If you are looking for a great way to have a financially stable life without working 8 hours a day, 5 days a week, then you need to have a passive income source. Whilst there are a lot of passive income ideas that you can do, especially in this digital age, the reality is that 95% of people who try to do these fail. That is because they don’t understand the amount of work and effort it takes to make it successful.
Some of the digital product or businesses that you can do to generate passive income streams include launching our own products through eCommerce, creating your own website content by providing coaching and consulting, and promoting other people’s products through affiliate marketing, among others.
All of these digital businesses need time and effort to be successful. You need to remember that launching a digital business to have a passive income stream is not a one-night success. You need to spend a lot of time in building your business, invest in great tools and resources, as well as create an effective process to make everything work.
So to help you make passive income streams, here are smart ideas on how to achieve it.
The digital world brims with opportunities to create passive income streams. And one of the most common digital businesses that generate passive income is website monetization.
Website monetization is the process of converting your website traffic into revenue. It also includes earning revenue by selling products and services, offering content, and accepting donations.
And one of the best platforms for website monetization is WordPress.
WordPress is the most popular CMS in the entire internet world. In fact according to trends.builtwith.com, WordPress dominated the global CMS market with over 50 to 60% share. Moreover, big brands and popular media outfits like New York Observer, New York Post, TED, Thought Catalog, Williams, USA Today, CNN, Fortune.com, TIME.com, National Post, Spotify, TechCrunch, CBS Local, and NBC, all use WordPress.
That is because WordPress has over 181 million monthly unique views and the 4th most viewed platform in the US after Google, Facebook and Yahoo.
Furthermore, it also gets 126 million unique visitors per month as compared to Amazon’s 96 million unique visitors per month.
Whether you are a small business owner or a budding entrepreneur who wants to start making money on WordPress or online, here’s how you can start.
1. Affiliate marketing and lead generation
Affiliate marketing is the smartest way to make money using your WordPress website. In fact, according to statistica.com, affiliate marketing spending is expected to overpass the $8 billion mark by 2022.
This type of marketing works by earning a commission for every click on affiliate links, lead, or sale you generate for other people’s product or services.
So if you are running a site and looking for smart ways to earn passive income, you may partner to brands or businesses who have affiliate programs.
On the other hand, lead generation’s main objective is to sell a specific product or service. If you generate a lead and that lead converts to a paying customer, then you earn a commission.
Lead generation is actually one of the easiest ways to have a passive income. But it takes a lot of effort when it comes to testing and analysis to know which works best for a certain audience.
2. Selling ad space
One of the best passive income ideas that you can do with your blog site is by selling ad space using Google Adsense or other advertising platforms like Media, Infolinks, or Ezoic, and more. If you are starting or running a blog site, you can enrol it to Google Adsense or to these platforms. Once Google approves your application, it will embed special code on your website to promote advertisers’ web pages that are relevant to your website content.
3. Consulting and selling online courses or stock photos
Consulting is one of the smartest passive income ideas that you can also do with your blog site. If you are knowledgeable with a certain skill, you can use it as a platform to offer consulting services and create online modules or courses and get paid for it.
Offering consulting services requires vast experience and expertise. It also takes more time and effort to start getting profit. But if you are successful in becoming an authority within your niche, then generating passive income will be easier.
Moreover, if you are a photographer, you can also create stock photos and sell them online.
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4. Sponsored posts
Sponsored posts refer to promotional content on your website that you created for a company or brand. Sponsored posts are very common to bloggers or influencers who have a high following on the internet.
The key to creating sponsored posts that generate passive income depends on your ability to write high-quality content.
Want to start blogging? Click here for the best blog sites.
5. Selling products online
Today, if you want to start a business, you don’t necessarily need to rent a space to sell your products. You can launch your business online by building a website or setting up a social media store and selling your products or services there.
Whilst selling products online can be exciting, it can be a bit tough because of high competition and big players in the market.
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There are different ways to create passive income streams. Today, the best is website monetization. But traditionally, the most common ways to earn money passively are real estate investment, sticking to a traditional high yield savings account with high interest rates, buying high-dividend stocks or investing in the stock market, among others.
Some of the passive income ideas that can help you make $1000 a month include starting a YouTube Channel, creating a membership website, writing an online course or ebook/book, creating a lead gen website for service businesses, among others.
Passive income is the money you earn without so much effort. Examples of passive income include renting your space or real estate or launching a business activity that requires little attention, like website monetization. When you have a passive income, you are literally making money while you are sleeping. And if your money is working for you, you can easily get rich without spending so much effort or work.
Traditionally, the best passive income idea is real estate. According to fortunebuilders.com, passive income real estate is one of the best ways to gain an additional source of revenue, attain security in retirement, and ultimately achieve financial freedom. But in this digital age, it is worth investing in website building and monetization.
Today, by just having a website, you can easily make money. You just need to find the right platform and ideas that align with what you want to do. If you want to find the best website builder, let PageKits help you! Contact PageKits today!