Anyone can make extra money if they’re willing to put in more hours at work, but not everyone has the time to do it. That’s where passive income comes in handy.
Making money while you sleep (literally) not only feels great, but it’s also smart. If you can earn a paycheck without a lot of work, you’ve set yourself up for a comfortable future. Fortunately, the internet is essentially designed to generate passive income – it just takes a little knowledge and effort.
- Use Your Blog
If you haven’t already created a monetizing blog, then start one today. It’s one of the best ways you can generate income without a lot of work. The great thing about a blog is that it typically takes less than 10 hours per week to maintain, but it has the potential to contribute the revenue of working 40 hours in the same time frame.
Just starting a blog isn’t enough to generate passive income, though. You’ll need to start some things that will continue to work when you’re not around. Here are some of the most popular strategies:
- Write an eBook: After you’ve written several blog posts on a certain topic, it’s fairly easy to compile the information into an eBook, which you can sell online. If you’re only selling each copy for $0.99, and you sell 1,000 copies in a month, that’s an extra $1k in your pocket.
- Advertise: Advertisements are the most common form of passive income for blogs. Companies will pay top dollar to advertise on your blog if it receives enough traffic.
- Write Affiliate Reviews: With an affiliate link embedded into your review, you’ll make money every time someone clicks on a link and/or purchases a product.
- Partner Up: Another form of affiliate linking comes when you partner with another company; you can offer a coupon code for a product or service sold on another blog. Every time someone uses that coupon code, you’ll get paid.
- Make Videos
Videos are extremely popular on social media today, particularly now that Facebook has instituted the autoplay feature. When a video starts playing, the majority of consumers won’t click away. They’ll watch the video in its entirety.
So, if you can make a great video and market it to the public, you can make big money from advertisements. When on the payroll platform, YouTube will pay you a few cents every time someone watches the video, funds that come from their many advertisers. A few cents isn’t much if you only get a few hundred views, but if you get tens of thousands and more, you can make a pretty penny.
Viral videos are also great for generating passive income. Once the video is made, it will circle the web through social media and YouTube. You can make money from advertisements and views for years after a viral video circulates the web.
- Social Media Management
This doesn’t take much out of your daily schedule, and you can make quite a bit of money from your efforts. Whether you’re managing your own social profile or taking over the management for a business, there are sneaky ways you can build some extra income on the side.
The first step is to build a good following. Then, you can share content and links and generate a discussion about each. Companies will pay you to share this content if you get enough engagement.
You can also connect your website to social media if you have products or services worth selling. If consumers enjoy the content you share, they’ll follow you back to your website, and you can cash in on this connection.
It’s making money while barely lifting a finger.