5 Passive income ideas (Make Money while you sleep)

passive income ideas

There are many passive income streams that you can apply in this digital error and earn a lucrative income while you sleep. In the article, I’m going to give you my passive income ideas that I used to get my fast job at home.

So let’s start with the first one:

person using silver macbook pro 3787297

Selling Information Product

Among the passive income ideas that I will share with you today is selling information products.

Before we dive deep into the steps to create an information product, let’s fast define what it is. An information product is any digital product that conveys a piece of specific information, in the context of educating the user around a certain topic.

Okay, with that being said so let’s brack down the step it takes to create an information product.

step1: Research on the best selling information products

Our main objective here is not only to create a digital information product but how to create an information product that sells?

To achieve this you can take a look at what’s already out there that’s by taking a peek into best-selling info products that are already in the market.

Google out the product of your interest and don’t forget to note down The value proposition, Pricing model and Messaging. create a list of the information product that you find. Write down as many ideas as you can find. At 5-10 ideas is a good number to start with.

Step 2: Type of information product

Now that you have created a list of information products, it is time to choose what type of information product you have got.

Some of the most common information product types are:

  • E-books
  • Checklists
  • Training platforms
  • Courses
  • Mini-degrees
  • Worksheets
  • White papers
  • Webinars

From the list choose the product that is best for you, however, bear in mind that the value you add into your buyer is what makes you earn from an information product.

My personal advice is to go with the type that makes you feel most comfortable. There are things you can do the best and there are some you are not good at. what are you good at?

Do you feel great in front of a camera? well if so then go for it. Are you great at writing? so on and so forth. In the end, that’s what creating an information product is all about. Focus on what you can do the best.

Let’s move on to the next step.

Step 3: Define the Basic Elements of your product

In this section, we are going to a framework called Learn Business Canvas. It is a 1-page business plan template that helps you deconstruct your idea into its key assumptions using 9 basic building blocks.

Passive income ideas

The templet above will help you define the Basic Elements of your product in terms of The Problem you want to solve, The key solution, unique value proposition and so on.

The good thing about this framework is that it helps you organize your thoughts around the information product you’re going to build.

By defining basic elements like the Cost Structure and the Channels you’re going to use to promote your product, you have a basic strategy in place.

To get a better understanding of how to use the framework, I will link you to a great article that explains more on all the Elements in this Templet.

Step 4: Validate your information product Idea.

This is another great step that you should never miss. Validation allows you to confirm whether an idea you have has a chance of succeeding.

It helps you to determine whether your information product will be of interest to your target audience.

It’s very important to do this for almost everything you create online, before making further investments and commitments toward them.

If you want to sell information online, or just want to launch a free info product, ask what people think about it first.

The feedback you’re going to get will help you refine your product before launching it.

Step 5: Create and Launch your product

Waaw! we are almost there. We now have the product you want to create, we chose What type of product it’s going to be, The basic elements are of your product, we have also validated the product, and now it’s time to create the product and launch it.

To create and launch a product I will take you through my experience in building and launching information-based products, some of these things are:

  • Making it actionable

Make it as simple as possible, while also explaining every step in detail and adjusting your messaging so that it doesn’t include complex words and jargon.

  • Provide proofs and case studies

People love real-life proofs, case studies and success stories from others who have used that product.

In my course, I include cases of people who managed to quit their jobs after taking it.

There’s no better way to sell an information product than that.

  • Ask successful people in your industry

Honestly reaching out to successful people is not easy but it is worth it. If you have the chance, you need to ask for feedback from authorities in your industry.

Just send them a polite message, asking them to take a look at your information product before it goes public. Although a few of them are willing to help but trust me, it’s well worth it.

  • Offer a trial product or Money-Back-Guarantee

When you sell information online, it’s easy to be misunderstood or misinterpreted. Many people think that they’ll buy your course and get rich overnight. Moreover, many other people will hesitate to take the leap and buy your product. A Free Trial or a Money-Back Guarantee here will help you in the beginning.

  • Show how you support after the product is sold

Customer care is the best deal to my own experience.

Most successful information product companies offer great support to their customers, even after they’ve bought one of their products.

In fact, info products require constant support, since people who bought the product may need further explanation or even consultation for some of the topics you cover. Unless it is the nature of your product that it does not need any further support, in that case, no need.

You have to be very specific with the kind of support people should expect from you.

Let’s get to our last step

Step 6: Selling your information product

With all the steps that we have covered about, in this section, I am going to take you through on how to sell your information product.

Honestly, at this point, you need to get out of the building and start actually selling your product. Selling is the last part that can determine how you earn your income either active or passively.

You have heard that you can “make money while you sleep”, well that is true but how do you do it?

Here are some of the best ways to promote it:

  • Paid Advertisement

Paid advertising is one of the quickest ways to get your information product in front of your target audience. There are many ways to promote your information product using paid Ads eg Facebook Ads, Google or search Ads and so forth.

  • Affiliate marketing

Affiliate marketing is a great way to sell your course. To put it simply, affiliate marketing allows other people or websites to promote your information product on a commission basis.

This means that they get paid not for the traffic they drive, but for the sales they drive. If you would like more on the best tips for affiliate marketing, I have a full detailed article on that, you can go ahead to check it out here Tope five Affiliate marketing tips.

  • Partnership

Partnerships can also be a great way to promote your informational product. The logic behind partnerships is easy.

The first thing to do is finding businesses that have similar target audiences with you and decide to help each other out.

  • Direct sales

Interacting with people while trying to sell to them allows you to identify their pain points and problems and adjust your messaging around them.

Sales can be hard, but if done correctly they can drive initial growth for your new product.

  • Social selling

Next, you can use social selling as a way to attract people who will buy your info product.

Social selling is the action of adding value to your prospect’s lives and giving answers to their questions where they live online.

To get the most out of this strategy, you need to find where your potential customers live online and try to answer any questions they have regarding the topic you cover with your info product.

  • Building a community around your product

Building a community is one of the best things you can do to generate awareness about your product.

It’s also one of the best ways to keep people who have already purchased one of your products engaged so that you can up-sell them in the future.

There are many social media sites that you can create a community around your digital product eg Facebook groups or youtube channel.

Thanks a lot for following along with us. See you in the next way to earn passive income.

Selling E-Books

seo strategies

Among the Passive income ideas that I would like to share is selling E-Books and other digital downloads.

You can sale your E-Book on platforms like Amazon, eBay, and many others, take in-depth information on how to sell e-books I will like you to a friend’s article that covers more on that.

I am not a fan of creating and selling E-book but I will link you another article that will cover that

Let’s catch up with the other Passive income ideas!

Affiliate marketing

affiliate book

What is Affiliate marketing?

Simply affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products.

You find a product you like, promote it to others and earn a piece of the profit for each sale that you make.

How much money can you make as an affiliate marketer?

Affiliate income is not consistent. We’ll look at income from an annual basis instead of monthly. A decent affiliate can make anywhere from $10,000 a year to $400,000. A super affiliate can make upwards of $1,500,000 a year.

How to make money affiliate marketing?

Affiliate marketing is the most lucrative to earn a passive

Here’s a quick recap of what you need to do:

Step 1:Choose your niche.

If you’re struggling to decide, use the following five steps that I use to find your niche.

  1. Identify your interests and passions. This may be something you’ve already done or good at.
  2. Identify problems you can solve with passion
  3. Research your competition in the industry. Where there is a competition there is a market.
  4. Determine the profitability of your niche.
  5. Test your idea. Lastly, test your idea before you invest your time in promoting your product.

Step 2:Research different affiliate products.

This among the simplest step among the list. Amazon.com is a great market place to find a huge number of products to sell.

Step 3: Build a site.

passive income ideas

After finding your product now it’s time to choose where you will be promoting your product. Do you have a website? That’s a great place to promote affiliate links because you are the sole owner of your website and you decide what to promote.

Another place to promote your affiliate product is through social media channels, however, there are limitations when it comes to the terms and policies of the platform you are using. Most of them hate affiliate link and I have written another article on how to promote affiliate links the best way.

Step 4: Produce excellent content.

  • Monitor social media to get what your audience is asking and then create content that answers their needs
  • Another way is to check out your competitor and product content that is better than theirs.
  • Do keyword research. Keyword research is very important when it comes to creating content as it helps you reach your target audience.
  • Don’t forget to Test your titles. Some titles increase click-through rate while others don’t. Test your title proves to be a good idea.
  • Optimize your content for google search

Step 5: Build an audience.

There are many ways to build an audience around your product. However, if you are not solving a pain problem you will not sell

Engage with your community and give guidance as possible that way you will build trust that leads to sales

Step 6: Promote your affiliate product(s).

Here there is no right way to promote an affiliate product. What works for me might not work for you.

If you are good at building landing pages than that’s a good way for you to go with or if write blog posts go write a good one then inject your affiliate links in it.

Choose the best way that suits you.

Step 7:Repeat steps #4–7 on a continual basis!

There you are. Repeat steps 4 and 7 on a constant basis and learn from your audience behaviors.

With that being said let’s get to selling online courses

Selling courses

Youtube and google partnership

Finally, we are at the end of today’s article.

Youtube and Google partnership is yet another way of earning passive income online

Below are Minimum eligibility requirements to join the program:

  1. Follow all the YouTube monetization policies. …
  2. Live in a country or region where the YouTube Partner Program is available.
  3. Have more than 4,000 valid public watch hours in the last 12 months that’s for YouTubers however you may not need that if you have a website
  4. Have more than 1,000 subscribers on youtube channel
  5. Have a linked AdSense account

Conclusion

We have just learned the five passive income ideas for you to earn money while you having a vacation with your friends

Thank you for following through this article and if you have any question please let me know in the comment section below and if you have got value please share it with your friends

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