a single parent with two children. That is understandable and perfectly okay, it is important that you objectively look at your personal situation.
A keyword here is minimum, which means the most basic form of lifestyle that you and those around you can afford to live. Now I would, for example, wish to be driving a Ferrari now while starting my business, but that would not really qualify as a minimum requirement.
Often our fears, fears we won’t be able to live, fears we won’t be able to support those around us or fears we simply won’t have enough to eat, are holding us back.
Money should not be an argument to not get started and if you actually put a number on your fears you will find that the number is much lower and easier to work with. Yes, you probably will have to cut some corners here and there, but that is a small price to pay (or not) to chase your dreams.
Calculating your Minimum Viable Income
In order to calculate your minimum viable income, there are a couple of steps that you should take. Below we will discuss all the required steps.
Determine Fixed Costs
Your fixed costs are all the expenditures that you have to pay each month, this is always a fixed amount. Examples include mortgage/rent, insurances, tuition fees, loan payments and bills such as electricity, cell phone, internet and cable.
Take some time and write down all your fixed monthly expenses, you can fill them in directly into an Excel file. You can also simply write it down on a piece of paper.
Determine Variable Costs
Variable costs are all the expenses that are not fixed but that you are required to pay for, your groceries are a good example. You can also approach your variable costs by setting budgets or maximum amounts that you can spend on certain categories.
Run the calculations
Now that you have written down all your numbers it is time to check the final calculations. If you used the sheet I prepared this will be done automatically, otherwise you might need to add some quick formulas. Your total expenses number is the number you will be working towards.
Check your number, is this more or less than you expected? How much money do you have left in your current situation and do you see any potential areas where you could save money? These are important questions to ask yourself now.
Tighten your belt, how far are you willing to go?
Changes are that the number that you have calculated is not the minimum number, more likely this is the number of your current lifestyle. In an ideal world, this number would suffice, you start your business, you make ends meet and that marks the start of a successful entrepreneurship story. However, changes are that in the real world things might go differently.
Minimum viable income is all about finding your absolute minimum, what is the lowest number you could work with. This is all a matter of how far you are willing to go, some entrepreneurs move back in with their parents, some stay with friends and some even live out their car.
I am not saying that you should, but you should figure out what is in your situation, the absolute minimum you require.
Making ends meet is easier than you think!
Now say that you have calculated your numbers, you have objectively assessed your financials and determined that your absolute minimum totals to £2,000 per month. Next step is to determine how many of whatever it is you are selling you need to sell to make your number, it is easier than you think.
Say you sell eBooks and the profit you make per book is £15, that means you need to sell 134 books per month to make your number, which is approximately 4,5 book per day. That is not impossible if you have taken the time to organise your business in the right way.
Say you sell courses and the profit per course is £200, not taken into account the time you spend to create this course. To make your magical number you would have to sell 10 courses per month, again not impossible.
If you know your magical number, your absolute minimum viable income, you can start calculating how many sales or referrals (if you are into affiliate marketing) to make your number. Often it is much easier than you imagined. If you do not put a number on it, you do not know, after you set the number and the target, all you can do is make it work!
What if you are not making your number?
Entrepreneurship comes with many uncertainties and it is likely that it takes time before your business starts generating the money you envisioned. Below I will share some tips and tricks that you can implement if you are not yet making your minimum viable income and how you can be independent faster.
#1 Save up your runway
A popular term in entrepreneurship is runway, in other words, how long of a runway can you afford with your savings. Say your minimum viable income is £2000 and you have £ 10,000 in savings, that would mean that your runway is five months.
Saving up enough money before you start your entrepreneurial life is not a guarantee of success but it certainly helps you to focus on your business.
#2 Supportive spouse or partner
Does your spouse or partner has a steady income and does he/she support you in chasing your dreams, a supportive spouse can add that extra financial security that you might need to build a business. It is important to go into this with mutual understanding.
#3 A regular job
There is nothing wrong with having a regular job aside from starting your own business. Having a job would provide you with the financial security and puts less stress on making things work as soon as possible with your business.
#4 Part-time work
Working part-time frees up more time in your schedule and gives you financial security. If you do not want to work full-time because setting up your business is too time intensive, working part-time might be more suitable for you. Having a steady side stream of income takes off some of the pressure to make money as quickly as possible with your online business.
#5 Go freelance
Working freelance provides you with the opportunity to already work in the field of your business. Are you setting up an online design agency, it is great to start building a portfolio by doing freelance work. It helps you to create an additional income, polish and build on your skills while also building your personal business.
Managing your financials and knowing your minimum viable income is a vital step when it comes to building a successful business. Using this simple exercise you will gain the required insights of the numbers that you need to make to be able to live off your online business.
How did you start your business and how did you figure out your minimum viable income, let me know in the comments below! For now all the best and stay awesome!
Make Money From Static Sites With Google Adsense
I want you to think very specific here…
I’m not talking about writing a blog on cats and inserting some Google Ad-sense up in there.
I’m talking about creating an all-in-one guide-style website for a specific niche (e.g a travel blog for Whistler, Canada – or more specifically the best hotels for families staying in Whistler, or a beginners guide to diesel engine motors in yachts) and then actively going out to find companies that might want to buy direct advertising space on your site once you get x numbers of highly qualified (and high value) readers.
Now super importantly, when I say ‘ads’ I want you to think a little outside the box.
It’s not just banner ads we’re talking about – in fact banner ads traditional suck at converting, ie getting people to click through to your advertiser.
Much smarter direct advertising methods could include, selling guest posts space (ie advertiser writes useful article for your target market and then ties it into their product and how it can help solve problem x), or perhaps selling text links within your information-rich articles (these have awesome click through rates!!!), and newest of all, you could sell widgetised ads.
Let me elaborate on widgetised ads since they rock.
The example that pops into mind is a a travel blog. Here you could have an Expedia booking widget and a travel insurance widget in the sidebar where normally there would be a simple display ad.
The beauty is that visitors can start ‘buying’ directly in the sidebar of the travel bloggers site, with the transaction then progressing over to the advertisers site when required. The engagement factor of interactive widgets is beautiful and can consequently yield much higher click through rates.
This idea will only net you £1000+ a month if you can get a lot of traffic to your site, since the average click through reward (paid by direct advertisers) is about a £1.
If you setup say 10 of these content rich static guide websites though, you could be earning a full time income within 12 months!
Now start writing the 300,000 words you need to get that traffic across 10 sites. Pour the rum now and put on your inebriated Hemingway writing cap…time to get crazy busy!
Make Money Reselling Online Products & Services
The first thought that pops into my mind is web hosting and the second thought is mobile websites.
These are just two examples of the types of things you can resell to businesses (or people) in the real world.
So you setup a website for your company saying you do x, then attract the customers, and then when you convert them all the work is done by the product company. You take the classic middleman margin.
How’s this passive?
Well, I’m assuming you build your marketing around a blog, You Tube channel, social media etc, so it’s automated and long term.
And then I assume that the delivery of the product is done by a VA in the Philippines – so easy to get someone to setup a website for someone, or organise hosting etc.
The best deal is when you buy in bulk (e.g hosting), sell off in chunks and it’s a regular repeat (and automated) transaction.
Welcome to paradise son!
PS also think about services you already provide (not passive) and ways you can generate passive income from them, e.g e-commerce store designers build on Shopify and then take 20% affiliate fee from Shopify…for life!
PPS One specific idea is to look at buying developer’s licenses to online products and then selling the use of them by others, e.g say a plugin that helps people backup their website – you get the developer’s license and then your offer is to install the plugin (provide a service as a developer) and show them how to use it, and they pay a quarter of the plugin’s usual retail price.
I’m assuming you have Virtual Assistants together with documentation to make this process seamless and most of all, passive. Nice!
Make Money Selling Keyword Rich Domain Names
If you were knocking around on the Internet back in the early 1990's you could have snapped up domains like business.com for next to nothing (actually they were completely free prior to 1995!).
But these days it seems as though every single decent domain is registered.
But it’s not true, when you expand the definition of ‘decent’ to be any domain that contains strong keywords.
Two quick things I will say before going any further…
Google did start penalising exact match domains, but this is only the case if you create a low quality low content site with that domain and Google can thus see it is a shitty little Google ad-words or other type of site (i.e people are still looking to buy keyword rich domains to help their S.E.O efforts).
Also by ‘strong’ keywords I mean any keyword getting 800+ unique monthly searches globally.
So what domain names are you looking for?
Anything where you can imagine an entrepreneur might come along in a years time and want to start a business with it, and would be willing to pay £500-£2,000.
Notice how I’m keeping expectations low here, i.e you’re not going to snap up a domain today that you can sell for £10,000+ in the future, because there simply aren’t enough free domains left.
Also, although you could try and enter the new wild west of alternate top level domains like .tv or .info or .me etc, the 80-20 market remains .com (for now).
So once you register your domains, e.g hotpinksheets.com or dinsoaurbedsheets.com or whatever, then just hook it up to Godaddy auctions, set a reserve price and wait. The majority of these domains will never sell.
But the 10-20% that do, will make the holding periods of all the domains worth it…well, at least that’s the game plan.
P.S if you don’t want to sell for £500, you could always just rent the domain (e.g setup a redirect to a company that sells that product and charge an annual fee or do it as PPC).
P.P.S If you stick to a niche you really understand, you can quickly come up with keyword rich domains that would rock and park the shit out of them in no time.
P.P.P.S parking commonish personal names can also work, as people are often willing to pay a big premium to own their name.
Pitch Your idea!
So, you've read the Passive Income Challenge, and now you have some ideas for creating your own passive income streams - Let's hear them!
Make Money Reviewing Products & Linking To Amazon
This is different to the ‘fake store’ idea, because here it’s not an online store we’re building, but rather a content-rich site with tons of product-focused articles and videos etc.
i.e one idea is for an online shop and the other for a blog/affiliate site of sorts.
So before we get into this, I want to say this is classic Chris Guthrie, the guy behind Up Fuel.
Chris is the guy who has earned £100k+ a year with Amazon affiliate fees…oh and I’m talking £100k profit, not turnover! Study these guys...
The important points per Guthrie are that you pick a physical product niche, then talk about specific products, so that people who arrive on your site are pre-qualified – i.e they’re doing research on a specific product and ready to buy if they get some confirmation that it’s a good idea.
All you want to do is get people to click your Amazon affiliate link.
Once they get to Amazon they may buy the product and/or other things (you get paid for them too – although your Amazon affiliate cookie expires within 24 hours of the person clicking), since Amazon is so good at converting people per their web page layouts, prices, suggested products and what not.
So scatter a ton of text based affiliate links throughout your article.
Your article can sum up all different products for a particular use, review them or whatever.
Just make sure it’s 100% unique writing and not copy-pasted product reviews/specs etc.
Some other points with this idea…
We don’t care about keeping people on our site, actually we want them to get going to Amazon, so make everything clickable, including affiliate coded product images, buy buttons etc.
The better quality your review, the higher chance the reader is ready to click – if you do hands on video reviews for example, you’re killing it!
Also, Guthrie says since it’s a product niche, you should try to build an email list by offering free buyers guides in exchange for sign up (you can email the list every time you do a new review for example).
One more cool tip, affiliate both high cost and low cost items, because by pumping up your volume (through low cost sales), you get the chance of earning higher payout ratios on the high end stuff later in the month!
Make sure you use different Amazon tracking IDs for different sites, so you can see which site is leading to the highest payouts.
Also show how products differ and publish best selling posts once a month.
Make Money Interviewing People
Kind of like Mixergy, but for any niche!
You give away a ton of the content for free, and then charge for the premium stuff or for the latest stuff.
Either charge per download or offer unlimited access for a monthly recurring charge. You would probably be best off with a monthly charge for access to member’s only site. This wouldn’t be too hard to setup, especially if use Wishlist Member (membership software) + WordPress.
If you are interested in this idea I recommend you study the shit out of Mixergy and see how they do it – they have a cracking business model there.
Once again, I’m including this passive income idea…but only just.
It’s pretty active after all, if you plan to keep adding to it and expanding your customer base. But hey, 80% of the content is being created for you via your guests, so smile a little, this idea has some legs!
Make Money Renting A Room, Space, Anything
We’re getting desperate with this one.
But who cares, I want this list to be comprehensive and all encompassing.
Okay, so what we’re talking about here is doing things like renting a spare room on Air B & B or renting a spare car space etc.
This sounds mental to start with, but if you live in a high-density location you can get enough money to make it worth it…I think.
Also, this sort of passive income idea can spur you on to make big life changes.
At one point I seriously thought about ditching my car since I live inner city, and renting out the space to a local office worker for say £40 a week (equivalent cost of parking around here is £12 a day, minimum).
So I guess this option is really for those of us with enough spare space and most importantly, enough hunger! I’ll get back to the keyboard I think.
PS the more inventive you get the better. For example, you could make an agreement with a farmer to rent a plot of land near the beach, and then you set it up as a camping site for RVs, campers etc, and rent out the space – a subletting kind of setup.
Your hard work is obviously getting people to find out about it and having someone there to manage the joint. But hey, upfront work for ongoing payment is the secret behind every single real passive income stream I know.
Make Money Renting Expensive Equipment
I’m thinking Canon 6D camera, photo booth, treadmills etc.
Obviously this is not so passive and something’s could be a bitch to deal with (i.e anything big that doesn’t fit in your closet), but hey, this is just another form of rental income and the ability to reap in rentals week after week is pretty cool.
I’d stick to something specific (as always!) and market it through local free online directories, and maybe a nice S.E.O optimised website too. Something like a quality camera could work – first start with one, and when you see that getting rented out a lot, buy a second one etc.
PS One more smart (and cheap) marketing method is listing your for-rent product on those rental sites – ie those sites that are like Craigslist, but just aimed at the rental market.
Make Money Comparing Products
I really like this idea, but must confess I’ve never earned passive income from a setup like this before.
I’ll be putting something together soon though and really wanted to share this one with you.
So here’s the deal; find a niche where there are a ton of products, all with semi-complex feature mixes – or basically any type of niche where customers are going “I don’t have a clue what to buy”.
Now create a site that firstly shares a bunch of useful content (think tutorials, how-to's etc) on the niche and secondly review every product/service in that niche (the pros, cons, verdict etc) – bonus points if you communicate this info through a mix of text, photos and video.
Plus create a comparison table page where you have every product listed and rated on a number of features, all side by side. Customer can finally decide what product is right for them via this birds eye view table, plus the in-depth individual review articles/videos. Next to every product there is a link to the purchase page of the seller (e.g Amazon), and well you guessed it, those links are affiliate links.
Make Money From Free Products With Donations
This is a popular passive income stream for lots of WordPress developers, especially of plugins, and is also quite popular amongst bloggers who pump out lots of useful content for free (e.g Steve Pavlina) – not to mention a great lead generator for future premium product sales.
The idea rests on your product adding a ton of value to users lives and you systematically and nicely / in a fun way, asking for donations.
The way you frame ‘the ask’ is crucial and the payment system behind it also needs to be dead simple…2 clicks and I’m done.
I would never rely on donations as an income stream, unless you plan on building a bid audience, of which 0.01% might want to donate you a few dollars to buy a beer.
Even a huuuugely popular WordPress plugin like Contact Form 7 appears to desperately be in need of donations just to maintain developer support.
Make Money From Lead Capture Websites For Real World Businesses
You can make £1000's a month with this idea, easily!
Think simple Google-friendly content site with a high converting inquiry form for capturing details (maybe even a free report attached to that or something else to boost conversion).
Or even bigger bolder sites like a directory website of local plumbers or lawyers for instance.
Since the contact details of leads can help local businesses bring in 100's of extra customers a year (and the average repeat customer of a real world business can have a lifetime R.O.I in the £1000s), you can – with enough negotiating – get high returns on the data you capture and then on-sell.
Murray Lunn – who gives the example of creating a website for people looking for storage and selling leads to the local storage company – calls this the Internet Landlord model…I love the name and particularly the imagery.
And well, just think of all the businesses out there for whom a new customer is worth £1000's, from wedding planners to tax accountants to dentists to cosmetic surgeons to realtors, it’s all possible.
What would they be willing to pay you?
PS If you eventually get sick of the business you can always sell it to one of your partners whose seen the amount and value of leads you’ve sent their way…hello £30,000 pay day!
Make Money From iPhone, iPad or Android Apps
Oh hello bankruptcy!
Apps aren’t that expensive to get made anymore. And if you want to create a mainly info-based app there are plenty of easy to use programs online for DIY-ing this for a couple hundred quid.
I’m not a big fan of this idea truth be told. I think the App Store is a lottery. Oh and the Google App Store doesn’t seem all too profitable even for great app makers.
But getting back to the Apple App Store…
Here’s the only way to succeed; find an app that is awesome, people love it and are willing to pay a bit for it. Now create a derivative app. I.e go for something similar but solving a slightly different pain or re-targeted at a slightly different audience or designed slightly cooler etc.
I’m saying don’t bother trying to be original. Just ride a wave and pray a little.
If you already have an online audience built up (say like Pat Flynn over at Smart Passive Income), then you can market your app a bit easier through your own site and your regular affiliates, and thus make the app game less a lottery, and more a fondle in the dark.
Make Money Creating An Online Education Site
This is going to make millions for those that get it right, but to be honest it’s not entirely passive.
The example that springs to mind with this idea, so I can really explain what I’m talking about here, is Corbett Barr’s Fizzle.
It’s an online member’s only site where there’s a library of content (video and resources), monthly webinars, daily Q&A, forums / mastermind group etc etc.
i.e it goes beyond a simple online course and replicates the learning experience of going to university where you have course books, lectures and tutorial classes.
It accordingly isn’t a cheap product, and instead demands a monthly ‘tuition’ fee if you like, of £30+.
The passivity in this product is probably about 70%. i.e you create the curriculum up front, and then add bits to it over time, often with the help of guest ‘lecturers’, but you still have to do a lot of work with your students / community.
It gets more passive for you personally if you take on some people to run the program day-to-day week-to-week, or you limit your interaction with the members / community.
But I’m going to be straight up here; if you plan to really kill it with this idea (ie £100k + a year), then like any authority site, this is going to require your full time attention.
Either way, the only way to setup this sort of online education site would be by creating a member’s only site. That’s a bit of work also.
Make Money Creating Stock Photography
Build a library of whatever your creative ass can muster and live off the royalties like a fat prince (well kind of).
From photos to icons to melodies, go nuts.
Admittedly, this is for the creatives amongst us, but hey, you can always outsource this stuff to an amateur photographer or musician looking to make a few quid.
My big advice for this though; build up a library that is very tailored / specific.
For example, I would think about building up a library of stock photos for bloggers who write about making money online, aka Internet marketing, since it’s so hard to easily and quickly find high quality photos for topics in this area. I’d also come up with some sort of innovative pricing scheme and I’d price low!
This tailoring to a certain audience makes your value proposition clear, makes marketing a helluva lot easier and well, S.E.O just got a whole lot simpler.
You have 2 distinct routes to go down here when it comes to the actual marketing and selling part; either create your own site and S.E.O accordingly, or just setup an account (one account only, since you get paid more for being exclusive with one company) with one of the major stock websites, e.g iStockPhoto, Graphic River, Code Canyon, Theme Forest etc, and get them to take care of all the complicated stuff, as well as marketing since users use their search engines to find photos.
You could also do both, i.e have your own site as a marketing site, which then pushes people to iStockPhoto for example to do the purchasing.
PS having heard from a few people doing good money in this industry (particularly icon designers), the market is getting a lot more competitive every day and a lot more subject to daily deals where bundles are sold at deep discount – and thus conditioning people to pay a lot less than they should – and well, I think we’ll end up looking at a landscape similar to the App Store, i.e it all becomes a bit of a lottery!
PPS That said, I think I’ll be trying out iStockPhoto, by taking a ton of photos around my city over a few days (of well known buildings, parks, attractions, tourist sites, restaurants etc etc) and then sending them to our VA to upload to iStockPhoto each with keyword tags. Who knows!
Hopefully I come up with a better niche to do a blitz photo hunt for, or better yet, get someone else overseas to go nuts taking photos of specific, high interest things that bloggers or businesses would want to use on their website.
Make Money From A Rental Property
This is so tried and true it’s not funny.
If you buy at the right price, at the right time, structure the deal so it’s good for your personal taxes and achieve full occupancy – and most importantly, then do this again and again – then just pour yourself a freaking Pina Colada son, because you’ll be retiring by 50.
Problem is most people don’t have the capital to get started or if they do, often end up over leveraging by going after one too many properties.
And oh yeah, I made the assumption that you could get full occupancy and that rental income would be greater than interest payments (or if less, that your personal income was high enough to make interest expense a valuable tax deduction).
Oh, and hang on, there’s also the fact that so many property investors assume capital growth of 7% plus a year – despite the market having ‘over’ risen so much since the 1990's (relative to long term property yields) – and thus justify why it’s okay for them to get less rent than interest (even whilst taking into account associated tax benefits).
Let’s not even mention the fact that a 5-10% chunk of the rent will also vanish once you have a property manager in place…you do want this be passive after all don’t you?
Bottom-line, is this game has a lot more return potential than the ideas above and below, but also a lot more risk.
But for some of you, this idea may just resonate so much more strongly than the traditional online passive income opportunity of starting a website and selling stuff, whether that be information or product.
PS one specific idea I like is to buy a cheapish but well located family-sized holiday house somewhere semi-popular, then create an S.E.O optimised site on it along with a blog about stuff to do in the area – here you get your accommodation to the top of the search engines for so many relevant keywords, you automate the marketing, you charge a solid price for it, you don’t have to pay a 10% management fee to some dude for getting it occupied (or some online directory website), and well you hit a occupancy rate well above anyone else in the hood. Nice!
But like with most real world passive income opportunities you need to be a real expert at the specific game of property investment and management.
And unlike most of the other passive income opportunities in this list, this idea brings the possibility of a large downside if interest rates increase, occupancy rates decrease, your personal income decreases etc etc.