7 PASSIVE INCOME IDEAS (easily make $200/day)

while the initial appeal of passive income might be to make money without any effort at all with greater understanding of what passive income is and how it really works many people get a more realistic idea of the power and the potential of this alternative way of earning a living penny stocks seeing it not necessarily as an easy way to get rich but instead a strategic way to diversify their income and create greater financial security because of course creating streams of passive income does take effort in fact quite a lot of it but the long-term gains make that effort worth it but what's the best way to earn passive income should you sell courses or publish a book or should you set up a drop shipping website or a membership program or perhaps you should build an entire business and sell it or simply invest your savings into an existing business or into dividend earning stocks today we're going to look at seven of the best passive income options all strategies that are easy to get started with and proven to be able to earn at least two hundred dollars every day [Music] it was right about four years ago when i launched my first membership site to my small audience and to my great surprise exactly 300 people immediately signed up paying me 33 every single month which meant that i immediately had a brand new stream of revenue that instantly was earning 10 000 per month and that was incredible so a membership site it's a website where either people are paying for some information or education on a specific topic or they might be paying to simply be part of a club and what makes a membership site different from a course or some other model is that with a membership site your members are paying subscriptions which means that they're paying you every single month to continue to have access to that content now there's this big myth out there that with a membership site you have to create a lot of new content every month and so that they are very time consuming to run but that's simply not the case if you create good quality content on your membership site then people will continue to pay to have access to it because it will take them more than a month to get through it in fact most people take many many months if not years to get through online course material i know plenty of people who have created online courses and then simply paired them with a community and sell that as a membership site and do so very successfully now regardless of exactly how you decide to structure your membership site there are three things you're going to need to turn your membership site into a success the first is a clear and specific value that the membership site provides so maybe you are teaching people how to get a specific outcome or maybe it's all centered around one very specific topic but if you try to make your membership site too wide or broad or diverse then you're going to find that people don't really see the value in it and you'll struggle to get people to sign up so first of all you need to have a strong value second you need to have some sort of process that sells it this is essential if you want it to be passive because you can have a membership site without this you can actively sell it to one individual at a time but it will be a very active income source in that case so you need to have some sort of automated sales funnel that can sell your membership site without you having to do the work if you want it to be passive and then third you need to have some sort of traffic source that is fueling that sales funnel so you need to have some way that you are automatically getting traffic and leads that then that sales funnel converts into customers most membership sites charge somewhere between five and two hundred and fifty dollars a month obviously a huge range although there are definitely some even outside of that range and so if we were to look at an example here let's say your membership site was 95 or 100 dollars a month well then in that case you would need about 60 members in order to reach 6 000 a month which would be about 200 a day or if you had a hundred paying members then you'd be earning ten thousand dollars a month which is obviously a bit more than two hundred dollars a day but that means you'd have plenty to pay for your expenses and have your take-home profit be about two hundred dollars a day you're probably most familiar with royalties as a part of the music industry where musical artists get paid royalties every time someone purchases one of their songs or albums but royalties actually exist in many other industries as well and one of the very easiest ways to start earning royalties yourself is to create an ebook write an ebook or write a book yourself and publish it on amazon where people can purchase it by doing so you will earn a royalty of anywhere between about one and ten dollars for every copy of that book that someone purchases on amazon a few years ago i did this for myself i wrote and published an ebook about organization strategies and decluttering strategies that i personally used in my own life and found really helpful now at the time i did not have any audience myself at all and so i definitely wasn't going to be able to turn this ebook into a success or really make any money from it with just telling my friends and family about it yeah i'm telling everyone now yeah so what i did was i went into a few dozen different free facebook groups and these groups were focused on organization and decluttering and minimalism and things like that and i told them that i had a book that was coming out soon and that i was going to be giving it away for free for the first three days after it was published and so this got people really excited about it i also got a couple hundred people to sign up for a launch team to help me promote it when it did come out so i had these few hundred people who i had actually told about it myself and they went and downloaded it for free and that was enough to start pushing it up the amazon charts and that got it more visibility on amazon so more people who didn't know me at all started downloading it for free it ended up getting up to number one on the charts in its specific category in the free section and so then when the free promotion ended and i switched it to a paid book people actually kept buying it and i ended up selling a few thousand copies of that book which brought in several thousand dollars of revenue from those royalties and ever since then i've continued to sell copies of it every single month and earn for me about two to five dollars in royalties for every copy that sells and that's all from this one time project i did where i spent about a month writing that book and then i spent a few dozen hours connecting with people online to promote the free version of it as you may know youtube pays creator is for clicks on ads that are driven by views on those creators videos so if you make videos on youtube people watch your videos a tiny percentage of those people will click on your ads and you will get paid for that i want more money now the way this is typically calculated is with something called a cpm a cost per ml which means a average amount that you're earning per thousand views now this rate can be anywhere between one and fifty dollars per thousand views but most youtube creators see it land somewhere between five and twenty dollars per thousand views and on my channel i typically see around ten dollars per thousand views now this makes the math really easy if you're ever curious about how much someone is earning for a video that they created whenever you're watching a video on youtube just take a look at the view count and then all you need to do is divide that number by 100 and that will tell you roughly how many dollars they're earning directly from the ads on that video now of course there is plenty of effort associated with creating content on youtube but what's really cool is that the videos keep racking up views long into the future so all the videos that i've created over the past four or five years on youtube they're still earning me money even far after that time when i invested five to ten hours to make each of those videos and so every single month i earn around six thousand sometimes ten thousand dollars in completely passive ad revenue and i would keep earning that revenue for quite some time even if i quit or took a break i need a break now of course when you are first starting out it is really tough to stand out and you won't be earning anything at first because you have to wait until your channel gets monetized which typically happens once you reach 1 000 subscribers and get 4 000 watch hours here on youtube so you'll be doing a lot of work and not getting paid much that's the same with a lot of passive income strategies where you have to do a fair amount of upfront work getting paid a little to nothing but then long term you get to reap the rewards of that effort that you put in now like i said the toughest part is just getting those first thousand subscribers though and getting your channel monetized and getting traction from zero in fact only 17 of channels on youtube earn any money at all only 17 are monetized so you can see that it's really tough to stand out however if you go about it with the right strategy you can get your channel monetized in as little as just a few months i have a strategy that i've used on my own channel and i've now taught to literally thousands of other people about how to get your channel monetized in just three months and get those first thousand subscribers and it is taught in a free workshop so if you are interested in doing that for yourself and using this passive income strategy then make sure you check out the description below and find out how you can get a copy of that free workshop and learn that strategy for yourself so i'm grouping these next two things together because even though they are different formats and different types of media we're talking audio versus written content for a blog you publish both of them as content on your own website content that you host and you monetize them in fairly similar ways typically either with ads or by promoting your own products now unlike youtube neither blogs nor podcasts earn any money on their own they're not going to automatically generate any revenue just because people are reading your words or listening to your podcast they're certainly not going to earn any revenue just because you created them so you need to figure out what you can sell via this attention that you have gotten on these platforms via the free content you've put out so there's a few different ways you can do this the first and perhaps simplest is to just sign up for an ad program like google adsense and then you can put google's ads on your website and you'll get paid for every click so this is fairly similar to how you'd earn money with ads on your youtube videos although you do have to go through the little bit more work of setting it up another way you can earn money from ads is by working with sponsors so you can work directly with companies who pay you a fixed rate every month to have an ad on your site and in this case you'll get paid regardless of whether or not people click although of course the advertiser won't want to continue advertising on your site if it isn't benefiting them if they aren't seeing clicks and sales resulting from that ad another strategy you can use here is to do affiliate marketing so you can promote other people's products with ads on your site and you're not getting paid directly for the ads or for the clicks but if you are in fact driving sales then you'll earn a commission and then finally you can use the attention that you're getting with your free content to promote your own paid products and typically here people promote products that relate to the free content so for example here on youtube i make free content about strategies for making money online and how to start online businesses and that's because i sell programs that teach people how to start online businesses and this is a great segue into today's sponsor which is startup society so startup society is a company that i run that teaches people how to start successful online businesses and when i say successful i mean profitable online businesses online businesses that allow people to work for themselves and earn a great living doing so and what startup society provides is really simple framework for starting an online business as simply as possible now right now at startup society we have a really cool promotion going on where you can get one of our intro courses completely for free it's our small business 101 course and it gives you the big picture of what goes into building a successful online business and this is perfect for anyone who is just getting started with their online business or just thinking about starting an online business and they feel a little overwhelmed or unsure of exactly what goes into that process i'm overwhelmed or it can also be helpful if you've already started your online business but you feel like you have some missing pieces and things aren't working as well as you want them to so if that is you then make sure you check the description below for the link to grab your free copy of that intro course small business 101 [Music] over the past few years the creator economy has absolutely exploded with thousands and thousands of people earning six seven even eight figures from selling digital products online now when i say digital products i mean courses i mean pdfs i mean any sort of resource that you can download from the internet to use or to learn from and now you might be thinking right now that you are too late it's too late this industry has already exploded you missed the boat but that's totally not the case because this industry is still growing so rapidly it really is still in its infancy and it's still developing not because there aren't already a lot of people doing it but because the products are getting better and better and people are figuring out how to create better and better products so there's still a huge opportunity here for you to come to market with a great product and make really good profit from it now the biggest challenge when it comes to making money with digital products is absolutely marketing them and you can make this process a very effort intensive i.e not passive income friendly if you are out there trying to sell products one at a time to one individual at a time but there are two different ways you can overcome this and make your digital products and the income that you get from them a lot more passive the first way is to utilize public marketplaces so instead of simply trying to sell your product yourself on your own site you can put it up on a public marketplace like etsy or udemy or skillshare where there are already millions of people shopping and you can get a lot of easy visibility that way now the downside is definitely that you cannot charge nearly as much for your products in those public marketplaces because people are really comparing your offer or your product with a lot of other products and so they're kind of shopping around price shopping but the benefit is that it takes a lot less of your time now an alternative that also can take less of your time at least long term is to build an automated sales funnel i've made several videos lately about this strategy and how to set up your own automated sales funnel so click up there for some videos about exactly that and learn how to set one up for yourself but basically the idea here is to set up an automated sales funnel and then you can focus simply on your traffic gen strategies and this can look like paying money for advertising to fuel your funnel with leads that convert into paying customers or it could look like some sort of content marketing where you're creating youtube videos or podcasts or blogs and you might be earning other revenue from those things as well but you can also earn additional passive income by using those things to promote this paid offer that you have [Music] it sounds so easy but it's one of the biggest myths in the online business space and i have to say it's honestly almost 100 click bait i know it i know it i know it of course i'm talking about affiliate marketing here and the basic idea behind affiliate marketing is that you are promoting other people's products and you're earning a commission for it commonly as high as about 50 percent so you don't have to create the product you don't have to run the sales process or even necessarily run the business you just have to promote their products and you earn 50 of the revenue gurus tell you this is so easy you earn these really high commissions you don't have to do almost any of the work and well bam money in your bank account but like most things that sound too good to be true this version of affiliate marketing is now of course that doesn't mean that the whole idea of affiliate marketing is flawed or that you can't earn money from it you totally can it's just that this idea of affiliate marketing is misrepresented and it leads a lot of people astray it's totally true that you can earn great commissions thousands of dollars every month by promoting other people's products one of the best examples of this is probably my friend pat flynn so affiliate marketing can be absolutely amazing who famously promoted bluehost as an affiliate to his audience consistently earning over forty thousand dollars a month for years but those riches are only passive if you are piggybacking your affiliate marketing strategies off of something else that you're already doing perhaps content creation or you have some other reason you're building your audience or you have an existing email list or a lot of traffic to your website if you have another good reason to build your audience and there's a product that they love there's absolutely no reason to not promote it to them and earn a commission in the process which can generate a lot of truly passive income i just don't want you to think that this is a good beginner strategy or what you should be focusing on doing if you don't have an existing audience or you aren't generating a fair amount of traffic yourself or you don't have any experience in sales at all strategy number seven unlike the others requires a fair amount of startup capital at least if you want to earn much passive income from it however unlike the others it requires a lot less effort so here i'm talking about investing if you have some money to invest then you can earn a good return on your investment and that return can be almost completely passive you can do this by investing in real estate or medals or cryptocurrency or in existing businesses and you can do that either by investing in the businesses directly or by picking individual stocks or you can invest in index funds which are collections of stocks that give you a taste of many different sectors of the market and make it so that you are basically instantly diversified now of course each of these different investment opportunities offers different rates of return balanced with different levels of risk but for example let's take a look at the stock market historically the stock market returns an average of about 10 per year now of course this is average so in any given year you might earn a lot more than that or a lot less than that but looking at that average over time you would need about seven hundred and thirty thousand dollars invested in order to earn two hundred dollars per day now that return won't necessarily be liquid because your money will still be tied up in those stocks so your savings will be growing but you won't necessarily be able to live off of that income however you can change that up by investing in dividend-paying stocks dividend stocks quite simply are stocks that pay you out small bits of companies profits every month or every quarter and of course the better the company does the more you earn but this means that you get some of that passive income liquid and you can use it as actual passive income to potentially live off of or fuel your other ventures now obviously in order to use this strategy you need some capital to be able to invest and you're going to need to get that money from somewhere now you could just get it from your day job but for the ultimate passive income machine you'll want to layer these different passive income strategies so for example you can start by using small amounts of income from your day job to help you get started with some of these passive income strategies like writing an ebook where you earn royalties or getting your blog or your youtube channel up and off the ground and running once you're earning some passive income from those strategies your income will be more diversified you'll have multiple streams of income and your monthly income will be growing month after month so then you'll have a little bit more disposable income that you can start investing and you can start to layer these strategies or snowball them and see these returns compound over time in addition you probably noticed that some of the strategies i shared today involve content creation and you're getting paid directly for the content creation like with youtube or if you have a monetized blog or even if you're selling an ebook you are creating content and all of those things can work to build your audience now on the other hand we had some strategies that specifically involved selling and they didn't really grow your audience at all so things like selling a digital product or a membership site those things probably won't actually grow your audience so for best results again you want to layer these strategies you want to build an entire business that creates passive income in many different ways so that you can earn passive income from the ad revenue on your youtube videos or from sponsorships on your podcast and you can use that content to grow your audience and then you can promote other products to that audience either products you sell yourself or affiliate products all of those things together will grow your monthly income and you can reinvest that income into other investments so that you can grow your income more and more every single month now if you really want to change your financial life then check out this video right here about 10 of the best side hustles that anyone can start and of course don't forget to subscribe

Channel: Gillian Perkins

Views: 160,709

Keywords: passive income, passive income ideas, income streams, streams of income, how to make money online, how to make passive income, how to make extra money, gillian perkins, gillianperkins.com

Id: olS3RBwoN58

Length: 22min 1sec (1321 seconds)

Published: Tue Jun 14 2022