Top 7 Ways to Earn Passive Income for 2020
Are you looking to start earning passive income in the year 2020? If yes, then you need to read this article. This topic is particularly pertinent today considering the damage that has been wrought across the globe by the COVID 19 pandemic. If you want to survive these difficult times, you need to seriously think passive income. The tips that we give here are the first step on the way to achieving that dream.
What is passive income?
Passive income is regular money that you earn without having to put in regular work. It does not mean, however, that you stop doing work altogether. Far from it! In fact, you may actually need to do a lot of work at the outset to get going. However, the rewards are worth it at the end of the day.
How to start earning passive income
One interesting fact is that 53% of Americans are unhappy with their day jobs. If you are one of them, the good news is that you can free yourself by generating passive income;
- Create a website
Most of the passive income ideas that you will find out there involves starting your own blog. Contrary to what people think, this is actually not very difficult. If you want to take the easy way out, you can start a simple WordPress blog. Those are free, but they are rather limited.
If you really want to seriously start blogging, you should consider starting a “real,” self hosted website. That one takes a bit of time to set up, but the rewards are exponential at the end of the day. Creating a blog is something that you can do on your own. If not, don’t hesitate to hire someone professional to do it on your behalf. The following are the steps that are involved when creating a blog or website;
- Choose an area of focus
- Buy a domain
- Buy a web hosting plan
- Create your site
- Start producing content
- Be clear on your area of focus
Most people fail when it comes to creating passive income because they want to focus on everything. They create a blog or start an Instagram page that talks about all the topics in the world. The idea should be that you want to create a loyal following that you can monetize at the end of the day.
To do so, you need to have one topic that you focus on. As an example, you could create a site or Social Media profile that focuses on the best e readers for 2020. If you decide on such a topic, you should remain centred on it. That way, you will be able to gather a loyal audience that is composed of people who are interested in your area of focus.
- You can make money via Social Media
Making money online is not restricted to blogging. In fact, you can use social media as your tool for generating passive income. On social media, as is the case with blogging, you need to have as big an audience as is possible. If you can become an influencer on platforms such as Instagram, then there will be people flocking to pay you to feature on your page.
- Monetize through Google AdSense
Google AdSense tends to be the go to option as far as website monetization is concerned. However, you need to have loads of traffic to be able to earn anything meaningful via AdSense. Without that, you will probably earn only $10 or $20 a month which is clearly not enough. If you can build a site that gets at least 5000 visitors per day, you should be good to go as far as earning passive income is concerned.
- Create an Amazon Associates Site
This is another option as far as website monetization is concerned. Amazon Associates is an affiliates program run by Amazon. Signing up is easy. Once you have done so, you should be able to promote any of the products that are sold on Amazon. You get a commission per sale.
So, what can you promote via Amazon Associates? Well, your site can focus on anything. We have come across on site focusing on the best cheap wireless headphones for running. Others promote pet food, computers, mobile phones and e-readers. Point is, as long as it’s on sale on Amazon, you can promote it on your site.
- Use your website for affiliate marketing
Affiliate marketing is another way that you can create passive income. Under this system, you join affiliate programs that are run by brands/vendors throughout the world. You then produce content promoting products belonging to these brands. Affiliates get paid per sale. Where possible, you should opt for programs offering recurring income. These are the best for passive income.
- Do SEO and promote your site
One thing that you will have noticed from all the advice that we have been giving so far is that you need to have a platform attracting thousands of people to have any hope of generating meaningful passive income. You are not going to make any money if you have a site that is visited by only one person per day.
So, how do you promote your site? One thing that you can do is to get the word out using Social Media. Make sure that every bit of content that you produce is shared on Facebook, Twitter and other platforms.
Also do Search Engine Optimization. In fact, SEO is you biggest friend as far as website monetization is concerned. Do SEO right, and you will be able to get loads of free traffic. You do not to be patient, however. You are not going to get results within a single day. Search Engine Optimization takes time.
So, create your site today if you want to start earning passive income in a year or two. Along the way, keep producing relevant content. That’s the only way that you are going to attract and keep engaged a meaningful audience. Its hard work, but the results are worth it at the end of the day.