In my 2 previous posts for June I’ve been speaking about turning a 1:1 business into an online course.
But what about those of you who do not want to create and sell online courses? Well, I have something special just for you guys today 🙂
Ever since people like Tim Ferris (4 Hour Work Week) and Pat Flynn (Smart Passive Income) came to the forefront of the digital world, everyone wants to know how to make a passive income!
And why not? How freaking cool to be able to make money while you lounge at the beach, right?
And while the online course model works brilliantly for many people, including myself, I understand that it’s not for everyone.
So, I am going to give you some ideas of other business models that will achieve a passive income.
By no means does this mean they require NO work. All of them require work to set up in the beginning, and many of them require some work along the way.
So no, this is not 100% passive (I think the lottery is about the only 100% passive income source!). But it’s as close as you will get 🙂
There is a lot of upfront work with writing ebooks (or paperback books) but once the books have been written and published its 100% passive income after that.
If you love to write, and know grammar good 😉 then this may be the way to go. The key here is to pump out many books, not just 1 or 2. If you are going to make a decent income from books then you need to have loads out there. Unless you are J. K. Rowling books actually do not make a lot of money. However, if you have several books then you increase your income potential.
Affiliate sales have great potential, but the problem here is it takes a lot of site traffic to sell enough to make a full-time income. So once again, this one will take a while to set up and get going, but once it does it is 100% passive income.
People will go to your site, click on a link to buy whatever it is you’re selling, and you are given a commission for each sale. There are people out there that swear by affiliate sales, and yes it works IF you get the traffic and are selling products people want. But be prepared for it to take a few years to really get off the ground
Develop an App
This is not something I have any experience in what so ever, but I have a few collogues who make pretty good money from creating and selling iPhone Apps.
You need to have coding skills (or the money to pay someone else to do it) but once the Apps is in iTunes it’s all passive baby! The trick is to get your App to ‘trend’ so it shows up in the “featured” area of iTunes.
Okay, so I’m cheating a little because memberships sites are very similar to online courses but I’m a huge fan so had to throw it in!
What I love most about membership sites is the reoccurring monthly income, without having to source new buyers. When someone signs up to a membership site typically what happens is they agree to have a set amount taken from their account each month to keep their membership valid. And you don’t even need to do the money stuff! PayPal (or whoever you use) does it all for you, every single month!
So, if you have content you can package up into a membership site then this model can be very successful. It is not 100% passive however, because you will need to add more content at some point (to keep people interested) and you may want to offer support to your members. However, you could run a membership site on 5 hours a week!
Once you have recorded the videos, this is again 100% passive. The idea would be you record a bunch of videos that are keyword rich and topics people search for, and run AdSense ads in your videos. You’ve probably seen YouTube ads before… those pesky little popup boxes that show up while you are watching a clip. Well, when someone clicks on that pesky little box and buys whatever it’s selling, you earn money from it. It’s a source of affiliate marketing.
If you have mad camera skills, then selling photos is 100% passive (after you take the images and upload them). You do however need to be a talented photographer to make a living selling images. There is a lot of strong competition out there so you need to step up. But this is definitely an achievable passive income source if you have crazy good talent.
I’ve left blogging until last because it’s probably the least passive out of all the suggestions. It takes a lot of work to build and run a blog. However, after a few years of working on your blog you will probably have it at a point where you can run ads and affiliate sales and make decent money.
It’s just the prep work on this model is so much more involved than most of the above options (if you are going to build a blog people love!). But if you are willing to put in the work then blogging is another way to make a (mostly) passive income.
Now, I’m going to be 100% honest with you here – Even after running through all those cool ideas, I still think online courses are the best (mostly) passive income source. Sure, they aren’t 100% passive, but teaching people new skills, or helping them overcome certain problems is a very rewarding way to make money.
So perhaps if you don’t connect with any of the suggestions I’ve just made then maybe take another look at online courses. I’ve been an entrepreneur for 17 years, had several businesses in that time, including 6 online business models. By far the most rewarding (both personally and financially) has been creating and selling online courses.
Food for thought 🙂
Your Chief Freedom Junkie
P.S. If you are interested in turning your 1:1 business into an online course, download our how to guide!