Create Passive Income Streams Flowing Straight Into Your Bank Account

Creating passive income streams online isn’t so ‘passive’ at first anyways. You will need to put some things in place before you can sit back ‘passively’ and watch the money roll in. But, I love earning a residual, passive income online, and so will you.

Benefits of Passive Income Streams

1. Once you get the initial work done setting up your income producing methods your income can become truly ‘passive.’

2. The freedom of working if and when you want to.

3. You can earn a passive income 24/7…even while your sleeping, or playing with your kids.

4. The ability to ‘give’ yourself a pay raise anytime you want to…just by creating multiple streams of passive income.

5. The ability to create a virtually unlimited income, only limited by how hard you want to work, and your imagination.

6. Once you get a few streams of income rolling you can begin to take it easy…long weekends, those trips to those nice vacation spots you’ve always dreamed about.

7. The ability (I love this one) to give generously to the charities of your choice.

8. You’ll be creating residual income to last for years…even if you are unable to work.

Types of Passive Income Streams

a) Affiliate Marketing

If you’ve been online for any time at all you know there is a ton of money to be made selling affiliate product (other peoples products.) And why not! You don’t have to create the product, nor take care of collecting the money, needn’t offer support, nor refunds, none of it…just send warm (ready to buy) visitors to the sales page.

I like to offer products that pay a high commission, attach long lasting tracking cookies (so you will get paid even if the prospect takes their sweet time buying.) Offering products that pay continually (like membership sites) is a sweet deal. Affiliate products that offer several ‘tiers’ of payments (those that sign-up under you get you paid for sales they make) can pay for a long time (sometime years) after the initial sale. Talk about passive, residual income.

b) Digital Informational Products – eBooks, and Reports

Creating your own digital information product can be much simpler than you might think. It can be simply putting a report or eBook already out there into your own words. This is not plagiarism, and in fact is done all the time. How long does it take? A day or two tops!

What should you write about? Ideally you want your book to answer a question, or fulfill a need of your target market. Do this well…and you could have a best seller on your hands (and that is a beautiful thing indeed!)

A couple of other things to consider is having an affiliate program in place (so others can sell your eBook for you) and you could think about making your offering re-brandable, this is when you let someone “change” some or all of the affiliate links within the eBook to their own affiliate links (not a bad option as your book could go viral.) You also (for an additional fee of course) could offer reprint rights and/or resell rights. I go over these rights in this article.

c) Create Software Products

Here again you need your software to fill a need, or make your prospects lives easier, or better. You don’t have to write code, or make to software yourself you can just pay to have it developed. Try Elance.com, or the WarriorForum.com. I have a bunch of software programs on my hard drive that I got for free…why? Cause now I’m on the software owners list! Another way to go about marketing your software is to have a free version (so everyone can see how good it is for free) with a paid version up-sell…works like a charm!

d) Advertising

Got a ton of traffic coming to your website? You can earn extra income by advertising your own product or service (makes sense to me) or by selling advertising, such as banner ads, text ads, back-links for other websites, etc.

Have a newsletter, or ezine? Sell advertising such as solo ads, classified ads, etc… very popular advertising medium right now.

If you are writing and publishing eBooks you could sell advertising space with-in them. Or, of course advertise your own products or services, or affiliate products in them…again makes sense to me.

Utilize Google AdSense, or one of the other contextual advertising providers. If you have a large popular website you could make a fair amount of income just from this.

e) Start a Membership Site

Are you an expert in your niche. Do others want/need to know what you can share with them? If so you could get paid monthly for your expertise. Be aware though you will have to provide continual value to keep your members paying month after month. You can also recommend other products or services to your members, providing another income stream.

There are about as many ways to create passive streams of income online as your imagination will allow. Think outside the box. Look online for what people want/need, and are asking about…than supply it.

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