By Rhonda Campbell
When you start generating passive income you can start earning money while you sleep. Additionally, depending on your sales skills and the type of business you operate, the amount of time and effort required to start earning the money may be minimal.
Earn Money Around the Clock
- Blog – WordPress, Blogger, Tumblr, Square Space, Type Pad and Posterous are tools you can use to create your blog. Some of these tools have standard templates, while others allow you to design your own business blog site using various software packages. So your blog has a professional appearance consider hosting it with a separate vendor for a small monthly fee. You can grow the number of blog followers your site receives if you blog regularly. Add Google Adsense and other advertisements to your blog to start generating passive income. With Google Adsense you can receive money each time someone clicks on an ad on your blog. If your blog generates significant traffic you can set rates for other businesses to advertise at your blog.
- Write eBooks – Write and sell eBooks. Generally, the only expenses you’ll incur when you create eBooks are the cost to pay an editor to review the books and the cost to distribute your eBooks through distributors like Smashwords, Ebookit and Over Drive. These companies may take a small percentage off the sale of your books as their distributor cost. You can get paid weekly or monthly through eBook distributors, depending on the company you go with.
- Sell Online Products – Create a website and start selling household goods, clothes, shoes, etc. online. Build links to your website to increase search engine traffic to your site. Also participate at social networks (e.g. LinkedIn, Twitter, Facebook, MySpace) to generate traffic to your website so you can increase the amount of passive you receive.
- Training Videos – If you’re a public speaker, consider taping your training seminars. Sell tape recordings from the seminars at your website.
- Rent Real Estate – Buy real estate (e.g. apartments, Laundromats). Hire someone to manage the properties. Pay this person a set wage and collect remaining monies earned from rental properties.
- Invest – Work with a licensed financial advisor and open a retirement account (e.g. Roth IRA, 401K) and start investing your money. The right investments could turn $10,000 into well over $2 million in less than 40 years.
Generally, you’ll have to spend the bulk of your time at a passive income venture during the launch process. For example, you may have to take courses to learn how the venture operates. You also might have to spend money to purchase equipment like recorders, property or website design software before you start earning passive income. A healthy entrepreneurial spirit, a drive to succeed and passion for the type of business venture you enter into can help you increase the amount of passive income you earn.
Also, and as with other business ventures, be prepared to market and promote products and services related to your business. You can do this by joining and actively participating at social networks like Twitter, Facebook, Google Plus, Linkedin, Black Bloggers Connect, Tumblr, StumbleUpon, Digg and Posterous. You can also market and promote your products and services so you can start earning passive income by creating and distributing electronic newsletters and other email communications.
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http://www.entrepreneurs-journey.com/1641/how-can-you-make-passive-income-online (Entrepreneurs Journey: How Can You Make Passive Income Online)