Passive income can be generated in various ways. I’m an entrepreneur and educator. I’m very passionate about passive income. I think it’s so important that we work smarter instead of just harder than we figure out. You can earn more while working less and these different strategies that allow you to do exactly what you want.
If you happen to be new to passive income and maybe you’re not sure how it works then that all down with that being said. Let’s jump on into these nine different passive income ways that you can earn 1000$ or more every single month.
Passive Income Ideas:
1.Start the Youtube channel:
I’m going to share with you today is something that you might already be really familiar with and that is to start a YouTube channel so obviously on YouTube and we put out videos every single week and across the channel.
We get about 500,000 views per month so about half a million views per month and that brings in about four thousand dollars just in ad revenue. Once you create your channel you can allow YouTube to run ads on your videos. Those are the ads that you see before the video starts that make you wait for five seconds or the ads that show up over there in the side column or sometimes down below at the video and if someone clicks on those ads.
Then the YouTube creator gets half of the money that the business paid to run the ads now like I said my channel gets half a million views a month and we bring in about four thousand dollars because of that however different channels and different niches here in YouTube make different amounts of money per thousand views that the channel gets to make an average of about five dollars per thousand views.
If you make that average amount then you need 200 thousand views per month. In order to make one thousand dollars per month from this passive income and one thing that you might be thinking right now.
It’s not really passive because you have to keep every single week in order to keep making that money. But the thing is so that you can make more and more money in the future but there is a significant amount of passive income that the YouTube channel generates.
The second way you can earn passive income is with a membership website so this is a website that you create that you put some sort of content on that in order to access the content people have to subscribe to the website now oftentimes there’s some content that people can access for free to give them a taste of what is available but in order to get all the content or to get the premium content, they need to pay a monthly membership fee now depending on what your membership site is about and what it offers to its members and how premium the content is you’ll be able to charge.
Different amounts the cheapest membership sites typically cost about five dollars a month and the most expensive ones cost a few hundred dollars a month so if you were running a pretty simple membership site that didn’t offer very much to its users then you might charge your users 10 dollars per month in which case you would need 100 users.
In order to make a thousand dollars or you might have a more premium site and charge your members $100 a month in which case you’d only need 10 members in order to make a thousand dollars per month one fantastic thing about a membership site is that does create that recurring revenue a month after month and you don’t have to necessarily do anything to maintain it now many of the best membership sites do continue to add new content every single month but it just depends on how you structure your site and whether you create all that content in one batch before you launch the site or whether you’re choosing to create it every single month.
The third passive income idea is to write a book now a few months ago called the best way to make passive income and I broke down several different ways that I make passive income and why some of them are better than others and why some of them make me more money than others.
You’ll know that a book isn’t my favorite way to make passive income but that doesn’t mean that it’s a bad way to make the passive income you still can make plenty of passive income and writing a book can help you reach plenty of other goals as well and help you advance your career.
Now generally when people write and publish a book they’ll earn royalties of around $5 per copy that is sold so if you did earn an average amount of $5 per copy you would need to sell 200 copies of your book per month in order to make $1000 a passive income.
4. Lead Generation:
Another way that you can create passive income is by creating a lead generation website for a service business now what exactly does that mean well it means you would work with another business that was offering some sort of service or perhaps even a premium product to their customers you would create a website of your own that is essentially an advertisement for that website it probably offers prospective customers some free resource or a free consultation call and you drive traffic to that website.
You can get leads for the company that you’re working with and then that company pays you for these leads in order to do this successfully you will need to have a working knowledge of digital marketing.
You know how to drive the right traffic to the website and how to turn that traffic into leads for the company that you’re working with depending on the industry the quality of the leads and how much money the product that the company that you’re working with sells their product for you’ll be able to charge different amounts for the leads on the low end of average if your leads are the decent quality you could charge it about five dollars per lead.
So, in order to generate one thousand dollars per month of passive income, you would need to generate 200 leads.
Another way that you can earn passive income every month is with the Amazon affiliates program now I’m sure that you know what amazon.com is and you probably shop on it on a regular basis.
I can assume that because millions and millions of people do well you can actually get a little cut of Amazon’s profits if you do a good job recommending their products to people who want to buy them signing up for the Amazon affiliate program is really simple and once you sign up for it you’ll be able to share your affiliate links with people who you think might want to buy certain products.
For every product that those customers purchase you’ll earn somewhere between four and eight percent of the sale price the more products that your prospects buy on Amazon the higher that affiliate Commission is and even more than that.
If someone clicks on your link but they don’t buy the product you recommend right then but any time in the next 24 hours they go back to Amazon and they buy anything you will still get paid an affiliate commission for those products even if they were then things that you recommended.
The next way that you could earn passive income is also with Philly marketing but it’s using a different strategy instead of making small Commission on lots of different products that you’re recommending.
You choose just one product that is most likely a digital product perhaps a course or software that another company is selling and you focus on marketing just that one product you might even start a youtube channel on that topic start building an email list promoted on Instagram.
You’re actually going to be building a community and an audience all based around that one topic so that you can sell this one specific product now with digital products such as software such as courses affiliates typically earn around 50% of the sales price of the product and what that means is that your Commission’s can be way higher now if we were to use an average commission rate of perhaps $50 so we’re assuming that you’re selling a $100 product.
You are earning $50 you only need to generate 20 sales per month and this can be done relatively easily if you build an audience to some extent or you’re running paid traffic into a sales funnel. I know that that might sound complicated but it’s not that complicated it’s a relatively easy way to earn about $1,000 or more per month.
The next way you can earn passive income every month is by creating an online course you can take this course and either sell it on your own website to which you’d have to drive traffic in order to generate sales or you can sell it on a website like udemy that provides a platform that kind of comes with built-in customers.
When you sell it of course on your own site you can charge much higher prices typically anywhere between about $100 and $5,000 now of course that all depends on where your course is about what value it gives to the students and how well you market it on the other hand if you sell your course on a different platform the courses sell for a much lower price typically somewhere between about $10 and $100.
If you sell it on a site you earn an average of 50% of the sales price however different websites have different terms and policies about exactly what the Commission’s are but if you earn that average of around 50% Commission then you’ll be earning of somewhere between $5 and $100 per sale now let’s say you were earning $10 per sale which I think is pretty typical.
If you’re selling on one of those sites, in that case, you would need to generate 100 sales per month in order to hit that thousand dollar mark now the type of marketing that you need to do for a course on udemy versus a course on your own site is very different on udemy you’re basically working on SEO search engine optimization inside of you to me so you need to give away some copies of your course.
You need to get the reviews on your course you need to get your course to rank well on you to me for a keyword that people are actually looking for on the other hand if you’re selling a course on your own website like I said you can charge anywhere between around 100 dollars and five thousand dollars and of course you’re keeping 100% of it, however, the big challenge there is just getting traffic onto your website in the first place and that might involve taking more time to build up your audience or paying for advertising or working with joint venture partners.
8.Invest in real estate:
Another great way to earn passive income is to invest in real estate and specifically rental real estate if you want to be generating passive income every single month. I’ve owned a few rental properties in the past and at least in the area where I live it’s pretty typical to earn an average of around two hundred and fifty dollars of profit per unit that you own now, of course, there’s plenty of things that can throw off that average but if you did make that average amount then you would need to own for rental investment properties in order to be able to make $1,000 a passive income every month.
It might look like any of these other options are better than investing in rental real estate because the risk to reward ratio is a bit skewed compared to those other opportunities because of course there are risks associated with investing in real estate and if you’re only making 250 dollars per month then you might wonder it’s really worth it fortunately though you are getting some bonus benefits such as building equity in a property that might be appreciating in value at the same time.
9. Renting out the property:
The final option for making passive income is renting out a room in your house you can do this on a website like Olx amongst others and when you do this you can rent your room out for anywhere between about $25 a night and $200 per night depending on the location where you live.
If you rented a room out for an average of say $50 a night then you would need to rent it out for 20 nights of the month in order to make that thousand dollars so yes you would need to have your room rented for most of the month.
If it was only going for $50 a night and you wanted to earn a thousand dollars but this is still a good opportunity if you happen to have some extra space in your house that you’re not using or that you don’t need have you ever made passive income.