A few decades ago, finding a solid nine-to-five job and working at the same company for 40 years until retirement was the epitome of the American Dream. However, as times have changed, so have people's priorities.
We've begun to realize that “the good life” isn't about working hard for someone else's company for the majority of your life. However, carving out a living by owning your own company isn't all sunshine and rainbows either.
No. The secret to true happiness and freedom is capitalizing on residual income opportunities that allow you to make money passively while you enjoy everything else the world has to offer.
While it takes time, dedication, and no small amount of effort, creating passive income streams through your blog can set you up for long-term success. Imagine having the freedom to travel, take days off whenever you want, and still earn a respectable income.
Amazing, right? Keep reading for our top 10 suggestions on how to make it happen.
1. Write an EBook
What knowledge do you possess that others could benefit from? Or perhaps, what story do you want to tell the world?
Writing an eBook is a quick way to get monetizable content out to the world. But it must be valuable to your readers. For example, if you're somewhat of a social media commodity and have tens of thousands of followers on Instagram, other entrepreneurs and small businesses would pay to learn how to achieve the same success.
Alternatively, if you enjoy creative writing, why not write a few short stories and sell them online by self-publishing an eBook. The options are nearly endless.
2. Sell Stock Photos
Do you have a gift for taking photographs? If so, why not put your talent to use and make a little money off of it?
The majority of large and small businesses alike have websites. On those websites, you'll likely find blog content, such as articles, videos, and images. However, most of these companies don't take their own photos. They use stock images.
Use common blog topics to take a series of professional photos to advertise to companies. Then approach various companies and show them what you've got. Common topics that require stock images include:
- Real estate
- Car buying/selling
- Home improvement
3. Sell Physical Products and Use a Dropshipping Distributor
If you have an eye for design, you may be able to find residual income opportunities by creating your own line of products. You can find dropshipping companies who handle everything but the actual design process.
For example, you can create a design that can be printed or embroidered on various types of clothing and other products without needing to carry any products on hand. When an order comes in, the dropshipping company makes the product and ships it to the buyer. All you have to do is design the initial product and sell it on your site.
While the dropshippers will obviously take a large portion of the commission, it still provides you with a passive income.
4. Try Affiliate Marketing
Alternatively, once your blog begins to pick up decent traffic, you can start using it for affiliate marketing. You can approach companies whose products or services align with your blog and offer to promote them through your website.
You can post special articles dedicated to those companies or provide external links in your organic articles to their site. Your readers should be provided with a code they can use to purchase those products at a discount and give you the necessary credit for the commission.
5. Sell Third-Party Products
You may also use your blog to sell third-party products. For example, if your focus is on health and fitness, your blog is a wonderful platform to sell wellness supplements. Using popular multi-level-marketing companies like Advocare or Amway may be a solid bet.
6. Build an Email List
Email lists provide more residual income opportunities. As you grow in popularity, you can start building an email list of subscribers who want more from you, such as discounts or exclusive content.
Email campaigns are a series of automated emails that go out to your subscribers to further promote your brand. You can also use them to spread the word in-mass about upcoming webinars, new products, etc.
7. Sell Digital Products
Speaking of webinars, selling digital products is one of the best ways to earn a passive income online. While you have to initially put in the work to film the webinar or create digital content, you can benefit from the heightened exposure and sales conversions for months.
However, there are other types of digital products as well, such as:
- Digital art/graphics
8. Display Other People's Ads
Once your website is bringing in a high level of traffic, you can start to approach other small businesses or entrepreneurs about advertising through your site. You can publish their ads throughout your website and get paid based on views or link clicks.
If you're popular enough, you may even have companies approaching you.
While it may take you a while to get there, taking full advantage of residual income opportunities means outsourcing a lot of the grunt work. For example, one of the biggest drivers of organic traffic to your site is content. Once you can afford it, consider hiring out a lot of the content creation to third-party companies or individuals.
While it will cost you money upfront, constantly updating your website with new content will increase your SEO ratings and online presence.
10. Have Multiple Sources of Revenue
Recent history has shown us how important it is to have multiple sources of revenue. If anything, we've learned that we should never put our eggs in one basket. For those who have been affected financially or professionally by the pandemic, we know how volatile some systems can be.
Fortunately, the internet continues to be a rock for entrepreneurship. While it ebbs and flows and constantly evolves, it is a staple of our personal and professional society.
We recommend using multiple residual income opportunities as they come your way. Take advantage of and monetize every asset in your arsenal.
Want to Capitalize on Residual Income Opportunities?
While the sound of finding and capitalizing on residual income opportunities sounds like a dream too good to be true, countless people around the world do it every day. However, we understand that getting started can be difficult. That's why we do what we do.