There are many passive income models out there, and if you are new to online marketing it can be challenging to choose the right one for you.
Passive income is income that you work for once and sell over and over.
That doesn’t mean that there is no work involved.
In fact, it can feel like you work twice as hard in the beginning, but there comes a point when you maintain the business rather than build.
Also, think about the money that you are prepared to invest when choosing a business model.
You can start an online business with most of the models we will talk about for free or very little investment – spending more money will help to speed things up though.
Let’s take a look at the 5 models you can choose from.
MODEL 1: Create Your Own Product
If you have special knowledge or skills that you can teach others, turn that into a product and sell it to those who want to learn what you know.
For some reason, lots of people think that product creation is really difficult but it’s not. And it can be very lucrative.
The first thing you need is the idea for your product. (Hint: The best-selling products solve problems.)
When looking for great product ideas, pick a niche where there is a lot of demand for products.
Maybe it is weight loss, making money, personal development, or anything else that you know about.
Once you have chosen a niche, go to forums and Facebook groups dedicated to that niche and find out what people are struggling with.
Active forums exist for all of the popular niches and you will find some great ideas by reading through threads and posts.
Write down the questions that you see and then answer them with your own knowledge – or by Googling it and creating a guide from the information you get.
Now create an ebook, video or audio product answering the questions. Or even printables like I do.
Then, your focus becomes selling your product.
MODEL 2: Create an Online Course
This can be a great idea for passive income if you have a skill that is in demand.
Creating an online course is much like creating a product but with much more in-depth.
A course takes more presentation skills to pull off. If your online course is poorly presented then you won’t get many buyers.
You can create a series of videos and written documents as your online course, and then upload them onto your own website, or use a site like Udemy.
Sites like these have a lot of traffic already so just get your course in front of the traffic.
MODEL 3: Publish a Kindle Book
Write a book that would be of interest to a lot of people and publish it on Amazon Kindle. Use the same methodology as creating a product by researching problems and providing solutions in the nonfiction niche.
Start by creating an outline for your book. This will be a breakdown of the chapters of the book and the sections within those chapters.
It will be a lot easier to write our book with this outline.
When your book is written you will need a professional-looking cover. This will make it more saleable on Kindle. If you have no skills in graphic design then you can outsource this work on Fiverr.
When you are happy with your book and cover, it’s time to publish it and make some money.
You will need a free Amazon KDP account to do this and you will have to provide tax and other details. Then you can go to “Bookshelf” and publish your book.
Just follow all of the instructions and be sure to use good keywords and a good description. Upload your book, choose a price and get your commissions.
MODEL 4: Create an Authority Website
An authority website is just a fancy name for a blog. This will take a little time to establish but once you have a site set up with great content, you can monetize it in a number of different ways.
You will want to choose a popular niche for your authority website and produce content that will provide value for your visitors.
Then focus on generating traffic to your website. Make sure that you optimize all of your posts for SEO, especially long-tail keywords.
Use social media and forums to get the word out about your website.
Once you have a good level of traffic, you can use Google Adsense to monetize.
You can also add affiliate links to related products and services in your posts. High-traffic websites also attract advertisers in your niche and they will be willing to spend to reach your audience.
MODEL 5: Amazon FBA
FBA Stands for Fulfillment by Amazon. What this means is that you can sell physical products that you either manufactured or sourced and then sell them for a profit on the world’s largest marketplace.
There are people making fortunes with Amazon FBA. You will need to do your homework to really be successful. You can find products from manufacturers in China repackage them and then sell them for a profit.
Now that you know 5 of the easiest models to make money online, it’s time to figure out which one works for you.
Need more resources to help you decide?
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