Passive Business Income
You can also earn passive income from a business, a typical way is to create or buy a business and have someone else run it for you - you are not actively involved but you get the profits or be a silent partner in someone else's business.
Some other ways are explained below.
Affiliate Marketing is the process by which an affiliate earns a commission for marketing another person's or company's products. Affiliate Marketing is generally used in conjunction with content creation (see blogs and videos below). However, this can be done just by advertising someone else's product. To sell though you will need to generate sales and this is usually done by building an email list, followers, visitors, views or paying for advertising but you get a commission for every product sold.
A training course we have signed up for to learn more is the $1k a Day Fast Track training course by Merlin Holmes. For a free training webinar - register here today.
Another to learn about affiliate marketing is the 12 Minute Affiliate System
There are a number of platforms where those who have products (usually information products) can connect with affiliates. Some examples are ClickBank, Commission Junction and Impact Radius. To learn more on how to get started with ClickBank, a popular training course is CB University
Self-publishing Books and eBooks
It has never been easier to publish a book than today. Through the likes of Amazon (Kindle Direct Publishing), Lulu and others publishing a book is quick and easy and you have access to a distribution network full of buyers looking for books. You still need to create the content but creating a how-to guide or some training information on a topic you are interested in, editing it, creating the book through online tools and publishing it is quite easy. No more having to submit a manuscript to a publisher in the hope that they actually read it and that you actually get selected.
However, with self-publishing you are responsible for the promotion of the book yourself. This can be relatively easy if you are willing to pay for advertising, however not all books are successful. Researching topics that are searched for is a good start. Getting good book reviews and selling more books brings your book closer to the top of the Amazon listing which can enable your books to sell more. Once created, passive income is created through royalties earned through the sale of each book.
This is a passive income I personally have experience with through the creation and self-publishing of my own children's picture books, check out JMCG Books for more information.
Creating goods to sell or buying and reselling through an online website is another way to earn passive income. However, different business types require varying levels of effort. Obviously, if you are creating the goods yourself, there is a level of effort to make them unless you pay for someone else to create them for you. Alternatively, you can source goods from a wholesaler or a manufacturer and sell them through your website. A large wholesaler is Alibaba where you can buy a range of items manufactured in China.
Some people have a business that does drop-shipping. They are responsible for the website and the sales, payment etc but the goods are ordered, packed and shipped by someone else. This is a good way to have a more passive website as other than the maintenance of the website and the items for sale on it, the purchasing, stock, returns and shipping part is automated.
If you a looking to create an online shopping site, Shopify is generally regarded as one of the best.
Content Creation - Blogs and Videos
Creating content, whether it be written articles in the form of a blog or video content, is another way you could potentially earn passive income. Sites like this are content sites and through advertising or affiliate links, passive income can be earned.
Blog creators usually create a blog that people like to read and get a number of followers. In the blog content or on the site, the blogger recommends products that they get a commission for or advertise in their articles. The more followers you have, generally the more income you can make. Having a blog and maintaining it isn't always easy. You have to create content regularly and consistently, and building followers takes time. Having keywords or being found by search engines is key. Generally, the blogs that are on a niche topic (and hence have less competition) can find success.