There’s never been a better time to bring passive income into your life. Whether you’re feeling the effects of inflation or just worn-out from your return to the office post-pandemic, passive income can help.
Having streams of passive income can provide financial security. More importantly, however, passive income allows you to spend time doing what you enjoy instead of trading your time for money.
Not sure where to begin? WRKOUT gives health and wellness professionals an easy way to earn passive income. We’re going to share different strategies for earning passive income so you can make the best choice for you—without leaving your computer!
But first: why is everyone excited about passive income, and why should you be excited, too?
There are many reasons why online passive income is the best way to make money in 2024.
Here are just a few:
It's low risk. Most online passive income streams require very little upfront investment, and there is little risk of losing money. This contrasts with traditional businesses, which often require a significant investment of time and money to get started.
It's automated. Once you set up your online passive income streams, they will run on their own… even while you're sleeping!
It's flexible and scalable. One of the biggest advantages of online passive income is its flexibility and scalability. You can create and manage your online passive income streams from anywhere in the world, and you can scale them up or down as needed. This makes online passive income ideal for people who want to have a location-independent lifestyle or who want to be able to work part-time or full-time.
Best of all, it’s easy to get started!
If you're interested in getting started with online passive income, there are a few things you need to do.
First, choose a niche—the topic or industry that you will focus your online passive income efforts on.
Once you've chosen a niche, you need to research different online passive income opportunities. There are many ways to make passive income online, so it's important to find options that are a good fit for your interests, skills, and budget.
Now that you’ve found a few opportunities that you're interested in, you’ll need to take action and build towards your newfound financial freedom. This may first involve producing content, building an audience, investing in start-up costs, or all the above. The effort will be worth it in the long term!
Without further ado, here are some great online passive income ideas for 2023 and beyond.
WRKOUT Store is designed for health and wellness professionals like you to recommend products to clients, friends, and family. As a wellness professional, signing up allows you to earn cash rewards just from making recommendations through your Store.
To start earning rewards, you simply need to create a free account. Once logged in, you'll see top brands you already know and trust to recommend. You can browse their products and share your favorites with your clients and followers through affiliate links customized for your account.
Every time someone makes a purchase through your unique link, you'll receive a cash reward. The more people you refer to WRKOUT Store and the more they shop, the more you can earn from recommendations!
One of the most popular online passive income ideas is affiliate marketing. This simply means promoting other companies' products or services and earning a commission for each sale made.
Affiliate marketing is a very hands-off way to monetize a website or social media following once your affiliate links are set up. You don’t have to do it “just for the money”, either—you can absolutely share affiliate links for products you genuinely like and recommend.
When readers click through your link and buy something, you get paid.
To get started, you need a website or social channels with enough of an audience to generate clicks and sales. Then apply to join affiliate programs like Amazon Associates, Clickbank, or Shareasale. Do your research to find affiliate programs that pay well for products in your niche.
Affiliate marketing takes effort up front to build traffic and find affiliate partnerships. But once everything is set up, affiliate marketing earns money month after month with minimal maintenance!
If you have a blog, YouTube channel, Instagram account, or other platform with a big audience, you may be able to generate passive income by licensing your content.
This means granting permission for other companies to reuse and share your content for a fee. They may want to share your content natively on their own website, repurpose your content for ads, or include your content in a newsletter.
You can join a content licensing marketplace like NewsCred or Fame to connect with businesses who pay to license and reuse creator content. The initial effort here includes building an audience and producing high-quality branded content, but then you can let your work do the earning.
Another idea for earning passive income online is to sell digital products like ebooks, courses, or membership sites. This requires more upfront effort than affiliate marketing but creates a product you can sell again and again.
For example, you could write and sell an ebook on a topic related to your expertise and interests. Or create an online course teaching people a skill that took you years to develop.
Once everything is up and running, digital products can earn income for months and years with little maintenance beyond some marketing and customer service. However, upfront you will likely need to invest in a website, marketing, customer service, and payments processing to sell and deliver your digital product.
One of the most well-known passive income ideas is earning ad revenue from a YouTube channel. This isn’t 100% passive, but after your channel is up and running it can generate income with minimal maintenance.
First you need to focus significant time upfront to create high-quality videos, build subscribers and viewership. Once you have lots of video content published and decent traffic, you can apply to join the YouTube Partner Program and start serving ads on your videos.
YouTube pays out around 55% of the ad revenue generated by your channel, which equates to about $18 per 1,000 views. They handle all the technology, ad targeting and payments—you just must keep uploading videos that appeal to your audience. This can provide steady passive earnings from regular viewership of your back catalog.
Building and monetizing an email list can lead to some powerful passive income streams. An audience that you own allows you to promote affiliate offers, sell products, or work with brands.
To build a list, you need a lead magnet like an ebook, cheat sheet or free course in exchange for an email address. Once your list has grown large enough, you can send targeted promotions, recommendations, or advertisements to earn income through commissions and sponsorships.
An email list requires continuous effort to provide subscribers with valuable content. But an email list becomes a self-owned asset that allows you to generate income again and again.
If you have a popular podcast, you can earn passive income by monetizing it through sponsorships, affiliate marketing, or inserting dynamic mid-roll ads.
The initial effort lies in consistently producing high-quality podcast episodes and growing your listenership. But once you have a solid listener base, there are several ways to monetize the podcast with minimal extra work!
After growing your audience and producing high-quality episodes, you can reach out to potential sponsors to pay for dedicated segments or integrate affiliate links. Some podcasting platforms also enable you to easily insert dynamic mid-roll ads and receive a share of ad revenue.
After editing and publishing the podcast audio itself, these passive monetization methods allow you to earn recurring income from the work you've already done building an audience and catalog of episodes.
Dropshipping is another increasingly popular passive income idea, facilitated by ecommerce platforms like Shopify. With dropshipping, you set up an online store but don’t have to purchase or stock the inventory yourself, meaning start-up costs are often lower than other retail operations.
When an order comes in, you simply forward it to your supplier who ships the product directly to the customer.
It takes time to set up your online store, find suppliers, and market products. But once everything is set up, orders can come in passively based on your initial efforts.
There are many viable ways to generate online passive income with the right strategy.
For health and wellness professionals like you, WRKOUT makes it easy to leverage your expertise and network to earn passive income. The WRKOUT Store offers over 70 of the best brands in the fitness industry across various categories like equipment, supplements, accessories, and apparel.
Simply by recommending products from these brands to your network, you increase your revenue and grow your business!
Learn more about the WRKOUT Store today.
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