Passive income is taking the internet by storm. From dropshipping businesses to affiliate marketing and consulting, people all over the world are waking up to the incredible opportunities the internet provides for earning residual income.
I thought I would write a little post to highlight how things are changing in this fast-paced digital world of ours. And passive income is something that I find super interesting. It’s also something i’ve been quite heavily involved in recently and It’s partly what inspired my to change this blog from writing about development to online business!
Let’s cover the elephant in the room…
What is Passive Income Exactly?
Passive income is fairly self-explanatory. It is money that you earn without having to work for it consistently, (that’s why it’s called passive). It’s great because it gives you the most precious thing that you can’t get back…
Time to do the things you want to do. To focus on the projects and hobbies you want to pursue.
Passive income ideas are abundant in the world wide web. There are many fantastic guides that reveal some interesting, quirky and straight-up shocking ways of building passive income streams.
If you’re working a full-time corporate job, you should consider starting something on the side. Who doesn’t want a side hustle nowadays?
It’s not difficult to start something by putting a few hours of work a week that can generate a respectable additional income for you.
Ignoring all the hype
The allure of the internet business lifestyle is irresistable. Passive income businesses that make money while you sip on pina coladas on a beach in the Carribean.
As it happens, it doesn’t quite work like that. Yes, it’s entirely possible but this dream image is used to get people to invest in products/services that only deliver broken promises.
The truth is, anything that eventually pays passive income requires work. Hard-work.
A passive income business doesn’t start off being passive. Why? Because you’ll have to put in the blood, sweat and tears at the beginning to produce something that is worthy of earning passive income.
A writer is a perfect example of someone who can earn passive income from his passion. Thousands of writers all over the world have written books that continue to sell for decades into the future.
But only the best writers enjoy this luxury. Before they can have this, they must create something incredible. Something that touches the hearts of people all over the world. Something that people want to rave about.
The fastest route to passive income (and success in general really)
Don’t be average. Be exceptional.
If you make the effort to push yourself and go above and beyond your selfish needs and desires – there isn’t much you can’t achieve.
In terms of passive income ideas, whichever one you decide to go for, do it REALLY well.
Let’s say you decide to create an authority website about surfing. Create the best surfing website in the world. Go above and beyond what anyone else will do to create something outstanding. Hone your skills. Strive to improve and progress.
Yes, at the start you might not have any visitors, and yes, it may seem like nothing is happening, but the traffic and sales will come. If you maintain your consistency, and continue to produce incredible content, you honestly cannot lose.
If you live by this mantra, I can guarantee that you won’t fail. Excellence is achieved through consistent growth and development, grit and consistency.
Two examples of passive income ideas
To give you a little taste of the type of things people are building online that earn passive income, there’s no better way to show you than through examples!
Generating leads for businesses
If you have previous experience in sales and marketing, generating leads for businesses could be the perfect passive income idea for you. Lead generation is something most businesses struggle with, it’s the number on problem, and yet, leads are the lifeblood of any business.
Local businesses like plumbers, accountants and dentists will pay good money for qualified leads. How do you send leads to businesses? There are literally hundreds of ways to do this. You can use paid advertising methods such as Google PPC or Facebook. Or start an authority website and drive leads through organic free traffic from search engines.
The possibilities are endless!
Invest in established businesses
Did you know that you can buy an online business that already makes money for a few thousands dollars?
Yes it’s true.
From affiliate marketing, to subscription websites and e-commerce businesses, entrepreneurs are selling their businesses online all the time.
If you have some money to invest, this is one of the fastest ways to multiply your income streams. Website like Flippa and Empire Flippers are brokers that list all kind of online businesses, from ones that need a heck of work to fully established operations raking in five figures a month.
One thing that’s really important about this one is you need to know your stuff. If you’re investing in a e-commerce business, you’ll be the new owner. So you’ll need to know how to operate and grow a business like this!
Thankfully, we have access to an incredible amount of free information. We can empower ourselves with most of what we need to know without spending a dime on training or coaching.