(this post contains affiliate links)
Imagine earning money while you’re sleeping or taking a long vacation. While it sounds too good to be true, it is actually quite possible. In fact, more and more people today are building online businesses from home and making enough money to supplement or even replace their main source of revenue without having to be present 100% of the time. This is often referred to as passive income, better defined as creating businesses or products that require little to no involvement after they’re developed.
I’m so excited about helping you earn passive income from home I want to give you 73 skills and services you can use to generate real income from home. This PDF mini guide also includes 77 businesses that will actually pay for these services, too.
Passive income is appealing because it erases the notion of time equals money. Additionally, it is always financially wise to create multiple streams of revenue, and passive income is an easy way to do that while managing a full-time job. However, the term “passive” can be a bit misleading, because you cannot simply make money without putting in some effort. Generating passive income demands an investment of time and energy before the benefits can be reaped. While everyone should consider creating passive income, you must also understand that it takes commitment, especially during the beginning stages. Even after you’ve done the work, you still have to ensure your website or product stays relevant to keep growing your audience, and in turn, your income.
But after the initial work, most forms of passive income demand minimal maintenance. For example, according to an article by Forbes, Green Exam Academy, an LEED exam study site launched by smart passive income expert, Pat Flynn, takes him four to five hours a month to maintain, yet it brings in $250,000 annually. Has a nice ring to it, right? Below, are 5 of the best ways you can and should start generating passive income from your home.
1) Start a Blog
Blogging is a great form of passive income, especially if you have a unique perspective on a particular topic. Maybe you’re a foodie, travel junkie, or fitness obsessed. Whatever your niche, the best passive income generating blogs provide highly relevant and compelling content on a regular basis. Here’s a link to start a blog for $3.95/month. In addition to quality content, you’ll need to employ marketing techniques to increase readership. Blogs can be monetized by placing ads on your site through Google AdSense, sponsorships, or selling your own digital products. While blogging can be time-intensive, it can still be done on a part-time or less basis. Blogs with “evergreen” content, or information that’s always relevant to readers, can even continue generating revenue up to years after the blogger stops posting new material.
2) Try Affiliate Marketing
Already have an active blog? Consider affiliate marketing as a passive income method. Essentially, you promote companies’ products or services on your site and receive a flat fee or percentage of the referred sale. Once you have dedicated vendors you’re promoting, affiliate marketing is an easy source of passive income. You can find partnerships by contacting the company directly, or through websites, such as Amazon, CJ Affiliate, and FlexOffers that offer affiliate programs for manufactures to sell their products and digital marketers to promote them. Ideally, the vendors and products you choose to promote should either be something you’re passionate about or related to the content already present on your site.
3) Create a Subscription Service
Developing a subscription service, such as a weekly or monthly reach-out is another way to build passive income. Decide how you best connect with your readers, as well as how they want to connect with you. That may be through email content, videos, photos, or webinars. Then get your message out! If you’re going the webinar route, I recommend Zoom for its ease of use and reliable video and sound quality. For videos, use your phone or computer. No need for fancy equipment. And for email newsletters, check out InfusionSoft, Constant Contact, or Get Response. Email newsletters should provide interesting and helpful advice or tips that will always be relevant to readers. For instance, a six month or year-long subscription digital newsletter that provides cool recipes or dating tips will always be sought-after content. In addition to the bulk of your content, you can sell ad space, promote affiliate products, and set a subscription fee. If you write all the emails beforehand and schedule them to send automatically to subscribers, there will be very little involvement until you have to create new content. However, like blogging, you’ll need to market your service on an ongoing basis to gain more subscribers.
4) Develop Online Courses or Guides
People today are hungry for information. There will always be a demand for quality, digital information, because people want to learn. If you’re an expert in a particular field or have a unique skill or passion, chances are someone out there wants to read about it. Creating online courses, handbooks, guides, or other digital content is an excellent way to generate passive income. Yes, it will take a substantial amount of time at first, but once you’ve created a product people want or need and establish an automation system to sell it, the majority of the work is done. Aside from marketing efforts, online courses or other informative content can easily create income with little effort after they’re developed. You can use a platform like Teachable to host and create your course.
5) Write an eBook
Earning royalties on a book you’ve written is yet another passive income option. After investing the time upfront to write and publish your work, you can reap a percentage of the sales without doing anything further. However, finding a publisher to help develop and sell your book can be challenging. Self-publishing an eBook is a great alternative, and you might even earn more this way. The emergence of eBooks has made it easier and more affordable for anyone to publish a book. Selling your work on your website or through an eBook retailer, like Amazon, will not only generate passive income from home, but increase business owner’s credibility in the marketplace. Like any online venture, you’ll need a quality product and a target audience to be noticed. Just because the book is listed on Amazon, doesn’t mean it will sell. Invest in good content, professional editing, and an attractive cover to rake in the royalties. Fiverr is a great, and often affordable, website to find someone to design your book cover. While creating an eBook can be a lot of work initially, a successful one can provide a passive revenue stream for years. Hay house write a book
More and more people are seeing the benefits of creating passive income at home. It is becoming a necessity for many men and women, because it allows them to build multiple streams of revenue without compromising their time. There are many different options, but whatever venture you choose can be uniquely satisfying, as you dedicate a significant amount of time upfront creating valuable products and services, and are rewarded for that time spent for years.
6) Start a Business.
This can be a side-hustle to start and a remain that way forever or it could become a business with your largest source of income. . A side-hustle is something you do alongside your current job. There are tons of options here: drop ship a product, teach a skill you’ve acquired in your life, or network marketing, to name a few.
You can start a successful virtual assistant business from scratch using skills you already have. And do it all from home! Skills like social media engagement, email management, project management, content production, and more.
7) Freelance Write
Is there a topic you love and want to tell the world about it? Consider freelance writing. If you are like me and you are interested in a lot of things but not sure what to write about, here are 200+ freelance writing niches to get your creative juices flowing.
Holly Morphew is an award winning financial coach, entrepreneur, and speaker. She is a Certified Financial Health Counselor, Certified Student Loan Counselor, and Accredited Financial Counselor ®. Her unique background in business, corporate America, and real estate give her a broad perspective to help her clients create wealth, stop living paycheck to paycheck, and eliminate debt. View client testimonials here!
Holly began teaching personal finance in 2006 to young adults as a service project with Rotary International. Her workshops were so popular she decided to teach personal finance full-time so she could help more people. She created The Financial Impact System, a step by step guide to master your money, streamline spending, protect your money, and create multiple streams of income.
Holly is originally from Boulder, Colorado. She received the prestigious “Rotarian of the Year” award in 2007/08 for her work in financial literacy. Holly served as Treasurer of the Erie Rotary Club from 2006–2009. She has a B.A. in International Business & Japanese from the University of Colorado. She now resides in Denver, Colorado. Holly also plays competitive beach volleyball year-round, practices yoga, and loves to hike with her two dogs.