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10 Proven Passive Income Ideas for 2023

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10 Proven Passive Income Ideas for 2023

There are many ways to generate passive income and change your financial future. Whether you want to earn just an extra $1000 per month on the side or go into something full-time and replace your current salary, different passive income ideas require different work and time.

Upfront work is required, so don’t expect to get rich overnight, but with a plan in place and the right kind of motivation, you can see success much sooner than you think.

1. Start an Online Business

Starting an online business is the best way to generate revenue on autopilot.

Why?

  1. You don’t need a ton of cash upfront.
  2. You have a lot of room to make mistakes, and
  3. It’s one of the most fulfilling life adventures you could ever be on.

I started my first online business in 2008 after being laid off from an architecture job I loved. My website helped architects pass a difficult exam, and people paid me for study material I created to help them prepare.

How much money did this business make?

In one year, I generated over $200,000, more than double what I earned as an architect.

2. Affiliate Marketing

Affiliate marketing allows you to generate passive income simply by recommending existing products to other people. If you’ve ever recommended something to a friend, you know how to do affiliate marketing already.

Affiliate marketing has been my most significant single source of revenue, bringing in over $4 million since 2009.

So, how does affiliate marketing work, exactly?

With affiliate marketing, you recommend other people or company’s products and services to your following. You can talk about it on YouTube, a website, in an email, or even just with your social following. And, when someone purchases from your recommendation, you’ll receive a commission from the sale.

One of the most popular and accessible ways to get started is through the Amazon Affiliate Program. People already know and trust shopping from Amazon, and you’ll have a massive range of products to select from.

Just be sure only to choose products that you can stand behind, and that will serve your audience well, and be sure to always be upfront that a link you promote is an affiliate link.

To be successful with this, you’ll need to put time into building an audience who trusts that you’ll always steer them in the right direction and then follow through on that.

Related: 12 Myths and Misconceptions of Affiliate Marketing

3. Start a YouTube Channel

Starting a YouTube channel is an excellent option for making passive income online; it’s free to get started, and if you create videos that people want to watch, you can generate revenue from ads, sponsorships, and even promoting your products.

Recently, I started a new YouTube channel all about Pokemon cards called Deep Pocket Monster. In two years, this new channel has grown to over 500,000 subscribers, and it generates revenue from ads, sponsorships, and even affiliate marketing by promoting card shops and binders on my videos.

4. Open a Paid Membership Business

Like signing up for a gym membership, people join online memberships and pay recurring fees for the sense of community and value it brings them. In fact, we have a couple ourselves:

  • Our SPI All-Access Pass is a community of up-and-coming entrepreneurs who get access to all of our courses, workshops, community events, and even guides to help them through the material.
  • SPI PRO is our higher-level community of established business owners who want to network, connect, and share ideas with growth in mind. We require an application to get into this paid community.

Both of our communities require a recurring payment (quarterly or annual), but people are happy to continue to pay that because they’re getting more value in return.

With a membership business, you may need a platform to host your community. Circle is our top choice because it’s easy to use and familiar to users who join. This is our affiliate link for Circle in case you’d like to check it out and give it a run!

5. Make Print-on-Demand Designs

If you have a keen eye for design and current trends and know how to use design software, selling print-on-demand designs could be a great option to create passive income.

With print-on-demand, you don’t have to buy any inventory ahead of time, so it’s a low-risk business model.

You’ll work with a print provider, like Printful or Teespring, to sell merch (t-shirts, mugs, bags, etc.) customized with your designs and sold per order.

When someone buys one of your designs, the print provider fulfills, prints, and ships the order on your behalf.

The trickiest part is making unique, high-quality designs that inspire your people to purchase them.

6. Offer Software as a Service (SaaS) Business

Another potentially lucrative option for passive income is to create an app or software that you can offer as a subscription service—also called software as a service (SaaS).

To do something like this requires coding knowledge or the funds to hire someone who knows how to code, but there are many resources available to find people who can do that kind of work for you, like Upwork.

Remember that this is one of the more time-consuming options; it will take a good chunk of time to plan and get things up and running.

Also, you will have to create and offer a truly valuable solution—and market your solution effectively—to make passive income with this, which isn’t exactly easy.

This is a challenging route., but it can be rewarding.

Related: How to Successfully Launch a Product in Under 90 Days

7. Create an Online Course

Everyone has a skill they can teach, so why not monetize yours AND help others by creating an online course?

Making an online course isn’t too difficult either, but it will take a lot of time and effort to ensure it’s useful. We host our online courses on both Teachable and Circle, and it’s an amazing way to package information into a place where people can experience a transformation or solve a problem.

Once you’ve created the content and have everything set up, it can be an incredibly profitable source of passive income.

There are several platforms, like Udemy or Skillshare, that you can choose from to host your course and facilitate getting your course paid viewers.

However, I always recommend using your website to give you greater control and true ownership.

8. Create No-Code Apps

Did you know you can reap the benefits of creating an app without knowing how to code? Apart from hiring an expensive developer, that is.

Yep, you can control the process and create an app through development platforms like Zapier, Appy Pie, or Bubble.

There are a lot of apps out there, so to be successful with this, you’ll need to search and identify a need and fill that need with your app.

If you set your objectives ahead of time and know exactly which problem you’re trying to solve—and who you’re solving it for—you’ll already be a step ahead of the competition.

With this, you can earn high passive income through downloads, subscriptions, ads, etc.—depending on how you model it.

9. Publish an eBook

Selling eBooks online is a very accessible method of making passive income.

The idea of creating a whole digital “book” might still sound intimidating to you, but I promise it’s actually simple to do.

Your book’s content can be informative or entertaining, and it can be as short and simple as a 5-page PDF.

You don’t have to be a pro writer or even an expert on your eBook’s topic. Just be sure to provide high-quality, well-designed content that resonates with your audience.

You can even hire a freelance ghostwriter and graphic designer to help you out.

All you have to do is self-publish it to Amazon or Apple Books and promote it to your audience.

Writing an eBook gives you a vehicle to benefit your existing audience with helpful information, further strengthening your relationship with them.

It’s also a great tool to augment your audience to new levels and boost traffic to your website, podcast, and other channels—growing your brand.

10. Write a Book

Writing a physical book is a great way to generate passive income, not just from the book’s potential sales, but how it may promote other services and products you have to offer.

I’ve written and published three books myself, and although it’s a tough route, it’s super rewarding, and the residual income, if you continue to market the book (or it takes off on its own)can be plentiful.

My self-published book, Will It Fly, has generated a total of $459,341.00 (between 2016 and 2019)

patflynn 3 books

If you’d like to join a community of people just like you who are building their businesses right now, please check out our All-Access Pass. We’ll guide you across our entire course library to ensure you give yourself the best chance to earn an additional income.

You got this!

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12 Proven Methods to Make Money Blogging in 2024

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Make money blogging

 

Make money bloggingThis is a contributed article.

The world of blogging continues to thrive in 2024, offering a compelling avenue for creative minds to share their knowledge, build an audience, and even turn their passion into profit. Whether you’re a seasoned blogger or just starting, there are numerous effective strategies to monetize your blog and achieve financial success. Here, we delve into 12 proven methods to make money blogging in 2024:

1. Embrace Niche Expertise:

Standing out in the vast blogosphere requires focus. Carving a niche allows you to cater to a specific audience with targeted content. This not only builds a loyal following but also positions you as an authority in your chosen field. Whether it’s gardening techniques, travel hacking tips, or the intricacies of cryptocurrency, delve deep into a subject you’re passionate and knowledgeable about. Targeted audiences are more receptive to monetization efforts, making them ideal for success.

2. Content is King (and Queen):

High-quality content remains the cornerstone of any successful blog. In 2024, readers crave informative, engaging, and well-written content that solves their problems, answers their questions, or entertains them. Invest time in crafting valuable blog posts, articles, or videos that resonate with your target audience.

  • Focus on evergreen content: Create content that remains relevant for a long time, attracting consistent traffic and boosting your earning potential.
  • Incorporate multimedia: Spice up your content with captivating images, infographics, or even videos to enhance reader engagement and improve SEO.
  • Maintain consistency: Develop a regular publishing schedule to build anticipation and keep your audience coming back for more.

3. The Power of SEO:

Search Engine Optimization (SEO) ensures your blog ranks high in search engine results for relevant keywords. This increases organic traffic, the lifeblood of any monetization strategy.

  • Keyword research: Use keyword research tools to identify terms your target audience searches for. Strategically incorporate these keywords into your content naturally.
  • Technical SEO: Optimize your blog’s loading speed, mobile responsiveness, and overall technical aspects to improve search engine ranking.
  • Backlink building: Encourage other websites to link back to your content, boosting your blog’s authority in the eyes of search engines.

4. Monetization Magic: Affiliate Marketing

Affiliate marketing allows you to earn commissions by promoting other companies’ products or services. When a reader clicks on your affiliate link and makes a purchase, you get a commission.

  • Choose relevant affiliates: Promote products or services that align with your niche and resonate with your audience.
  • Transparency is key: Disclose your affiliate relationships clearly to your readers and build trust.
  • Integrate strategically: Don’t just bombard readers with links. Weave affiliate promotions naturally into your content, highlighting the value proposition.

5. Display Advertising: A Classic Approach

Display advertising involves placing banner ads, text ads, or other visual elements on your blog. When a reader clicks on an ad, you earn revenue.

  • Choose reputable ad networks: Partner with established ad networks that offer competitive rates and relevant ads for your audience.
  • Strategic ad placement: Place ads thoughtfully, avoiding an overwhelming experience for readers.
  • Track your performance: Monitor ad clicks and conversions to measure the effectiveness of your ad placements and optimize for better results.

6. Offer Premium Content:

Providing exclusive, in-depth content behind a paywall can generate additional income. This could be premium blog posts, ebooks, online courses, or webinars.

  • Deliver exceptional value: Ensure your premium content offers significant value that justifies the price tag.
  • Multiple pricing options: Consider offering tiered subscription plans to cater to different audience needs and budgets.
  • Promote effectively: Highlight the benefits of your premium content and encourage readers to subscribe.

7. Coaching and Consulting:

Leverage your expertise by offering coaching or consulting services related to your niche. Readers who find your content valuable may be interested in personalized guidance.

  • Position yourself as an expert: Showcase your qualifications, experience, and client testimonials to build trust and establish your credibility.
  • Offer free consultations: Provide a limited free consultation to potential clients, allowing them to experience your expertise firsthand.
  • Develop clear packages: Outline different coaching or consulting packages with varying time commitments and pricing structures.

8. The Power of Community: Online Events and Webinars

Host online events or webinars related to your niche. These events offer valuable content while also providing an opportunity to promote other monetization avenues.

  • Interactive and engaging: Structure your online events to be interactive with polls, Q&A sessions, or live chats. Click here to learn more about image marketing with Q&A sessions and live chats.

9. Embrace the Power of Email Marketing:

Building an email list allows you to foster stronger relationships with your audience and promote your content and offerings directly.

  • Offer valuable incentives: Encourage readers to subscribe by offering exclusive content, discounts, or early access to new products.
  • Segmentation is key: Segment your email list based on reader interests to send targeted campaigns that resonate more effectively.
  • Regular communication: Maintain consistent communication with your subscribers through engaging newsletters or updates.

10. Sell Your Own Products:

Take your expertise to the next level by creating and selling your own products. This could be physical merchandise, digital downloads, or even printables related to your niche.

  • Identify audience needs: Develop products that address the specific needs and desires of your target audience.
  • High-quality offerings: Invest in creating high-quality products that offer exceptional value and user experience.
  • Utilize multiple platforms: Sell your products through your blog, online marketplaces, or even social media platforms.

11. Sponsorships and Brand Collaborations:

Partner with brands or businesses relevant to your niche for sponsored content or collaborations. This can be a lucrative way to leverage your audience and generate income.

  • Maintain editorial control: While working with sponsors, ensure you retain editorial control to maintain your blog’s authenticity and audience trust.
  • Disclosures are essential: Clearly disclose sponsored content to readers, upholding transparency and ethical practices.
  • Align with your niche: Partner with brands that complement your content and resonate with your audience.

12. Freelancing and Paid Writing Opportunities:

Your blog can serve as a springboard for freelance writing opportunities. Showcase your writing skills and expertise through your blog content, attracting potential clients.

  • Target relevant publications: Identify online publications, websites, or magazines related to your niche and pitch your writing services.
  • High-quality samples: Include high-quality blog posts from your site as writing samples when pitching to potential clients.
  • Develop strong writing skills: Continuously hone your writing skills and stay updated on current trends in your niche to deliver exceptional work.

Conclusion:

Building a successful blog that generates income requires dedication, strategic planning, and high-quality content. In today’s digital age, there are numerous opportunities to make money online through blogging. By utilizing a combination of methods such as affiliate marketing, sponsored content, and selling digital products or services, you can leverage your blog’s potential and achieve financial success.

Remember, consistency in posting, engaging with your audience, and staying adaptable to trends are key to thriving in the ever-evolving blogosphere. Embrace new strategies, refine your approaches, and always keep your readers at the forefront of your content creation journey. With dedication and the right approach, your blog has the potential to become a valuable source of income and a platform for sharing your knowledge and passion with the world, making money online while doing what you love.

Image Credit: DepositPhotos



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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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