Types of passive income streams to build online:
1. Affiliate Programs -
Passive income is derived from setting up a web site that presells a companies products.
The parent company provides the products, tracks the sales and gives you a commission for each sale. Find companies that offer large commissions, and will track clients for multiple sales over a long period of time (ie lifetime) so you can get recurring commissions. Make sure they offer multiple tiers (at least 2) for sales. ie you still get paid if one of your affiliates makes a sale.
2. Information Products -
The web is great place to create an ebook that explains 'How to" information ie How to start an online business, How to buy a car without getting ripped off .anything that makes life easier for people. People are hungry for information, therefore if there is a need, you can create an ebook and sell it on the Net.
eBooks - offer advertising space in your ebook. Give the ebook away for free or even place links in it from affiliate programs you recommend.
Create ebook?
Easy to create - you just need the ebook creation software. Takes a short amount of time - you can create an info report in a few hours or days. A large ebook may take several weeks or months.
Low cost - costs will include ebook creation software, web site design, web hosting and marketing. Once you this set up, with good promotion in the search engines, you can make sales from your ebook 24 hours a day for years to come.
Add an affiliate program - increase the number of ebook sales sales by getting other people to sell it for a commission. This enables you greatly increase your passive income.
Allow reprint rights - charge a fee for people that will have the complete reprint rights. They are able to place there own affiliate links in the ebook and sell it for the same price to others.
3. Creating software products -
If you have a good idea for a software product that will help people do something faster, easier or teach them something, then you may have a winner.
4. Advertising commissions -
If you have a web site that attracts 1000s of visitors a day from the search engines, you can offer to place a banner or link on your site for a fee that you collect each month. You set it up once, then collect the passive residual income.
Newsletters,or ezines - offer advertising space in your ezine. The greater number of subscribers you have the more you can charge every time you publish.
Google AdSense - place Google Ads on your web site. When someone clicks on the ad, you get a commission for every click. If you have 100s or 1000s of pages on your site, you can earn a substantial monthly income.
5. Pay Per Click Campaigns - you can make money instantly by setting up a Google AdWords campaign for your product or affiliate program. If there are not too many competitors promoting the same product and it is in high demand, you can earn a good passive income. Creating several successful campaigns will multiply the amount you can make.
6. Referrals - create a network of people that offer services or products related to your business. Ask for a commission every time you refer someone. For example as a web designer, I sometimes refer clients to graphic designers, search engine optimization experts, copywriters and database designers especially when I don't have the time to do the work myself or it is outside my area of expertise.
7. Create a membership site - if you are an expert in your field and can provide the resources, knowledge and support, you can charge a monthly fee to gain access to your membership site. The more members you gain, the more money you make. Because you are an expert in your field, you can also recommend other products and services to your members, from which you earn commissions.
8. Become a Reseller -
By reselling other people's services you can earn ongoing residual income.
One such example is web hosting or domain name registration. You pay a monthly fee to the reseller and you can charge whatever you like to your customers for your
service. Of course you must be thoroughly familiar with the service to provide the necessary support to your clients.
Conclusion: Building multiple passive income streams is a great way to secure yourself for the future. You never know if you will be laid off from your regular job, get too ill to work, experience a disaster or want to start saving for your retirement.
Choose one of the above types of passive income streams and take action now, to secure your financial future
