The Best Passive Income Ideas
Earning money is not difficult as long as you know how to generate passive income. If you have multiple streams of passive income, you no longer have to worry about money.
You can start sitting under the coconut tree and sip your cocktail everyday without worrying about being fired from your day job. With so much money in your bank account, you don’t even need a day job in the first place.
Of course, there is no free lunch in this world. Before you can have the luxury to go to the beach everyday, you need to put in a tremendous amount of hard work to build your first few streams of passive income.
If you are not sure what to do, don’t worry. You are going to learn the best passive income ideas here.
- Create Your Own Digital Product
Now, don’t get me wrong. When I say digital products, I am not referring to cameras. I am referring to products where you can download to your computer.
In other words, a digital product can be an ebook, an audio mp3 file, a video or even a software. Basically, any product that you can download to your computer is considered a digital product.
Why Is It A Good Idea To Create Your Own Digital Product?
Well, the main advantage is the low cost of delivery. Imagine if you are selling a real physical book.
You can only have so many copies of the physical book in the bookstore. In other words, the sales of your book is going to be limited by the number of books that you have in your inventory.
The beauty of selling an ebook is that you are not limited by inventory. Whether you sell 1000 ebooks or 1 ebook, the cost of production is still the same.
Therefore, there is the possibility of scaling up your sales volume. In fact, once your ebook is proven to sell well, you can start recruiting affiliates to sell your product for you in exchange for a commission.
Imagine if you have 100 affiliates promoting your product for you. You are going to make money on autopilot without putting in any effort.
And who says you can’t recruit more affiliates? What about having 1000 affiliates? What about having 5000 affiliates? It is a numbers game. The more affiliates you have, the more passive income you are going to earn.
Starting A Membership Site
Still need more ideas? Well, you are going to learn one of the best passive income methods. What you can do is to simply start a membership site, which is a step up from selling a digital product.
The good thing about a membership site is that you make the sales once and you get paid every month. This is because for a membership site, you are charging your members a fee every single month.
In fact, the idea of starting a membership site can be combined with the idea of creating a digital product.
The problem with a membership site is that it is harder to get people to join. This is because most people don’t like to pay a monthly fee. On the other hand, they don’t think so much when buying a digital product because it is just a one time fee after all.
Fortunately, there is a very powerful sales tactic that can help to improve the conversion rate of your membership site.
All you need to do is to use the ebook you have created as the front end product. Your membership site will be the backend product. Out of a number of people who purchase your ebook, a certain percentage will take up the offer of joining your membership site.
Even if people don’t join your membership site after they purchase your ebook, you can still follow up with them through email marketing.
Remember, these people have already bought something for you. Therefore, these people are buyers. In general, you can get far better results from a buyer list instead of a freebie list.
In this article, you have learned two of the best passive income ideas in the world. If you combine both methods together, you are going to have a large sum of passive income coming in every month.