01/21/2023
Want ideas on how to generate passive income?
𝟭. 𝗘 𝗯𝗼𝗼𝗸𝘀
Like eBooks, creating audiobooks is a great way to turn your technical skills into a healthy income stream.
When recording your audiobooks, make sure that you not only write your script but include things like emphasizing certain words and adding in natural pauses to make your message clearer.
Make sure that you use a microphone with reasonably high quality or your audiobook will sound unprofessional and won’t be as successful. Buying a quality microphone is a good upfront investment as you can use it for creating your online courses and other video content.
𝟮. 𝗢𝗻𝗹𝗶𝗻𝗲 𝗰𝗼𝘂𝗿𝘀𝗲𝘀
A great way to make use of your technical skills is to teach others by creating an online course.
You can teach an online course about almost anything: Photoshop, game development, playing an instrument, investing in stocks, learning a language, etc. The possibilities are endless. If you have a blog, you should make the course relevant to what you write your posts about. If you don’t have a blog currently, use platforms such as YouTube to post your courses. Once you gain enough viewers, then you can start monetizing your videos to make ad revenue.
𝟯. 𝗔𝗳𝗳𝗶𝗹𝗶𝗮𝘁𝗲 𝗠𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴
Once your audience grows larger, you can dabble in the affiliate marketing realm. Affiliate marketing is an arrangement where online retailers pay a commission to you if they make a sale from a referral on your site. Some businesses also offer a flat fee instead of paying a commission on sales.
Make referral links that apply to the topics you discuss in your blog posts. For example, a blog post about investing in stocks may have a referral link to their favorite book about the stock market.
𝟰. 𝗕𝘂𝗶𝗹𝗱 𝗮 𝗦𝗮𝗹𝗲𝘀 𝗙𝘂𝗻𝗻𝗲𝗹
A sales funnel is a little trick used by many internet marketers. This is the buying process that businesses lead companies through when buying products.
There are many strategies for doing this, but most of them follow a general outline. First, you make the customer aware of your product. They then show interest by examining other companies and options. Next, they evaluate their options and make their ultimate choice (hopefully it’s you). Finally, the customer purchases your product.
Sounds simple, right? Not at all. Creating an effective sales funnel takes an enormous time commitment upfront. But as with most of these passive income strategies, the payoff is well worth it.
Leave questions and comments below!