What is Passive & Non-Passive Income?: 6 Best Methods of Passive Income
This article is very concise details about a few passive income generation methods I suggest reading carefully.
We will discuss what really passive income and what is not a passive income. Also we will have a look at tools you need to generate passive income.
What is Passive Income?
Income that you earn even when you are not working, for example, if you create and sell a course you have created.
What you have to do after creating such a system is to make an effort of marketing, you need to spend a small portion of your time to advertise this system or course you have created through different mediums such as Facebook, Instagram, Google Adwords, etc.
Simply put creating a product or services once and then you will be earning whenever someone buys your product or services even if you are sleeping.
what is nonpassive income?
If you are making money through Amazon or eBay, you can not consider it as passive income because each time a product is ordered you have to pack it and track the delivery.
Also you will be needing a finite number of products or though the sale could be made whiles you are sleeping but you’re in this case your work is not limited to marketing only it goes beyond. It will involved inventory as well as packaging of the product.
Does Passive Income Generation Require A Website?
The naked truth is that, you will require a website if you really want to make a decent amount of money.
However if you don’t want to invest in a website creation then you will be able to learn in a better way as your time will be invested in learning without thinking about website management.
There are many successful people who generate passive income through other websites instead their own website.
Just note that no one creates perfect product or service every product or service needs improvement you just need to give your best when you create something in this way you need to learn how to improve and succeed.
Passive Income Method 1 Domain Flipping .
Domain flipping simply means buying domains at a lower price and selling them at a higher price. The difference between prices is your profit.
The best thing about domain flipping is that it has very low investment and profit can be very huge.
For example car insurance dot com was sold in 2010 at a price of forty nine point seven million dollars($49.7 million).
You can also buy any available domain and you will never know maybe you can sell it at a very higher price.
The most important thing is that you can buy a single domain at just around $10 dollars that means if you can invest 100 to 200 dollars then you will be having 10 to 20 domains.
Now if any one of your domain will be sold at more than 200 dollars then you are covering the cost of all domains you bought and also getting the profit.
The first thing you need to do is to flip domains is choosing a profitable niche and the best way to do it searching for niches in Google trends and analyze the demands.
Suppose you find that natural remedies for stomach problem is a profitable niche so you should start searching for domain that will be easy to remember.
This domain research is the base for your success in domain flipping. It is very important to invest your time and energy.
I suggest you always choose.com extension and remember that short domains are usually more preferred. Also, you should try choosing great business names that people might be searching for.
You have to understand the value of your domain and consider these questions to set its price.
1.Who might buy your domain?
2. How much profit can be earned using that domain?
3.How much money will be invested in advertising the domain?
4.Whether is a large domain business name or small business domain name?
These are some questions you must bear in mind when setting the sale price of your domain.
I will suggest that you understand the business behind the domain and the search about and this way you will be able to set a perfect price at which you should sell that domain.
For instance a local business domain for particular city should not be priced high and international business must have a higher price.
Let look at how you can promote your domain for sale. There are many domain selling site where you can list your domain, but I would recommend flipper.com, sedo.com, hughedomains.com and godday.com because these site have great potentials for buyers and seller.
There also another great way to promote your domains that is join facebook groups in your niche.
Let assume you buy a domain for online education industry then you should try to join all business groups that are related to education industry if you find any.
Just make sure that these groups are business groups not education group after you confirm the type of group you can promote your domain there and it is not an easy task to get broad domains but if you spend enough time on learning this art then you will succeed.
Note that initially it will be difficult for sure since its new experience but you will master the art. Buying great domains is a skill that will take some time.
You need to have patience, don’t just go and start buying domains it would be better if you study about it through YouTube and blogs then enter into the industry, in other words get knowledge on the industry you want to enter before you take up the task.
Some domains may take years, moths,weeks,days and hours to sell so you have to wait and keep on buying great domains.
Advantages Of Flipping Domains
-No experience needed. You don’t need to have experience to flipping domains as you know is just buying domains and selling them.
-Does not required storage drive.
-No Coding Skills needed. You don’t have to know website coding or skill often people think that they cannot enter into web business if they don’t have coding skills. Practically, you don’t need to have coding skills before starting selling domains
-No shipping cost. There is no shipping cost associated with selling domains to any buyer. All that will be needed to just transfer domain to buyer.
Since domains are not actually products that you created, buyer will not ask you for any help after the sale.
Disadvantages Of Flipping
-It requires investment. If you want to start selling domains then you have to buy them, although most domain cost is not very high but if you don’t buy quality domain you may face loss.
-It is time consuming. Since you cannot start buying and selling domains just like that, you have to do proper research having prospective buyer in your mind.
Ideas On Profitable Domain Flipping.
If you want to buy domains for a specific geographical location then it must have the name of the location like New York dot com or in landlord dot com.
Also if you want to buy domains for online learning platform in general then I suggest use “quality” word in the domain if possible” like qualitytesing.com if you want to teach testing skills, or quality12.com if you want to teach students.
If you domain buying will be from technology then search for current technologies.
Buying domains for future events will also mean that searching for previous events and the websites for those events.
For example, you can check previous Olympics event website to understand what type of domain names that are registered by Olympic organizers, you can buy similar domains and try to connect with organizers to close the deal.
This ideal is not restricted to Olympics only there are many events that happen around the world.
Also, you can search for industry wise trends in Google search trends then buy the domains that you think is more likely to be in demand.
Passive Income Method 2 Selling Course Online;
The best thing is that you can teach anything you wish but must be practical whether professionally or personally.
If you are good at something you can teach and earn from it but if you are not good at something you can still learn something of your interest and teach that but I strongly advice you teach something that you know best.
You can teach without teaching experience, all you need to do is answer questions and correct yourself from errors that may comes on your way as you teach and this will make you better.
Now let me share with you two categories of website for selling courses. First one is Marketplace and in this category best websites are Udemy.com,skillshare.com and stackcommerce.com
Second category, you can get websites like Teachable.com,thinkific.com and learnworlds.com.
Using these websites you can create your own course site and will be able to collect e-mail ideas of restraints which is important to run a long term business but the difficult part is the marketing.
If you use places like Udemy ,you would need to do marketing efforts, bear in mind that marketing effort is more likely to pay you because the brand is known and trusted by people.
Once you understand how it works you can start collaborating with other instructors.
Remember you have to create more courses and market them through all medium.
Advantages Of Course Selling.
Huge Profit :Because you can sell one course to infinite number of people, therefore, the profit will be huge.
Any topic: You can create a course on any topic whether it is cooking that assigns career etc
Disadvantages Of Course Selling.
Finding Students Difficulties. Is not easy to find students who will be interested in your course.You have to work on marketing through mediums such as social media ,Google adword etc.
Profitable Niches. Digital painting, web design ,training, affiliate marketing, home decoration, facebook ads training, accounting, mindset work, career & resumes, coaching, virtual assistant training, food photography, academic writing ,programming &coding, SEO, eBook publishing, photo organization, worldPress websites, proofreading, auditioning, fashion design, self-car, mail training, machine learning, artificial intelligence, operating systems, cell phone repairs, cyber security, selling handmade goods on Estst, blogging ,software programming, social media marketing, animation, massaging, Youtube video,Podcast, conflict management, public speaking etc
Passive Income Method 3 E-Book Selling:
Writing is an art that need creativity.
if you have any thoughts of writing something then you must start doing it because something great might come out of it. Though this is not easy but don’t underestimate yourself.
Publishing a higher quality book will help you earn more cash. The most important thing is focusing on the higher quality content.
Here are some websites you can list your eBooks Phyid.com,Selz.com,Fiverr.com,Amazon.com, Feiyr.com,Blurb.com, Google play and E-junkie.com.
E-book selling – profitable niches
Adoption, Advertising, Alzheimer’s, Anger Management, Anti-Aging, Antiquing, Anxiety,Archaeology ,Arthritis, Asthma, Astronomy, Back Pain Backpacking ,Beauty, Becoming A Nurse, Bird Training, Boating & Sailing, Bowling, Boxing, Camping and Hiking, Ceramics, Chronic Fatigue,
Classic Cars, Cooking ,Copywriting, Hemorrhoids ,Credit Problems ,Debt Management, Decoration
Depression ,Diabetes, Divorce, Dog Training, Drop shipping ,Eating Disorders, Gardening, Golf ,Greenhouses, Hair Loss, Happiness and more.
Passive Income Method 4 Selling Stock Images.
Since a professional photographer or a graphic designer charges very high to create customer images and it is time taking, some businesses prefer to use stock images.
The earning potential of stock images is not very high but if you create custom images depending on the demand then you can earn a good amount.
Some common website to publish your stock images includes; shutterstock.com, dreamstime.com, contributor.stock.adobe and contributore.freepik.com.
Stock Images Selling Profitable Niche.
Sports, environment, nature,lifestyle,business,travel,medicine,relationship,textures,birds,faith,diesease, technology, cartoons, animals, interior deigning, and art
Passive Income Method 5 Selling Stock Videos Selling; These are short video that can be sold to filmmakers, video makers, documentaries and advert. Short videos are use to fit a portion of larger video therefore it is not easy to detect which part of the main video was stock video.
The most common websites where you can sell stock videos includes; Adobe solder stock and video hive.
Stock Video Profitable Niche.
Front view of building, aerial footage, travel, foods, sports, environmental concerns like recycling, waste reduction, disaster relief and eco-friendly transportation.
Passive Income Method 6 Creating YouTube Video.
YouTube is a well known passive income generation platform and we have so many successful Youtubers around the world.
You can also do it but to become a successful YouTube you need to work hard and the most important thing is patience.
Once you start working on your YouTube channel you will face so many challenges like how to promote your channel, how to collaborate with other Youtubers and so on. I have three most important tips to grow a YouTube channel.
First of all, you must have a good looking YouTube channel page and the thumbnails for your videos must also be very attractive that make people click on your videos.
YouTube is similar to blogging just like blogs YouTube videos should have a highly quality content.
Let us also note that if your thumbnails are good looking but your content is of low or average quality then people won’t invest time on your video therefore your channel views will be reduce and you are more likely to fail.
I will suggest you watch some videos of YouTube channels and books that help people on growing a YouTube channel.
Through Youtube videos you can earn from affiliate marketing and sponsored videos and selling your own products and services.
I hope by getting to the end of this article I strongly believe you have an idea about how you can generate passive income