Building an online business that generates income through automated systems that require minimum real time presence can prove to be the most lucrative way of earning a living.
To achieve this is not easy though as often the step to reach this stage do require a lot of hard work. The goal of passive income however is something that many business entrepreneurs work towards as success in this field can lead to incomes of over £150k per month.
We are going to focus on 4 specific methods for generating passive income and provide you with advice, strategies and comprehensive resources that will enable you to aim for passive income in your chosen field.
Blogging involves creating written and visual content about any subject in order to inform, educate or provoke debate. This can be personal opinion or subject matter expertise, but the overall aim is always to engage with readers. Blog articles range in length from very short summaries to long, detailed articles. Both can provide value to readers.
Running a successful blog requires a lot of writing and promotion, so to begin with it is not in itself ‘passive’ income. In saying that though, a great blog can certainly provide the platform for earning passive income in the future through advertising and related services, so it has to be considered a feasible pathway.
Writing a blog article doesn’t require training or particular expertise, as some of the most successful blogs generate their success from being witty, funny or just downright engaging. This means that anyone who has some ability to write can become a blogger. Obviously badly written blogs are not going to have much success, but if you have the basics, you can easily learn more about the best types of content, style, structure and engagement techniques for successful blogs.
Podcasting is a way of recording valuable information that people want to listen to and access through their mobile devices. Podcasts come in many subjects and formats, with some being 15 minutes long to others that are over 1 hour per episode. In some podcast shows, it is one person sharing their wisdom about a subject with listeners whilst in other podcasts, there are interviews with guest speakers or subject experts. In all cases, the aim is to create interesting or informative material that has value to a wide range of people – without this, no one will want to subscribe to your channel or listen to your work.
The popularity of podcasts over the last 10 years has been phenomenal as more and more people now own mobile devices with easy access to this kind of material. This in turn has fueled the rise of more and more podcasters creating their own content. Setting up and recording podcasts is certainly not passive, but there are great opportunities for passive income if your podcasts prove popular. This could include charging for historical episodes or earning revenue through sponsorship and advertising.
You don’t need any specific skills to become a successful podcaster, just enthusiasm for your subject and an ability to talk fluently and intelligently around your niche. It is also cheaper than you might think to begin as all you really need is some good audio equipment (headphones, microphones etc) and recording software which you can access online for free. See our resources section for more information.
Check out our resources pages more links related to podcasting
An eBook is a digital book (usually a PDF), that provides information about a specific topic. In general, eBooks are usually much shorter than normal books so they are much easier to create. Many companies offer free eBooks to their customers (see our free eBooks on interviews and freelancing) whilst other people charge a fee.
The major benefit of eBooks is that you don’t need a publisher to have your content published online. This means that anyone with something to say about a subject can create an eBook. The quality of eBooks on the market varies considerably, but good eBooks provide value to their readers in a written format that can be kept or referred to again as necessary in the future.
The effort required to research and write an eBook is small compared with the benefits that you can see. If you are able to produce an eBook that contains exceptional content, then people will be willing to pay a small fee for your product. With the onset of Kindle books, the market is continually growing and there are great opportunities for you to publish content on Amazon’s pages and offer your work to millions of people.
Online training course design is about creating online education materials in variety of formats that can be accessed remotely by people who need help or advice in this field. What better way to demonstrate your expertise on a subject than by creating exceptional training. Creating a course can be done in many ways – videos, presentations, screenshot voiceovers, live sessions, etc. The key thing is to create great content that teaches people what they need to know. Take a look at our online training course on CV Writing here.
With the growth of online training platforms, the opportunities for you to create content and be seen by millions of people are growing every day. Platforms like Udemy are used by amateurs across the globe who want to offer training in a specific subject. Creating training is also surprisingly easy when you don’t have to worry about hosting the content and setting up payment mechanisms. Udemy allows you to post your videos online and then charge a fee for each training course you create, all with a few clicks.
A lot of work goes into research, designing and creating an online training course – possibly 20 hours or more. However, once you have finished this work, you then do not have to do anything further on it before you can start earning passive income. People can purchase your training whilst you sleep, so it is therefore another great source of passive income to consider.
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