While putting in good and honest hard work every single day will usually cover your bills and other basic necessities, it rarely gives you something extra to put away for the rainy day. That’s why aside from doing well at their day jobs, people are now exploring various strategies and methods to make passive income.
And unlike in the previous decades, the internet has enabled a lot of people to generate passive income even without a large starting capital.
With so many strategies and guides out there, you might have asked, “what would be the best strategy to go with?” The answer is well, there is no one method that will ensure success for everyone.
Here’s a list of the passive income strategies that have been tried and tested by ecommerce experts from around the world. Hopefully, you would find something in this list that would best fit your skills and interests to get that passive income growing:
If you have a great idea on hand and excellent writing skills, it’s quite easy to write an ebook under hundred pages. The make or break decision for your ebook is placing the right price. Depending on the niche and where you are going to sell it, ecommerce experts advise to price the ebooks below $5 if they were to be sold on a website or $10 if you plan to repackage them and sell on Amazon or iBooks.
Write Content with Affiliate Links
Another way to maximize your writing skills is to write content with integrated affiliated links. It all comes down to determining what product niche your blog should focus on and look for players that have already established their affiliate programs.
Online Courses and Membership Sites
While these entail a lot of work, you can generate some serious cash from all your efforts providing helpful content and multimedia materials for a certain niche topic.
Set Up an Online Store and Drop Ship
Have an idea of a product or group of products that are difficult to buy locally and are challenging to search for online? This is important since you don’t want a lot of competition for your online store. When you have a good idea for what you’re going to sell, set up your online store, find a trustworthy provider, set up a drop shipping arrangement with them, and you’re all set to go!
This is not building a website on random topic and placing ads all over it. In this strategy, you have to think of a specific niche that you want to make a complete guide for (eg. travel guide for a certain town or city) and search out companies that would want to place ads on your site. Ditch the boring banner ads and sell them more effective ad spaces like guest post spaces, text links, and widgetized ads.
Set Up Lead Capture Websites for Real World Businesses
There are two ways under this strategy: one is to make a Google-friendly content site with a high converting inquiry form and the second one is to create a directory website that lists down real world businesses. If you negotiate well, companies would be willing to pay you to put their contact details on your site to get hundreds of new customers.
Set Up an Online Store for a Real World Service and Outsource
Nowadays, online presence is a must for any business. But since not every business out there, especially the small ones, has their own website set up, you can maximize this need by setting up a user friendly site and outsource the work. In this way, connecting customers and taking in their orders while someone else fulfills them will make you a significant amount of passive income.
As visual beings, people would most likely choose to watch a 5-minute video over reading a 1,000-word blog article, which is why YouTube has become the second biggest search engine in the world. An ecommerce expert says that the key to maximizing the platform and the ads is to create technical content which people usually look for to help them solve real world problems. With this, there’s a greater chance that your viewers would likely click on the links to relevant products.
Resell Online Products and Services
Get some passive income by providing products and services without really having to do much heavy lifting! Just set up a company website providing descriptions of your products and/or services, and work out the marketing to attract customers. The order is fulfilled by the product company or the individual who can provide the service. This strategy gets you the classic middleman margin.
Write for Adsense
Write content for high ranking page content publishing platforms like Squidoo, Quora, and Yahoo Answers. Aside from producing high quality content with smart keywords, it’s also important to pick the right niche topics so that there isn’t much competition on content originality.
Design ‘Better’ Apps
As we become more and more reliant on smartphones and tablets to perform our daily tasks, there is a never ending demand for apps to solve new problems. Despite not offering anything original with your app, one way to make your app marketable is to solve problems with a different approach, designed for a specific audience, or a more attractive user interface.
Book Reviews and Amazon Links
Another way to get some money out of your writing skills is to write book reviews and integrating corresponding Amazon links in them. But to have a successful book reviews website, you need to first identify which niche you are going to write for.
With the right tools, some technical know-how, and great marketing skills, you could partner up with someone to sell some their info product online. Just make sure that you have tested out the product and someone is actually willing to pay for it before pushing through with it.
Sell Products on eBay at More Affordable Prices
Because people are always looking at value for their money, you can sell products on eBay on affordable prices. The key step here is to choose the right product - which should be quite difficult to find and/or is overpriced locally. Contact someone in China via Alibaba or the Canton Fair to supply your products and set up a shop. Ecommerce experts say that if you do everything right, this is a repeatable formula that can earn you some serious cash.
Design and Sell Merchandise on Cafepress and Zazzle
One way of getting money out of your creative projects,such as shirts, mugs, or anything you could possibly think of is to sell them on sites like Cafepress and Zazzle. Aside from the minimal work involved, what’s so great about it is that you can easily pique the interest of niche groups with your unique designs. Plus, they won’t be able to get your merchandise on mainstream retail stores.
Establish a Highly Niched Up Online Community and Marketplace
What’s so great about the internet is people from all over the world could easily come together to talk about their interests. Turn these interests into something sellable by establishing a community and marketplace where people can sell their stuff to each other. The passive income will come from cuts in sales.
Give Out Your Stuff for Free and Ask for Donations
While it doesn’t really get you much passive income immediately, giving out your stuff for free and asking for donations in return will reap its benefits in the future. Helping out lots of users lives now might lead to future premium product sales.
Convert Existing Content into Something Sellable
What’s so great about this one is that you don’t really have to start writing from scratch. You can easily repackage previously published blog articles by putting them together and editing them to come up with something sellable such as an ebook, video, or online course.
Provide Product Reviews and Link Up with Amazon
Everyone wants to get their money’s worth for their purchases, that’s why most people do some thorough research on a product or item before making the final decision (especially if it’s a pricey decision).
According to ecommerce experts, another great way to generate some passive income is to build a website focused on reviewing physical products of a certain niche. Aside from providing great content for your target audience, it’s also important to integrate affiliate links and buttons in these reviews that will lead them to Amazon and hopefully convert to more sales.
Create Podcast or Videos on a Certain Expertise
With this strategy, you can focus on any topic you want and interview the experts in the form of a podcast or a video and put most of your content for free. Ecommerce experts say that in order to make passive income out of this, you charge a fee for the other stuff like premium content, latest updates or set up a monthly charge for access to your membership site.
Keyword Rich Domain Names
While it may seem that the ‘decent’ sounding domain names have already been registered, there are still available keyword-focused domain names out there that are still available. Purchase a domain name that you think will be worth a fortune in a few years’ time, especially if anyone would want to use it for their businesses in the future.
As you can see, most of the strategies in this list talk about using your skills and expertise to address someone else’s needs in this digital age. While it may seem that opportunities for sellable ideas and services will run out eventually, remember that people’s needs change over time thus there will always be a need for new solutions to address new problems.