53% of people are unhappy with their current work situation. While you might not have the ability to leave your current job, there are options available to help you create a little more freedom for yourself.
By creating passive income streams, you can open new income potential. You can even work towards creating enough streams to allow you to leave a job you’re frustrated with.
There are many options for passive income, but some of the easiest options are found online. While the online landscape can change regularly, there are seven strategies for how to make passive income online that are still working in 2019.
What is Passive Income?
Passive income is income you don’t have to work as hard for. All you have to do is put a couple of processes in place to start, and you can earn income while you sleep.
This doesn’t mean there’s no work involved. It just means the work isn’t an active, everyday process. If you want to make money online, you need to know how to look for the opportunities.
This means looking for legitimate opportunities. There are many scams out there, so you want to pick your options carefully. You also need to know who to listen to for advice.
If you’re willing to put in the upfront work and willing to spend a couple hours each week on maintenance, you can make online passive income work for you. First, you need to know the best options available.
How to Make Passive Income Online
When it comes to stretching your monthly income, you do have options. You can look for ways to cut your expenses. You can also look for side gigs to help generate more income.
If you find time is a factor for side gigs, online income streams might prove your best bet. With little upfront expense and limited time, you can still stretch your money. Let’s take a look at the best online income options.
1. Affiliate Marketing
Affiliate marketing is an easy option to get started. This is also an option that is in high demand. In fact, 81% of brands rely on affiliate marketers to help sell their products and services.
With affiliate marketing, all you need is a website. You sign up with the companies you want to work with and get individual links to share with people who visit your website.
You place the links in relevant posts and emails. When someone purchases the products or services through your links, you receive a commission on the sale.
If you participate in affiliate marketing, it’s important to choose companies you trust. You’re putting your online reputation on the line with the companies you promote.
2. Lead Generating Website
Another easy option is to create a lead generating website. This requires a website in a specific niche where you educate your visitors on a specific subject.
You also set up a system to send leads to specific companies that can meet their needs. You can do this in two ways
- Set up a contract with companies to receive a commission for leads you send their way.
- Place ads on your website to lead people back to other websites.
With this option, you’re receiving a commission based on the leads you refer, not the sales created. To make this option work, you need a good understanding of SEO practices to rank higher in searches.
3. Drop Shipping
Drop shipping is an easy way to sell products without having to keep inventory on hand. All you have to do is set up an agreement with manufacturers and create an online store.
People will order the products from your website, and the order is sent to the manufacturer to ship the products. You receive a portion of the profits from the sale of the products from your site.
4. Sell Your Own Products
If you have items you make yourself, or a large store of books, clothes, or other items, you can sell these items online. All you have to do is set up a merchant account with a company such as Amazon or eBay.
You create a description and price for the items you’re selling and they show up when people search for those types of items. You can either keep the inventory to ship yourself or send it to their fulfillment facility to ship it for you.
5. Rewards Programs
Another easy income option is to sign up for a cash back rewards program, such as Ebates. These programs allow you to earn cash back when you shop online stores affiliated with their program.
The rewards programs have offers available for the different online stores that you can choose when shopping. You can also earn money by referring other people to the program. The trick is to only use this option for items you would purchase anyway.
6. Sell Online Courses
Do you have expertise in a specific industry or on a particular topic? You can create video or slide presentations, eBooks, and email campaigns to share this expertise with others.
All you have to do is create compelling landing pages to direct people to your courses. When a customer purchases the course, you can set up an email to automatically send them the information to access the course.
7. License Your Photos
If you have a good eye for photography, you can use this to generate passive income. All you have to do is upload your photos to a stock photo site.
Each time someone uses a photo you’ve uploaded, you will receive royalties for the use of the photo. People are always looking for photos to use in their marketing campaigns. You just have to figure out which photos will get the most use.
More Income and Lifestyle Tips
These seven passive income streams are great places to start to increase your monthly income and move you towards more financial freedom. You may even find you want to expand your earning potential outside of the traditional workplace.
You have an idea how to make passive income online, but you may want help finding other income ideas and tips. If this is you, check out our lifestyle tips. We have ideas that can work for you at whatever stage you’re at currently.