Some of you are going to steal these ideas from me, and that’s okay.
As an individual entrepreneur with a small team, it’s impossible for me to take advantage of every opportunity that comes my way. As much as I hate it (I wish I had a clone), I’ve come to accept that.
Therefore, I’m making some of my recent passive income ideas public. I hope that they prove helpful, or at the very least, interesting!
As always, should you decide to set up a new blog or website, I highly recommend looking into Bluehost, what this website uses. You can thank me by going through this affiliate link, at no cost to you!
1. Create a blog or information site around the Drone niche. Well, it doesn’t necessarily have to be around the drone niche. It could honestly be around any niche. However, I think that as a relatively new concept, newcomers buyers of a Drone must have many questions and since Drones are expensive, it could be a good affiliate commission item.
2. Make a site to promote and advertise iPhone and Android apps. I’ve recently joined the iTunes affiliate program. One of the consistent problems that I’ve heard from speaking with iPhone and Android developers is the need to get more users on their apps and positive reviews. Yes, there are sites out there that help with this, but are they adequately serving the niche? I think there is room for more.
3. Set up and grow an Instagram to promote other accounts. Instagram marketing is another area that I’ve been experimenting with. You see lots of marketers out there killing it and making money hand over fist promoting Instagram accounts after they’ve successfully grown their own. I recently published a post on automating favoriting for an IG account.
4. Start a theme-centric Snapchat channel. Whenever big names like John Lee Dumas, Pat Flynn, Gary Vaynerchuk, Arnold Schwarzenegger, and DJ Khaled are getting on SnapChat, you know that this app is ready to explode in importance. While you might not have the marketing clout to develop a following around your personality (though I urge you to), you could always start a theme-centric channel and aim to dominate that niche.
5. Launch a Kickstarter or Indiegogo campaign. This is my area of expertise, having written about the topic for 3+ years and having interviewed many successful entrepreneurs. Not only is it possible to launch a new product through crowdfunding, but it’s also a great marketing opportunity to put your business on the map! Here’s my guide to hit a home run with crowdfunding.
6. Invest in individual loans with peer to peer lending. I have to admit, I’m surprised with how much peer to peer lending has taken off in the last several years. Increasingly, more and more investors are using p2p lending sites like Lending Club, Prosper, and others to earn passive revenue from fixed income investments.
7. Start a podcast (here’s how). Woah! The podcasting world sure has grown recently. We’ve seen some podcasters earning thousands and thousands of dollars per month from their podcast. Not only that, but podcasting is a great tool to develop a relationship with potential customers, get them on your email list, and turn them into sales. I myself am surprised at the engagement I’m seeing on my podcast, and I think that 2016 is a good year to get in on this new medium!
8. Invest in real estate with new real estate crowdfunding platforms. Before I point this opportunity out, I must strongly caution you against risky investments. I’m not an investment advisor and this is not legal, investing, or tax advice. This is just my opinion. That being said, real estate investing is growing quickly. More and more investors are using it over REITs. Similar to P2P lending, real estate investing online takes advantage of technology advances and makes it much easier to manage your assets.
9. Build up a youtube channel to a lead capture. I know that YouTube has been around for a few years, but I’m still astounded by the continued successes that are emerging on the platform and the way that entrepreneurs are using YouTube videos to build a relationship with their target market. Here is an awesome guide that Neil Patel put together on how to build a successful YouTube channel.
10. Be a service provider broker. Basically, you’d be getting work for other service providers and taking a cut. You could actually own the service provider, and they’re your employee, or you could work on a commission basis. I’ve written a bit about this before, but I think that now is the time to become a service provider broker. Some entrepreneurs are making over $2 million doing this. I think it’s easiest to set up this kind of business when the deliverables for work orders are clear, like a new logo or a clean apartment.
11. Convert webinars into sales. When selling an expensive product or service, the name of the game is personalized attention. But we all have a limited amount of attention, and if we’re trying to build passive income, we don’t want to spend every day with individual clients. One great way to give personalized attention in a group setting is with webinars. On a webinar, participants can ask questions, see the questions that others ask, and have a chance to interact with you directly. There are even replay webinars that still continue to convert visitors into sales! The key here is 1. Actually having a killer product or service. 2. Knowing the language you need to use to get them excited about using it.
12. White label a product. This basically means taking an existing product, putting your label on it, and selling it. There a bunch of resources online that you can use to figure out how to do this. You can white label a software or a physical product. It might be referred to as “drop shipping” in the physical product industry. It’s clear that since there is a low barrier to entry, your differentiator is going to be how good you are at marketing the product.
13. Create an online course. The great thing about online courses is that customers can continue to benefit from your knowledge, even when you’re not there to deliver it. Of course, the important consideration here is what valuable knowledge do you have that others would want to acquire? You don’t need to completely understand how to set up your own software to deliver the course. You can also use sites like Udemy or Lynda to host the course.
14. Publish an ebook. Like online courses, ebooks are another way to passively earn location-independent income. Although many entrepreneurs, offer ebooks through established marketplaces like Amazon and iBooks, you can also sell the ebook on your own website with extra goodies and bonuses.
15.Take advantage of equity crowdfunding. Now, both accredited and unaccredited investors can invest in equity crowdfunding deals. You can invest in the next Facebook or Uber. Unlike real estate crowdfunding, it’s unlikely that these will be cash flowing opportunities, but it really depends on the startup company. Most of these deals will pay off in the future with a lump sum ROI. Keep in mind that these investments are illiquid and risky.
16. Become an authority in the traveling niche. Well, this can be said of any niche really, but I was recently looking at some of the ridiculously profitable hotel sale commissions that this website was getting ($3,224 in one month from hotel commissions across HotelsCombined, Booking.com and Agoda). By checking out some of the blogs that publish income reports, you can get ideas for products to recommend and niches to enter.
17. Make a software product within a marketplace. Finally, just because you have a programming background or the ability to code software doesn’t mean that you must launch a tech startup from scratch. You can also earn passive income by creating specific tools, themes, and plugins for marketplaces like ThemeForest. If marketing and selling is your weak spot, this can be a particularly attractive way of going about generating passive income, because the marketplace will do the selling for you! Just make sure you encourage good reviews and have optimized keywords in your listing.