Best Passive Income Ideas for 2020
Online Passive Income Ideas
There is no get-rich-quick scheme that I’ve discovered yet guys, so when I say passive income, it takes time and effort to build up to making money from passive sources. But once you’ve done the hard yards, and put some effort into these activities, it is possible to have money coming in passively. This means that you’ve done the hard work before, then the income keeps coming in even if you stop doing the work. This will make sense once I show you what I mean. I’ve looked into what the best passive income ideas are heading into 2020 so follow along to find out what they are.
Do you want to earn money where ever you go? While traveling, while trekking through Nepal, while asleep? This is what passive income can do for you. You need to do the initial work then it’s set up for life.
Let’s focus on earning more while working less.
What does Passive Income Mean
What it is not: Passive income is not selling a particular product, labeling it, wrapping it, posting it to the customer. This is more active, labor and time-intensive. Whereas passive income still involves doing work, but it also involves that you can still receive an income from the work you did today in years to come.
It allows you to earn while you sleep without having to work harder or more.
Below I’ve listed the Top 7 ways to earn passive income in 2020
Best Passive Income Ideas for 2020
The first passive income option is to set up a website and start blogging. This might seem hard to some, as it does require doing some writing, making a website, creating content and getting Google’s trust. But once you’ve written the posts and added the links for your affiliate sites, you can be making real money for as long as the affiliate links are active. If they drop out for whatever reason, you have to change the link to a different affiliate program.
Being an affiliate means you’re the person in the middle. You write a review or promote the affiliate program on your own blog. By creating rapport with your audience, you create trust with your reader. They click on your link and you earn a commission. It’s very simple in theory. In reality, it requires a big learning curve for the newbie. The way I’ve learned about affiliate marketing and blogging is through Wealthy Affiliate. You can sign up for free and get your own site up and running and learn as you go on how to do this. Or if you choose to take it further you can go premium which gives you access to heaps more valuable training, including Affiliate Bootcamp.
My # 1 recommendation for learning how to do affiliate marketing properly is through Wealthy Affiliate.
You can make money by creating your own youtube channel. It takes time to build up your audience but by learning how to find keywords to bring organic traffic to your channel this will allow your reach to grow your channel which will lead to increased passive income. Yes, you still have to create the youtube videos, but once the video has been created and uploaded it can continue to be seen by people over many years. It helps to create regular videos to increase your reach to your audience as well as provide your audience with new and valuable information.
Dropshipping is where one links with a dropshipping company, use their images for listing on your site, the customer then purchases the product. Your shop lets the supplier know of the sale and they send the product to your customer once they have paid for it. No holding stock, packaging it or posting it yourself.
Although the idea of dropshipping is appealing, it’s more work than implied from the business model. It still requires the processing of payments and responding to customers’ queries. It can also cost a lot more than affiliate marketing to purchase good traffic to sell your listed items.
It also requires advertising of your products, so be prepared to incorporate advertising costs to promote your store.
In saying that however, when building an online business one needs to accept that there will be costs involved.
My recommendation for learning from someone who knows what he’s doing is to go through Franklin Hatchett and his ecomelites.com dropshipping course.
Write a book
If you have knowledge about something you can write a book about it. Or you might have an idea for a fictional story. Whatever your ideas are, consider putting them into a book. You can create ebooks, or get them published. There are great online ways to sell your books these days.
Self-publishing has become a much cheaper and viable option for many authors due to the availability of online stores and programs that make it that much easier to get your book published.
They work great especially in niche markets such as ketogenic diet, fitness and so many more.
Once you’ve created your amazing ebook, you can sell it on places like Amazon Kindle or even on your own website. You simply add stripe or a payment gateway to your website and once your customer purchases your ebook, you make money from it. It’s that simple. You can learn more about how to build your own website and sell your own products here.
There is still a huge learning curve to working out how to do it online, but once it’s set up and you’ve got traffic going to your book, then you make passive income.
Start a Membership Site
What’s a membership Site you might be asking? That’s a good question. It’s when someone has some great ideas to share and offer to their readers and prefer to have their readers pay for the valuable information they have available. This helps build a group with similar interests. It also helps to ensure it has the right people in the group instead of those who are just looking or aren’t qualified as with Professional membership sites. It can also be for products or services offered by the website owner.
Membership sites can maximize their paying audience by having them test new products before they are released or are also willing to promote the products willingly to those outside of the group.
There are a number of sites who can provide the right service and support your membership site:
- WishList Member
Some examples of membership sites are Medium Daily Digest,
Create an Online Course
If you want to sell a course, you can do that too! This takes time to create, put your ideas together and get it up and running. So it does require work initially. But once you have set it up and created a sales funnel to help it sell, then it becomes passive. There are courses for so many things.
Ideas for Courses:
- Affiliate marketing like Wealthy Affiliate
- Learn how to crochet
- How to play guitar
- Email marketing
- Mastering AirBnB
- Learn to Draw
These are just the tip of the iceberg in what’s out there in internet land for courses.
You will also need to find somewhere to host your course. There are heaps of those too. It will depend on your budget and what kind of course it is.
- WordPress plugin such as Optimize Press
I’ve outlined a number of ways to make money online with the best passive income ideas coming into 2020. Although there is a lot of work that goes into making money from these ideas, once they have been set up and the hard work has been done, that’s when it becomes passive and can be earning you an income for many years to come. There really is no get-rich-quick scheme for online entrepreneurs, but if you are committed to learning how to do what you choose to focus on, then it is possible to earn a passive income.
Some personality qualities that help are persistence, dedication, open to learning new things, overcoming fear, patience, and grit. Can you think of any other qualities that might be required to be successful in making money online?
If you’re earning money from your online endeavors, how long did it take you?
With ordinary talent and extraordinary perseverance, all things are attainable. ~ Thomas Foxwell Buxton