The advent of internet has marked a change in the general perception of people who were jostling hard to make their two ends meet. Along with seasoned of professionals from varied fields, internet offers a wide array of options for individuals who wish to earn a bit of extra money but lack prior experience.
As the most viable option available, passive income may help their financial cause considerably. Passive income or more often referred to as residual income is generally defined as money received from an activity or activity source in addition to conventional employment sources. Stated another way, your conventional mode of income enables you to buy a cake and the passive income adds the icing on the cake making it wholesome, satisfying and lucrative.
The very essence of passive income is that it enables you to receive an income stream even when you hung up your boots or are unable to work temporarily. To the contrary, passive income generation does not incorporate trading your working time for money on hourly, weekly or monthly salary basis.
Quoting a prominent example of passive income source, you author a book and it continues to sell for a considerable amount of time generating a royalty stream. Moreover, these days many companies in their endeavor of availing cost effective solutions outsource their work to cheaper labor destinations especially in the developing part of the world. The trend has opened floodgates of opportunities for professionals in varied steams including highly skilled and academic professionals. The passive income generation methods galore for teachers, professors and skill set professionals in the virtual world that matches their core competency find a mention in the list mentioned here.
Create a Blog Site:
For both, academic and skill set professionals, creating a blog site is a viable option for all the right reasons. Being a professional, it is a foregone conclusion that you are well versed with the nuances of your subject. It is all about turning your expertise into a feasible and easily accessible product.
You are an endowed academician with a treasure trove of knowledge and people are ready to shell out money to avail your expertise and benefit from it. Creating an incisive and invaluable content around your area of expertise can enable you to generate substantial traffic to your website.
The blog thus created highlighting your talent, expertise is known as niche website, and it should strike a balance between subjects that are finding favor among readers currently and those on which you can write at length in an informative manner. Moreover, you must open an active account with the blog service providers like WordPress, TypePad or BlogSpot, as opening active accounts
enhances the accessibility of your niche website. In addition, you have to target advertisers, whose products may have a relation with the niche of your blog. It will enhance the interest of visitors to your blog and you will receive payment as an affiliate for every click the visitor makes on the ads to the products that you are displaying on your blog. It is a simple logic that the more number of ads you are displaying, the higher would be your earning.
However, you should refrain from displaying excessively large numbers of ads as they can muddle up the page and render it cumbersome to surf. In your pursuit to maximize your earning potential, you can also seek to build links to your blog by employing various forum signatures, e-mail signatures and useful comments that you may spare on the blogs of other users.
However, if you are looking for an easy way out then consider incorporating Google AdSense to your blog site. With AdSense, you do not need to manage relationships with advertisers, as it offers you an instant and automatic access to an extensive source of advertisers. However, the amount of passive income in this case relies solely on the amount of footfall your blog post is garnering in the recent times. Still, blog sites have a great potential to cater to securing your financial future when income from the convention sources would seize.
Read More: Step By Step Guide to Monetize Your Blog
Writing an eBook:
Considering its worth as a residual income generation source, writing an eBook is the most feasible option for skill set professionals and education professionals, as its practicality is beyond doubt. With assistance from credible sources easily accessible both offline and online, writing an eBook is a relatively simple task for anyone who is good with his words. All the aspirant needs to do is focus on the most interesting and relevant elements of the subject and make the content as genuine as possible. Being well versed, writing on the subject of their specialization would not prove to be an arduous task for aforementioned professionals.
Undeniably, in the post composition scenario you have to confront many issues like book formatting, converting, and making it ready for a worldwide distribution. Fortunately, many eBook publishers can take care of the aforementioned issues in totality and sparing ample time for you to concentrate on your core competencies. Moreover, if you are an active contributor to varied blog posts, then it would work in your favor. You can simply assemble the entire content to create an e-book.
People would be more than willing to pay for the convenience of having your content in a single location. In addition, you can always incorporate insights into the eBook that you receive as reader feedback and elevate the content to another level. Many individuals have managed to secure their financial future by doing this successfully. In addition to this, you can negotiate with your online publishers on payment terms and percentage of royalty that you would receive for a specified period. It would be better for your financial interest to retain the rights of the eBook with yourself, as then only it would fetch you residual income until the eBook is available to readers online.
Read More: Learn How to Create an eBook-Hubspot
Tuition from pre-packaged education programs:
For teachers and others from the academic field, pre-packaged education programs are one of the most sought after sources of passive income. The education programs offered by various service providers carry content on wide spectrum of subjects enabling the student to have a better understanding of the subject.
As a teacher or professor if you have the ability to create quality and genuine content that can go a long way in enhancing the holistic understanding of the concepts of students, then several education service providers would be vying for incorporating the content in their education programs. However, your content may need to be updated from time to time, but it is more or less a one time effort that can pay you rich dividends in the long run.
Learn – How Udemy can help you earn money?
Create a CD:
Now a question arises that can you transform your speech into your signature product and reach out to millions of people out there. If your answer is in the affirmative, you have great chances of creating a well-structured passive income stream. As an academic professional, you can create a lecture where you can impart insights into the core fundamentals and varied facets of the subject of your expertise.
Availing assistance of quality equipment, you can quite easily record a video or audio of your discourse and compile that into a CD, DVD, or a file that you intend to sell online. You have the freedom to substantiate it with additional value including both perceived and real by incorporating a transcript and a relevant study guide. In this case too, people would not hesitate to pay for your thought provoking views and your genuine approach toward a particular subject that you are discussing in your discourse.
Learn – How to Develop Your Educational Video
Record an Event:
The idea of turning a live event of prominence into an online training experience can also fetch you residual income to a certain degree. For obvious reasons, you have to initiate by recording the event and then turning into modules with workbooks, transcripts, or other ancillary material. There are several platforms like Kajabi.com from where you can deliver the various modules to your target audience and earn revenue in lieu. For a skill set professional, the entire process would not be that hard to accomplish. However, you have to be careful about broadcasting rights of the particular event and make sure that you do not infringe them to stay out of trouble.
A prominent revenue earning source, Affiliate marketing is the process of earning a commission by promoting products of other companies. In simple terms, you can find a product as per your liking, promote it to others via social networking websites or your own personal blog and be entitled to earn a decent share of the profit for each sale accomplished by you.
The most remarkable feature of affiliate marketing is that it offers a win-win situation to all parties concerned. You, who facilitated the deal, get the commission and is a reason good enough to make you smile. The company benefits by not only garnering revenue from the sold product but also by gaining grounds in new territories that remained out of their access hitherto. In addition, the third vertical, the buyer more often than not, feel elated to have a new product at his/her disposal. Elaborating the other virtues of affiliate marketing Steven Fu, an eminent author opines,
“Residual income with Affiliate Programs is another great residual income source you should seriously look into. This is a good way to start a business online if you are new and a great way to build your business earning passive residual income for years to come. One of advantages of promoting affiliate programs is of course, you don’t need to deal with customer service. You don’t even need a ware house to store your goods to name a few”.
If you are a teachers or a skill set professional with established credentials, then it offers you potential passive income opportunities. You can sell products and services related to your specialization and your credentials can certainly help.
Read More: Affiliate Marketing Rewarding Career
Having multiple streams of income is a highly desirable method of securing your finances and a comfortable future. However, the best way to learn in the ever-volatile marketplace is by trial-and-error method, and it is only by experimenting that you can settle to a mode that works perfectly for you. All the aforementioned life-changing modes of passive income generation are beckoning you and it is you, who has to rest the prerogative.