Do you often daydream about making money on the weekend, in the evenings and even while you sleep!? Sounds like you’re an ambitious entrepreneur and you’ve come to the right place to learn just how to do this!
What Is Passive Income?
Passive income is money that you can earn without extensive, ongoing effort. After identifying and establishing the digital product that can generate passive income, the idea is that you won’t need to tend to it every day or really think about it too much at all. Basically, it’s the complete opposite of a standard 9-5 job, or “active income” where every minute you work, earns you money! Passive income is often made automatically, providing residual income which can improve your financial situation and offer the gift of time and less stress.
Okay, okay, it’s sounding a little too good to be true, isn’t it!? But that’s the magic of passive income. However, it doesn’t mean you won’t have to do some hard work now and then. The majority of projects that turn into passive income require an initial investment to set it up and get it running smoothly to a place where you can be significantly hands-off. This initial investment is the most work and requires significant time, money, energy, creativity and other resources.
How To Earn Passive Income
There are plenty of avenues to access passive income streams. They can come from more traditional methods such as investing in real estate or mutual funds or more contemporary methods such as selling digital products online, publishing online courses, and other online side hustles.
I tell everyone that the internet is a treasure chest of earning potential. The opportunities for people that are willing to get creative and put in the effort, are immense and can be life-changing! All you need is access to a computer, WIFI and dedication. Take my story for example! In 2019 when I created my digital product on Etsy, I made $37,000 dollars in one year. The thing is: I am no different to you! I just knew I wanted to make additional money to live more financially comfortably, so that’s exactly what I did. And through my experience, I assure you: anyone can do it.
Digital Products for Passive Income
Firstly, let’s address what digital products are and how they can work in your favor to become a source of passive income for you. Creating and selling digital products is truly one of the best ways to generate passive income.
A digital product is something that is created, sold, and used strictly digitally, so only on laptops, computers, mobiles or tablets. There is no physical product, which means you never have to deal with manufacturers, shipping, or running out of stock! Plus, there are barely any overhead costs, as you will not require a physical store, so you don’t need to worry about rent and bills. You don’t even need to pay for the system where you create the product, as you can easily take advantage of Canva.
The name of the goal is creating a passive income. As mentioned above, once you put in the hustle to create the product, you can sell it over and over again without having to create anything new! Digital products are all sold online so make money at any time of day and to an unlimited audience around the world. Let’s consider the different forms of work you would need to put into it. For example, there are:
- A completely passive digital product. Here, you put in the effort once and sell it indefinitely. In this case, the actual product may be less expensive and income can be sporadic.
- A semi-passive digital product. The product is still passive, but you put in some hours to help market it and update it every so often.
- An occasionally active digital product. These are usually in the form of subscriptions or memberships, making income more consistent but requiring active maintenance.
The Best Digital Product To Sell For Passive Income
There are a number of digital products that are positively booming! So it’s not necessarily which is the “best” but what’s best for you.
While you will want to do adequate market research to help determine your product, which you can learn about in my Digital Shop From Scratch course, you should be able to stand behind your product and add a sense of value to it, or else it won’t be very successful! So, if you have a specific skill or expertise, use that to your advantage when creating your digital product.
Some of the best products are as follows:
- Online Courses
People are ready and eager to learn! Plus, this would be considered a semi-passive digital product as you may want to update the curriculum or course details if there are big market changes. You can offer online courses in anything, including:
- Creative writing
- Content creation
Books are becoming increasingly popular and digitized thanks to the Kindle and Ebook fad! There are also many ways to self-publish. This is an example of a completely passive digital product, too. You can write about what your heart desires, such as:
- Recipe Books
- Fictional books
- Travel guides
- Finance guides
- DIY guides
Printables are wildly popular and allow customers to print themselves (or somewhere like Walmart.) These are another example of a completely passive digital product. You can offer printables such as:
- Student planners
- Chore chart
- Budget planners
- Repair manuals
- Recipe cards
- Digital Art
Everyone wants to make their home unique and cozy, which is where digital art comes in! If you are a creative person and want to express yourself, you can use this occasionally active digital product to offer:
- Wall art
- Digital graphics
- Phone backgrounds
- Fabric patterns
Are you still lost for ideas? I got you! Check out my free 65 Digital Product suggestions.
I can’t encourage you enough to start your journey to financial freedom by selling digital products to start earning passive income!
The sooner the start, the sooner you can start making money in your sleep! What digital product will you create?