Connect with us

SOCIAL

10 Proven Passive Income Ideas for 2023

Published

on

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?

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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!

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

SOCIAL

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

Published

on

By

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.

Advertisement

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.

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

SOCIAL

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

Published

on

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.

Advertisement



“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.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

SOCIAL

Instagram Tests Live-Stream Games to Enhance Engagement

Published

on

Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

Advertisement



Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending

Follow by Email
RSS