12 Tips How To Make $1000 A Month With Passive Income
How would you like to make $1,000 in passive income a month?
I bet that sounds great, right?
That’s the ultimate goal of every online marketer.
But first, let’s talk about passive income!
What is Passive Income?
Passive income is all about building online businesses that can work for you and generate income for you without doing any active work.
In other words, you don’t trade time for money.
You build something up front that can continue to work for you over time and make money even while you sleep.
In this blog post, I’ll show you various proven ways you can succeed, make money online and generate consistent passive income.
Now, let’s get into it
#1: Affiliate Marketing
For a lot of people, affiliate marketing is how they get started earning passive income
Pat Flynn of Smart Passive Income defines affiliate marketing as 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.
Affiliate marketing is based on revenue sharing such that when you promote other people’s products, most times through an affiliate network, you’ll earn a commission if people buy the products.
There are about 4 different parties that are involved in an affiliate marketing chain.
The Merchant
This is the creator or owner of the product. This party creates products and could be a single individual or big company. Once they have to have a product to sell, they become involved directly in an affiliate marketing system.
The Affiliate
This party takes care of the marketing process and is sometimes referred to as the Affiliate marketer and. Equally, they could be single individuals to big companies. The work of the affiliate is to market the product of the merchant.
The Customer
This party is the buyer or consumer of the product or services created by the merchant and marketed by the affiliate. Without this party, no sales would be made and the affiliate won’t earn any commissions.
The Network
Affiliate networks are also a part of an affiliate marketing system though not everybody considers this.
An affiliate network is an intermediary between the affiliate and the merchant where an affiliate can find different products listed by various affiliates.
Examples of affiliate networks are ClickBank or Commission Junction. They serve as a database of lots of products from various merchants and product creators.
There are essentially two ways you can profit from affiliate marketing. Either as an affiliate marketer or a merchant.
As a merchant or product creator, you can create a product and have others market it in exchange for giving them a commission from the sales that they make.
Or as an affiliate marketer, you can promote several products to consumers via blogging or even making YouTube videos about the product and making affiliate commissions.
#2: Amazon Affiliate Marketing
Amazon Affiliate Marketing is only that you’re promoting products ONLY from the giant e-commerce store, Amazon.
You’ll actually need to have a site to have a website and learn how to grow the traffic to be able to get Amazon sales.
At the point of signing up, Amazon would ask for your site and if your site is of a low quality they won’t approve your site.
Once you sign up and your account gets approved and you should include a disclaimer about your affiliate links so you don’t get kicked off the network.
Check our Amazon’s terms and conditions before posting content with links.
Next, you’ll want to find a niche for your Amazon Affiliate Marketing website.
Do niche research and pick a niche category that you’re well knowledgeable about.
After you select a niche, start creating content in the form of articles for your website. Look for keywords that have decent volume and create content that will satisfy the intent of the searcher.
Ensure you rank as long as it’s enough to satisfy the searcher’s intent. Add videos, images and other media formats that would make your content interesting and engaging as possible.
Once you have written a piece of content it’s essential to promote it.
The first bit of promotion you should do for your content is SEO. Use SEO plugins like Yoast SEO if you’re using WordPress CMS for your site.
Also, you can use a service like Quuu to promote your content on social media.
You should get backlinks for your site by writing guest posts on other sites and look out for backlink opportunities.
#3: Membership Websites
Membership sites are sites that generate recurring income from charging site visitors month after month.
They are pretty popular in the internet business lately. Members can sign up to pay a certain amount monthly.
The income you earn from membership sites is quite predictable which makes it one of the reliable and best passive income models.
To create a profitable membership site, firstly, you need to figure out a niche that’s profitable.
Lookout for evergreen niches that have the possibility of generating long-term passive income.
Niches like weight loss, making money, self-development, and health have proven to be successful in the past.
You could also explore sub-niches under each broad niche.
Also, you need to look out whether products (ebooks, courses, coaching programs, magazines, etc) are sold in this niche. This is a great indicator of a good niche and can give you great ideas for your membership site.
Once you’ve done your niche research, then you need to find a platform to host your membership site.
There are various ways to host a membership site and you could run a membership site with WordPress, autoresponder or even a Facebook group.
Next, you’ll have to think of content for your site. If you are well knowledgeable, you can provide valuable information in your membership group and also answer questions from group members.
#4: Services
Can you turn your hobbies into an additional income stream?
Yes, you can make money with your skills today!
First, you have to identify what you know — and know well. These are the skills you have and services you can offer that you’re great at and people want to pay you to teach them.
Some examples include freelance writing, dog walking, or graphic design, you can offer them to a target market.
List those skills that come to your mind. And then you have to go through each item in the list and niche it down.
Extract the useful skills and reach out to your target customers, provide value before you sell to them.
#5: Courses
Courses are a way you can generate passive income.
It is an avenue to diversify your income and make money from teaching something amazing to people that want to learn.
But before executing your course, you need to do some research and choose your course topic.
Just like selecting a niche, you have to create a course on something you know about and are interested in. It should also be something that’s profitable that people will buy.
You can look out for your target audience online and ask them if they’ll buy and if they say yes, then that’s a nod to carry on creating your course.
Next, you’ll need to outline your course content.
This entails organizing your thoughts into a plan and topics for your course.
After that, you should begin creating your course content from the topics listed above. You can create your content either as text or video mediums.
Then choose a course platform you can use to deliver your course and add a price to it. You can use sites like Udemy, Kajabi, ClickFunnels, Teachable, or Thinkific.
Lastly, promote your course to your target audience. You can explore various marketing strategies to promote your course like email marketing, podcasts, YouTube ads, Facebook ads, blogging and more.
#6. Selling Leads
Lead Generation is the process of generating leads for a business or a company/client.
A lead can be an email or a phone call. To get started making money from lead generation, you select an industry.
Then you create a website which you’ll use to generate leads and market the website to get links.
You can use SEO and Google Ads to generate leads and once you start getting leads, you will need to look for a business or company to buy the leads from you.
Now all you need to do is rinse and repeat. Generate leads and sell them to clients that need them.
#7: Investment
You can invest in dividend-paying stocks and other investments to generate passive income.
Although it involves some start-up cash, you can earn up to $1,000 per month if you invest rightly.
Dividend investing can be a profitable endeavor for you as an investor and according to Forbes contributor Brett Owens, dividend investors who look ahead have the potential to score annual returns of 15%, 20%, or even 25%, if only they pick the right dividend-paying stocks.
With time and consistency in investing, you can earn up to $1,000 per month easily.
#8: Digital Products
With digital products, you can passively do a lot of work when you sell over and over. There are various types of digital products you can dive into and they include e-books, cheat sheets and more.
To get started making passive income with digital products, do research and figure out products that people are willing to invest in. it should be a product that helps your target customer solves a problem or provides a service.
Once you determine that, you can go ahead to create your digital product, promote it and over and earn passive income in your sleep.
#9: YouTube Ads
Do you know you can bang in income consistently month after month just from one video?
Yes, you can create YouTube videos once and earn income over and over as more and more people see it.
Even when you go on holiday and don’t record new video content, passive income will keep rolling.
A lot of YouTubers make a ton of money from their channel with little or no work. If you love being on video and want to earn some passive income, try creating videos onYouTube and watch your income go all the way up.
#10: Display Ads
You can make money from display ads with a blog. Firstly, you need to look for an ad network and sign up to work with them.
Most display ads are set up by ad networks that work as the middlemen between you and advertisers who want to pay you.
The income you get from display ads is entirely passive and you can earn a ton of money based on your site traffic without doing much work.
There are various display ad networks. Some of the better-known and more highly regarded ad networks for bloggers are Adsense, Media.net, Monumetric AdThrive.
Secondly, you’ll be given a code from your ad network which you should add to your website.
Next, create an engaging and search engine optimized content to rank better and get more site visitors.
You’ll get paid each time site visitors click on your ad.
#11. Real Estate Rentals
You can make passive income from real estate investing, no doubt.
There are plenty of opportunities in the real estate market that even beginners can get a strong footing.
However, it’s a high-risk investment that requires large capital, experience, and great knowledge of the real estate market.
To make money in real estate, you need to have a housing property to put out for rent.
You can easily rent them out on Airbnb.
Airbnb was founded in 2008 and is one of the best ways to make money in real estate.
There is an increase in travelers preferring alternative accommodation options to hotels.
Therefore if you have real estate property you’re in luck and can make passive income from giving them out.
#12. Room Rentals
This is quite similar to renting your real estate property. Only that this option is suitable for anyone with a house that has enough rooms.
You can rent a room on Airbnb to short-term guests and make extra cash passively through real estate investing.
This business model would thrive if you’re in a highly-trafficked tourist locale and hot tourist destinations where there is a high demand for short-term rental properties
So, there you have it.
The top 12 ways to generate passive income in 2020.
Pick one, go and implement them and don’t forget to let me know when you start banging un money while you sleep.
Lastly, would love to know your thoughts on each passive income stream in the comment section below and which one you would pick.
