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5 of the Best Passive Income Businesses We’ve Ever Seen!

by | Feb 28, 2019 | Business

13 min read

Did you know that most successful people and millionaires have 7 streams of income on average?

No joke.
You need to have more than one stream of income.

Although you want to start with one passive income strategy and refine it and master it before you move on to the next, your ultimate goal should be to create multiple streams of income.

When I quit my job, I often heard comments about how people were scared for me because quitting your job is scary and full of risk – there’s no security.

This is absolutely true for entrepreneurs, there is no security, but you don’t have any security in a normal job either!
You can be fired at anytime.
Laid off.
Or the company could close down.

There’s numerous reasons why your current income might disappear.

So, if you were to ask a successful person what their job security looked like, they would probably say something like ‘diversify diversify diversify, there is no job security!’

That’s why tip number one is to create a passive income basket where you can have multiple eggs (yeah yeah, you’ve probably heard this before).

What if I told you that by building multiple nest eggs, or income methods, you could get out of your cubicle and make passive income online, which gives you the freedom to go anywhere and live your life the way you’ve always dreamed?

To do that,let’s find out 5 of my favorite ways to make passive income online to give you the freedom that you’ve always dreamed of of no-glass-ceiling!

Get started on building your way out of debt, and having the life you want!
You can start RIGHT now by reading this post!

 

Disclosure: Some of the links below may be affiliate links, which helps support our site. Please read our policy here.

The official definition of passive income is changing – today’s world it now means doing most of the setup (like creating a course one time) and then letting it recycle its sales. I use this to reflect and define on the term ‘passive’ income.

If you aren’t sure of the actual real definition of passive income (a common argument in the financial world) head over to this link where I weigh out the arguments!

 

01 | Blogging

I was hesitant to include blogging in this post because you really use a variety of methods to make passive income using blogging, and many of those methods are in this post already.
But there are actually so many ways to make money blogging other than the methods in this post, that I felt it was necessary to add it!

There’s a reason why there’s so many ‘online businesses’ that are actually blogs – it’s actually a lucrative marketing method called Content Marketing.

Large companies blog, small companies blog, stay at home moms blog.

Large companies like Hubspot wouldn’t waste time on ‘content marketing’ (which is the general term for blogging, really) if they didn’t find it to be lucrative.

If you want to sell something at any point in time, blogging is going to probably be the most sturdy, long-term way to grow your online presence. You could use social media only, but it’s safer to have access to your own readers and subscribers on your own platform (your blog).

RELATED:
How to Guarantee That You Crush Your Goals This Year!
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Best Business Books for Beginner Entrepreneurs
10 GUARANTEED Ways to Make Money In Your Online Business

So how do you make money blogging?

Through affiliate income, creating courses, selling digital products, sponsored posts, ads, or sponsored products and content.
Since affiliate marketing, courses and digital products are already mentioned below, I’ll dive right into sponsored content.

You can approach brands (and once you’re a big enough blogger they will approach you) and reach an agreement where you write a particular number of posts in order to be paid a wage.
For sponsored content on social media, you can reach an agreement with brands to post photos or images/videos of their product.

A great book I recommend for this is called Influencer. 

How is blogging passive income?

If we’re going by the definition that you aren’t working constantly at a normal hourly job, and you have flexible time, and can outsource most of the work – blogging can be considered passive income.

For blogging, ads are passive because you simply need to negotiate one time for a set amount of time for sponsored banners or ads on your site.

This is similar with sponsored content such as blogs, emails or social media posts to your audience.

To make sponsored content passive, you can ensure your contract outlines the time to post to include over a certain amount of time.

Simply batch create your content, and then schedule it out so that it’s already ready to go, and voila, it’s passive!

These are all great ways you can start making money blogging, and the best part is that they are all something that can be repeated often, once built the first time.

If you want to know what being a blogger might look like, read these interviews from beginner to professional bloggers on their routines!

If you’d like to get started building your own passive income business online for the
long-term, or to replace your 9-5, you need to start building your foundation first!
If you haven’t taken the steps to do that yet, this is a great resource to start very slowly from the beginning and to dip your toes in the online business world without making any large commitments!

 

02 | Selling digital products

Another easy way to make passive income online is to create digital products. This could be in the form of templates that you make for any area of interest to you, graphics that you can sell, web design templates, WordPress themes, swipe files, or anything you can think of!

How do you sell digital products?

1. Choose a product to sell and an audience to help.
2. Choose a platform of where you’re going to sell your product.
3. Create your products, and funnel more customers to your products.
Voila!

Once you create the work up front, you only have to handle customer service, and a small bit of tweaking every now and then. You can set up ads to be automated, you can hire virtual assistants to handle the customer service, and you can spend all of your time in creation mode if you’d like!

What kind of digital products can you sell online?

  • inspirational and motivational posters
  • digital printables
  • print on demand products like lamps, bedding, aprons, mugs, hoodies, leggings, backpacks, etc
  • low-content or no-content books
  • planners
  • ebooks
  • digital art or clip art
  • digital templates
  • online training

Check out this post I did on How To Quickly Start an Easy Digital Products Business 

RELATED:
How to Guarantee That You Crush Your Goals This Year!
How to Steal the Daily Habits of Successful People for Yourself
Best Business Books for Beginner Entrepreneurs
10 GUARANTEED Ways to Make Money In Your Online Business

 

03 | Affiliate income

Another great income strategy to make passive income online is to use affiliate programs. When they by something through your link, you get a commission.

How is this passive income?

You can create blog posts or email funnels to automatically provide value and then offer the affiliate program. It can be a ‘set it and forget it’ process once you have it built!

How do you make affiliate income?

You can start with a blog to build your audience, or even just advertise on Facebook leading to a lead page to convert your viewers to an email list. After you’ve converted them to an email list, then you can start providing value and offering programs that will help your audience.

If you’d like to get started building your own passive income business online for the
long-term, or to replace your 9-5, you need to start building your foundation first!
If you haven’t taken the steps to do that yet, this is a great resource to start very slowly from the beginning and to dip your toes in the online business world without making any large commitments!

How do you find affiliate programs?

The most common programs are Shareasale, Shopstyle Collective, Amazon affiliates, and JVLaunch.

There are also a lot of others that are associated with the bigger brands that you’re familiar with like Target, PotteryBarn, Nordstrom, BestBuy, etc! It’s actually surprising how many affiliate programs are out there that you aren’t aware of until you go searching.

To find a specific program, you can search “Brand Affiliate Program” in Google and you’ll likely be able to find it.

You will apply and follow the instructions, and receive links and banners, as well as instructions on how you can and can’t promote.

Make sure you follow these rules, and the rules of affiliate marketing (such as making sure you only post Amazon links in blog posts and not in emails, and putting #ad in social media posts).

 

04 | Use your current skills to create courses

Everyone has a specialty that they’re skilled at.

How is selling courses passive income?

You create it once, and have very little interaction with the course afterwards. To satisfy customer service needs, you can hire a virtual assistant and set up auto-responders for times that your VA’s aren’t working and you are unavailable.

How do you start selling courses online?

You will create a course, and then start advertising it!

– Find out the course you want to teach:

What’s your number one skill? If you can use that and monetize it, you are good to go and you can sell it while you sleep!
Grab a notebook, write down a list of your skills. Something that people come to you for, or something that you know a lot about. Perhaps something you’ve learned in school, or just picked up and taught yourself as a hobby.

– Choose a platform and upload your course:

You can go to places like Skillshare or Udemy and see what courses are popular that are on your list. Can you film yourself doing any of these?
Then you can even sell on places like GumRoad or the two I mentioned above. Others use platforms such as Teachable or Sendowl.

If you’d like to get started building your own passive income business online for the
long-term, or to replace your 9-5, you need to start building your foundation first!
If you haven’t taken the steps to do that yet, this is a great resource to start very slowly from the beginning and to dip your toes in the online business world without making any large commitments!

– Start advertising and funneling people to your course:

Once you get that uploaded, you can start building an audience and directing your traffic towards your courses. You can start building a presence on social media, creating an email list and collecting emails to sell to in the future, etc!

Ready to get started with making money online with passive income and side hustles? Did you know that millionaires have on average 7 income streams? Get started growing your own with these 5 of the best passive income businesses for beginners we’ve ever seen to get you off the hamster wheel! #sidehustle #passiveincome #onlinebusiness #entrepreneur #makemoney
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RELATED:
How to Guarantee That You Crush Your Goals This Year!
How to Steal the Daily Habits of Successful People for Yourself
Best Business Books for Beginner Entrepreneurs
10 GUARANTEED Ways to Make Money In Your Online Business

 

05 | Buy an existing online business

If you have the capital, you can purchase an already existing business, online store, blog or website, email list, etc.

What kind of businesses can you purchase online?

Blogs, Amazon stores, eCommerce boutiques, affiliate stores or news websites – there’s tons of variety out there!

Why do people sell businesses online?

People sell businesses due to losing interest, too many other obligations or businesses, or needing to free up time in their own lives.

How is this passive income?

Often these businesses already come with employed virtual assistants, and are successfully generating income. You simply do the work to transfer and set up in your own name, and you can work actively in it if you want – but a successful business will likely already have a variety of processes in place to generate passively.

If you’d like to get started building your own passive income business online for the
long-term, or to replace your 9-5, you need to start building your foundation first!
If you haven’t taken the steps to do that yet, this is a great resource to start very slowly from the beginning and to dip your toes in the online business world without making any large commitments!

Where do you buy an online business?

A few other places are Flippa or Empire Flippers.

You can also check out this blog post on the various places you can purchase a business.
https://www.abetterlemonadestand.com/online-business-for-sale/

 

So there you have it! My favorite methods of creating passive income online!

It’s become typical in our society to have one income stream.

But no more!

In this post, we’ve mentioned that millionaires have at least 7 streams of income on average, and you’ve read about the various methods of starting an online passive income business to help you be more like them!

So, your next step is to think about what you’re going to do!

You’re going to take charge of our income, right?

You’re going to blast off that glass ceiling and use those shards to build new income streams!

You’re going to get out of debt, you’re going to build that business you want, and you’re going to take those vacations with our family we’ve always dreamed!

Choose one of those options above, and read these next!

RELATED:
How to Guarantee That You Crush Your Goals This Year!
How to Steal the Daily Habits of Successful People for Yourself
Best Business Books for Beginner Entrepreneurs
10 GUARANTEED Ways to Make Money In Your Online Business

 

The Top 10 Effective Online Passive Income Stream Ideas Infographic to help you grow a business that thrives, makes money, and you love working on! #passiveincome #online #income #infographic #money
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Ready to get started with making money online with passive income and side hustles? Did you know that millionaires have on average 7 income streams? Get started growing your own with these 5 of the best passive income businesses for beginners we’ve ever seen to get you off the hamster wheel! #sidehustle #passiveincome #onlinebusiness #entrepreneur #makemoney
  • Facebook
  • Pinterest
  • Twitter
  • Gmail
Ready to get started with making money online with passive income and side hustles? Did you know that millionaires have on average 7 income streams? Get started growing your own with these 5 of the best passive income businesses for beginners we’ve ever seen to get you off the hamster wheel! #sidehustle #passiveincome #onlinebusiness #entrepreneur #makemoney
  • Facebook
  • Pinterest
  • Twitter
  • Gmail
Ready to get started with making money online with passive income and side hustles? Did you know that millionaires have on average 7 income streams? Get started growing your own with these 5 of the best passive income businesses for beginners we’ve ever seen to get you off the hamster wheel! #sidehustle #passiveincome #onlinebusiness #entrepreneur #makemoney
  • Facebook
  • Pinterest
  • Twitter
  • Gmail

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