Unlike the money you receive for doing your day job, a passive income is regular money you receive without having to consistently work for it.
Unless of course your daily work is working on passive income projects that, once complete, will pay you recurring income.
Most of these options involve ‘selling’ however, once your website is set up and has an automated sales and delivery mechanism funnel, the website will essentially do all of the work. Selling, taking the payments and delivering a product online which is essentially on ‘auto pilot’.
This will mean that you could get paid regularly without having to do any more work. 'set and forget'
Once your website and sales funnel is created the make or break success factor is to send a consistent stream of visitors or potential customers to your sales and landing pages, therefore...
Most successful online entrepreneurs have automated traffic generation mastered. There are many methods and techniques to drive traffic online. If you would like to read about the most effective, follow the links below.
This is basically getting traffic for free (organically) from the search engines results page.
A massive subject and a skill/art in its own right.
Search Engine Land is a good resource to start learning more about Search Engine Marketing and SEO if you are interested. Search Engine Land does have a lot of information but if anything I'd say too much and maybe a bit overwhelming and confusing for beginners.
So rather than trying to learn everything I’d recommend checking out an excellent blog and resource called Backlinko from Brain Dean who will help you focus on proven strategies that work only.
Brian has his own unique methods and strategies that in my option are the best out there. It’s all about researching and developing good high value unique content that people are actually interested in and will engage with and share. Which is what Google loves.
Meaning, if you do it right you will get rewarded with some good listings on the first page of google for your target keywords (products) and a constant stream of free visitors and traffic to your website and sales pages which in turn could help you generate passive income on autopilot.
Brain will show you some techniques and reviews so I highly recommend going to his site and signing up for the newsletter and training. http://backlinko.com/
Social media marketing and management is all about getting involved in the online conversations around your industry, product or service.
This a great way to build a loyal customer base, a following of fans and advocates.
However, this can be very time consuming as you have to actively engage with other influencers, followers and audience on a regular basis.
You will need to create, curate and share high value and interesting content to build your own industry persona, identity and voice.
Here is a good resource http://www.socialmediaexaminer.com/ which will guide you through the social media jungle.
It’s no big secret that if you have a good list of responsive leads (email addresses), prospects or better still customers that you can simply email whenever you have something good to say or sell you can and create passive income, well kind of passive after you have created the offer, email, landing page etc...
This is another huge subject to cover but the low down is this.
Always look to capture your websites visitors email address to build your lists by simply offering something of value and relevance to them like a free trial, software, ebook, top ten tips for example via forms on your landing pages.
You can then email your list regular content and sprinkle in the odd product recommendation or sales pitch, but don’t pitch all the time as people will just unsubscribe.
This can be a lot of work creating good content to email and sending email's consistently and as we said true passive income means no regular work.
Automated Email Marketing
However, you can create the content once and set up an autoresponder sequence to email your list (signups) at set times after the initial signup.
I.e. a thank you email instantly, then some more useful content 5 days later, then another a week after, and so on and so forth. Some marketers upload a years’ worth of email's to send the subscribers and simply ‘set and forget’.
You can even use PLR content to loads up useful interesting email into your autoresponder sequence.
Then when you have a new product or want to generate a quick income boost you can simply create an offer and email your list whenever you want to.
In summary, using the online advertising and promotional methods, strategies and techniques listed above can help you generate automated traffic to your website/landing pages and the sales funnels that will do the selling for you.
If it’s a digital product like software, music or eBooks, it can be sent automatically to customers online via a download link. So again, there is no manual work involved in delivering the product in this method.
If you are an affiliate and not the merchant, you don’t even have to handle any products, packaging, delivery, customer support or after sales service as the merchant will do it for you.
Essentially, with the right knowhow, creative thinking and a bit of work, you can use the internet to create true passive income streams.
Although the above mentioned methods of generating passive income streams can be very effective they do tend to require a considerable amount of work upfront, and or special skills, knowledge and of course talent. All this can be very time consuming initially, late nights educating yourself and working on websites.
Maybe you don’t want to do any heavy lifting and upfront work and just want the regular hassle free income...
In life, you can’t get something for nothing and if you want to generate passive income streams then you have to put the work in.
Or do you! Alternatively, you can choose to invest money to generate passive income.
Income investing is where you build a collection of investments that yield regular income streams. Here is a quick list of passive income investments with a very brief description.
As stated above the preferred property investment strategy for many investors or passive income seekers is fully-managed property investment or ‘arm chair investing’ as it’s also known.
In some instances property developers and management companies offer assured income for set periods of time from 1 to 10 years. A growing number of passive income seeking investors are opting for fully-managed property assets including:
In the UK fully-managed student accommodation investment is now one of the most popular passive income investments.
In fact, in the UK some £2 Billion has been invested every year since 2012 (Jones Lang LaSalle). This trend is on the rise with around 5 billion spent on the asset class in 2015 (CBRE).
Here is an article talking about student accommodation rising into a mainstream asset class
From selling products online to investing in property, stocks or shares, there are many ways to generate a passive income.
Although some work or investment may be required beforehand.
The passive income ideas detailed in this article can work and help you toward you goal of financial freedom depending on your individual circumstances, time restrictions, current funds if you are interested in passive income investing, and knowhow.
Feel free to comment and ask us any questions for further explanation on any of the ideas and points covered in this article.