Creating Streams of Income that Require Little Effort to Maintain
The definition of passive income is: Income received on a regular basis, with little effort required to maintain it.Â
Sometimes also referred to as residual income, earning passive income is on the wish list of almost all entrepreneurial minds.Â Throw in the internet as the vehicle to achieve this and earning passive income online has some very enjoyable benefits:
- Choose when and where you want to work
- Earn money while you sleep
- Have more time to spend with your family or friends
- Give to charitable organizations
- Secure your financial future and retirement
Keep in mind, earning passive income online does not mean that you don't ever have to do any work.Â Quite the contrary.Â There is usually a substantial amount of work to set up your online business and a substantial amount of planning on the front end to make sure that after set up, it will create income that is indeed passive.
There are many different ways to earn passive income online.Â Below are some of the many ways people are currently making a full time living online or simply supplimenting their salary from their 9-5 job.
1.Â Web 2.0 Revenue Sharing Content Sites - You post your own, unique articles and then you make money based on a percentage of the advertising revenue.Â Authors are free to write on just about any topic, there is never any charge to join for writers and you maintain editorial control of you content. Infobarrel.com and Hubpages.com are two examples. This is the quickest and easiest way to start making money online.
2.Â Affiliate Programs - Your own website is required. You earn passive income by selling other companies' products. Advantages are you maintain no physical product inventory and there are usually no up front fees to become an affiliate of a company.Â Check out Commissionjunction.com, a central website where you can sign up for thousands of affiliate programs.
3. Information products -Â E-books, study guides and how to manuals are great ways to earn passive income.Â They take more time to set up on the front end, but with updating from time to time, can provide passive income for years to come.
4. Advertising - If you have websites that attract more than 1,000 visitors per day, you are going to be able to sell advertising banners on your site.Â Get in contract with some reputable companies and this a great source of passive income.
5.Â Membership site - if you are an expert in a certain area and can provide service that people need, a membership site could be a great option for creating passive income. You could also run affiliate programs from your membership site as an additional source of passive income.
6.Â Create Phone Apps - The creation of Iphone, Android and other phone applications can be a great source of passive income. If you hit it big with an phone application,Â you canÂ reap huge rewards.
7. Google Adsense - Any website which attracts a good number of visits per day is going to make at least some money from Google Adsense.Â Maybe not enough to make it the sole sorce of income from a website but certainly enough to have it as an additional source of passive income.
My advice is to get started immediately.Â Sign up for Infobarrel at Infobarrel.com and start writing.Â Read through the forum posts to learn how to get your articles ranked in the search engines and other ways to have your content easily found by others.Â This will teach you many of the basics of online business and can be the starting point for earning passive income online.