Quick money is not equal quick money
Before I come to the point with this article I would like to say something upfront. Quick passive income is not what some people might consider quick – it’s not about doing it today and enjoying the fruits tomorrow. That are the get rich quick websites and that is nothing I will talk about here at TheAffiliateMarketingLab, simply because I never tried it. And because I want to be honest with you – I can’t promise you that earning passive income is something you can do quickly.
But think about this: When you start working for someone else today you won’t see a paycheck the next day either but it will take at least a week before you do. Here in Germany you won’t get paid until one month after starting to work, sometimes even up to six weeks. So with “quick” I do not mean that you do it today and will profit from it tomorrow – actually, when you start a “money making task” today, you most probably won’t see a Dollar for a couple of weeks. But then, if that is a recurring Dollar it will be well worth your time and effort.
With that being said upfront, let’s dive into the options we have though. It is amazing how unlimited they are.
Let me give you an example about starting a passive income: You write an article today, publish it somewhere (on your blog, on Infobarrel, on Squidoo, it’s up to you) and spend 10-15 minutes daily for some weeks promoting it. After some time you most probably will make money from the post but you might have invested with writing, proof-reading, and advertising about one work day on it (split on several weeks). And it starts making money for you on a daily basis. Even if you wrote a review about a $50 DVD Box Set and it will just make you a $2.50 commission per sale (let’s say 5% in average on Amazon), you’ll earn from this one article about $912.50 per year considering you are selling one DVD Box Set every day. Assuming that you might earn well and earn about $20 per hour your eight invested hours will pay off quickly.
I’m sure you can relate to my thinking. An upfront time investment can really pay off. It’s just a matter of time. To give you another example: 8 years ago I had to write my exam paper for my University. After I got it back and it was graded well I submitted it to the GRIN Verlag, who sells it as a digital copy for other students writing about a similar topic. All three months or so they send me a report about how much I have sold and usually it is about 50€. Yes, I know, it’s not much according to all the other things that are possible online but the intention of the paper was another (getting my graduation paper) and beside that it has a very limited audience. Doing the math it makes me about 200€ per year and has already made 1600€ in 8 years and it will be hopefully stay online for the next 8 years. So beside the fact that it helped me to earn my degree it also earns me a passive income. Not a big one but at least a passive one.
Earning your first Dollars is a Milestone
Some weeks ago my Mum and I were working at the content for TheAffiliateMarketingLab Member’s area. And I can tell you that by times this can be tough because you do not get a feedback from people at the moment – normal, there aren’t any people in the area right now as it is just not ready. But without motivation and feedback (good or bad) the best writer can stuck at times. So Mum asked me: what can we do today to make some Dollars in very near future? Just to have a motivation boost!
Well, good question – there is nothing like quick money but quick can be relative, right?
So I started researching and found 6 proven ways to make your first Dollars online. Right now, I’m trying one method, writing for Infobarrel. Once I have the first results I’m going to share them with you here on the blog.
Earn Passive Income Part-Time
According to Wikipedia a
Passive income is an income received on a regular basis, with little effort required to maintain it.
For example, a rent for a property you own is a more or less passive income, or interests you get for money you already have is also a passive income. But you also generate a passive income when you e.g. write a book and get royalities, record music and sell it or if you are a programmer selling your own software. All that and much more is a passive income. The question on the one hand is how to get it but on the other also how to gain an income which helps you to have the lifestyle you want.
Still, you need to keep in mind that even a passive income is never without doing anything. But at least you don’t have to trade your time for Dollars, which is actually nice.
Here are some ways how you try to build up your own empire of passive income. Remember, you can do more than one thing. This way you do not put all your eggs in one basket. Actually you should do more than one thing – so if one thing fails you still have an income from the other parts of your business you build up. I’m sure you can find many more ways to make money online. But these are, for me, those you have to invest not much time to start or just a little time once things are set up.
1. Write for an established how-to site such as Infobarrel
With this business model, you do not have your own website. You own the articles and provide them to other sites. Basically, you write articles about interesting topics for your chosen site, implement your Google Adsense Ads, Amazon Affiliate Links and Context Advertising. You can make money with only one article but writing some more will make you some money after a short period of time. Not much, but it will cover your first online Dollars. And with time, you’ll hopefully make much more from your articles. This of course depends if they climb high in the search engines for a specific keyword. As I said, I’m just trying out this method, I’ll keep you updated how much my first 4 articles I submitted today will earn in a month from now. I did a research on Google and Internet Marketers say that the sky is the limit here – you can read Pat Flynn’s experience here. It is some years ago that he did that experiment so I really hope it will still work today. Beside that, today eHow is closed for new article submissions. Infobarrel is now the place to go.
2. Write An Ebook
Just recently we released our first Ebook (The Ultimate SEO Tips) on Amazon. It was hard work to get it together, proof-read, get a cover created and finally put it on Amazon but somehow we managed that. And although I really don’t believe that it will sell like crazy it most probably will generate a passive income of some kind – maybe it adds about $50 or $100 to our monthly income but it definitely will add some money. And from there I can create another book and add some more – the beauty is that I can quickly see results. So if you know something well – start writing. Even if you are not an expert, as long as you are willing to put in work you can write an eBook. Choose a topic you like, create a mind map with the info you want to share and just start writing. Do not judge at the beginning, you can do that later when you proof-read your stuff. Our book just has about 30 pages and that was by purpose – we wanted to give our readers a quick read about keyword research so they can start implementing the tips quickly. For the beginning just a small book might be the best to start out so you stay motivated and see results quickly.
3. Affiliate Marketing
Basically, Affiliate Marketing exists in every business. When an insurance agent recommends an insurance for you he will get a commission and is the affiliate for that specific company and product. Now, the beauty about online marketing is that you cannot just recommend one product but tons of – on your website, on YouTube, on Facebook or with Adsense Ads. The “only” thing you need to do is getting a person to buy a product or service through your Affiliate link. There are people who made a fortune from that and still do (one example is Rosalind Gardner who spends every winter traveling through the United States and truly enjoys an independent lifestyle). Many people do it offline (think not just about insurance agents but also sales representatives). Obviously, online as well as offline, you need to work hard to set up your Affiliate Marketing business but that is what we teach here at TheAffiliateMarketingLab. There are a lot of traps to fall into but once you learned more about the topic Affiliate Marketing can be really hands off.
4. Sell Products
You can sell a product – whether these are hard goods or digital products – over your website. So for example, if you are a fashion designer and love creating fashion, chances are that you could sell your products on the Internet. Here your website or your blog would be your platform to do so but you can also add your products to sites such as Dawanda.com or Etsy.com.
5. Create a Membership Site
TheAffiliateMarketingLab for example, is a membership site. The person who is interested in the topic can sign up and pays a special amount every year or every month to stay a member on the site. For that he gets different services. A membership site offers a lot of opportunities.But you should know that it does not just cost a lot of time to set it up but it won’t cost that many time to maintain it – you need to give members enough value for their money or they will cancel their subscription the next month. So this is not a totally passive income but once set up, it has unlimited possibilities.
Even if you are not a programmer but have a great idea and some funds you could hire someone on e.g. Odesk to create a software for you. Be careful, it might take a few months before you actually see results but it is well worth once you have it up and running. For example, the guys behind the Thesis Theme (a famous WordPress Theme) sold 1000s of copies when they launched and it definitely made them rich. Software can also mean computer software or smartphone or tablet apps. There are definitely a lot of possibilities if you have some money on your hands and a great idea to start out.
These are just some ways how you can start out your online empire. The point is – it doesn’t matter what you choose to do but to stick with it and make the most of it. If you constantly take action and get things done a couple of weeks or month are a quick way to generate passive income and it mostly will cost you little time to maintain it considering that others have to work 40+ hours per week.
Do you know about any further ways? Please don’t hesitate to leave ideas in the comments section!