1. Create an online course
Sharing your knowledge with others is rewarding in itself — it enhances personal growth and helps you give back to the community. And, thanks to the digital economy, you can now monetize your knowledge by creating an online course.
The e-learning industry is growing at a steady pace. The market is valued at $166.60 billion in 2023 and is expected to hit $257.70 billion by 2028.
And, with the internet giving you access to a global audience, you’re sure to find your target customers.
Here’s how to create an online course your audience will love:
- Know your audience: Knowing your target audience involves understanding their preferences, pain points and learning habits. The more you know about your audience, the higher your chances of creating content they’ll love.
- Choose a topic: Brainstorm subjects you’re passionate and knowledgeable about. To validate your topic, find out if there’s an actual demand for it. Next, consider the level of competition. Once you’ve chosen a topic, create a strategy to differentiate your course from the rest.
- Outline your course: Divide your online course into sections (or modules) so learners can study at their own pace.
- Create compelling content: An online course typically includes different file formats, such as text, video and PDF. Create high-quality content in varied formats for an enhanced learning experience.
- Build a community: Grow your following on social media platforms and online forums. Post high-quality content to establish credibility and whet your audience’s appetite for your course.
2. Own a rental property
With homeownership rates at their lowest in 50 years at 63.1%, now’s a good time to own a rental property.
But being a landlord is not without challenges. Besides keeping up with maintenance costs, you also have to chase delinquent renters and fill up vacancies to maintain a steady cash flow.
Thankfully, you can mitigate these risks by implementing property investment strategies, such as running background checks on tenants, getting the best insurance policy and conducting investment property analysis.
By being well-prepared and informed, you can navigate the challenges of property ownership successfully, turning your rental property into a resilient and lucrative source of rental income.
3. Invest in dividend stocks
Dividend stocks are shares from established companies that pay a percentage of their profits to investors regularly.
This not only generates consistent income but also lets you benefit from the growth of these companies. To start, look into companies with a good track record of regular dividend payments and strong financial health.
Aim for dividend-paying stocks with expected earnings growth between 5% and 15%. Investing in dividend stocks can get tricky, though. For example, a high-yield savings account isn’t always ideal. But if you take the time to understand its nuances, the rewards can be outstanding.
4. Be an affiliate marketer
Affiliate marketing is a digital marketing model where you earn a commission for promoting a company’s offerings. If done right, affiliate marketing is a legitimate opportunity to earn passive income online.
In fact, affiliate marketing spending is expected to rise from $14.3 billion in 2023 to $15.7 billion in 2024. This means more opportunities to earn higher commissions, building wealth over time.
To be a successful affiliate marketer, you need to:
- Build an audience: A loyal following implies that people value your recommendations.
- Select the right products to promote: Marketing a product that aligns with your audience’s preferences increases your potential for conversions (and, by extension, commissions).
- Use multiple marketing channels: Consider using blogs, social media and email marketing to provide value to your audience and create opportunities for passive income.
5. Invest in peer-to-peer lending
P2P lending is a debt financing service that enables users to lend and borrow money without a financial institution acting as an intermediary.
To earn passive income from P2P platforms, you lend money to borrowers so they won’t have to go through a bank. In exchange, you earn interest rates on the amount you’ve lent.
On the surface, P2P lending comes with risks since you’re dealing with unsecured loans. To mitigate such risks, you can use a P2P platform like Prosper or Lending Club to evaluate borrowers’ creditworthiness and provide assessment scores with which to vet them.
Before choosing a P2P platform, make sure to research:
- How borrowers are screened and evaluated.
- Default rates on loans.
- Fees associated with lending.
- Tools and resources the platform provides to help you make informed decisions as a lender.
Diversify your investment across multiple loans. That way, you can spread the risk across your investment portfolio and create a sustainable passive income via your brokerage account.
6. Launch and monetize a blog
On WordPress alone, approximately 70 million new posts are published each month.
Given the level of competition, is being a blogger worth the trouble?
In one word, yes.
In a 2023 report by Semrush, 31% of respondents mentioned short-form articles as the top-performing content format, while 24% mentioned long-form blog posts.
Granted, launching a blog and publishing regularly involves time and effort. However, if you consistently deliver valuable content that follows SEO best practices, you can generate massive traffic, which you can monetize.
You can monetize your blog through:
- Subscription-based content: Offer premium content or services through a subscription model.
- Affiliate marketing program: Promote products or services and earn a commission for each sale via an affiliate link.
- Google AdSense: Display targeted ads on your blog and earn revenue based on the impressions or clicks you get.
- Building a lead funnel: Use your blog to attract your target customers and guide them through a sales funnel where they can purchase physical or digital products.
- Coaching or consulting service: Leverage your expertise to offer coaching or consulting services directly through your blog.
7. Start a dropshipping business
Dropshipping is a business model where you sell products without stocking them.
Here’s how it works:
- Create your eCommerce website or sign up on an online marketplace.
- Find a reliable supplier and select products to sell.
- Add these products to your store with marked-up prices.
- Receive an order.
- Send order details to the supplier.
- Supplier packages products and ships them to the buyer.
- You make a profit.
Your chosen supplier handles everything from eCommerce inventory management to shipping. Once you set up an online store, your small business is off to the races. Dropshipping allows you to tap into a vast market without spending upfront investment on inventory management.
Even in the post-pandemic world, the dropshipping business model is still gaining popularity. In fact, the dropshipping market was valued at $249.16 billion in 2023 and is expected to be worth $724.26 billion by 2027.
So, regardless of your niche, you can earn sustainable income using this business model.
8. Invest in real estate crowdfunding
Real estate crowdfunding is an investment model that enables individuals to pool their funds together to invest in real estate projects.
Unlike traditional real estate investments, crowdfunding enables you to invest small amounts.
Platforms like RealtyShares and Fundrise provide opportunities to invest in various real estate projects, from residential to commercial properties.
Benefits of investing in real estate crowdfunding include:
- Diversification of your investment portfolio with little capital.
- Passive income through rental yields and potential property appreciation.
- Reduced hassle of property management and daily operations.
Before implementing this business idea, carefully research and evaluate the track record of your chosen crowdfunding platform, the types of projects they offer, associated fees and the risks involved.
9. Sell ebooks
Thanks to the emergence of self-publishing companies, authors can reach a global audience without relying on traditional publishing routes.
The eBook market worldwide is expected to grow by $8,316.2 million from 2022 to 2027. So, there’s no better time than now to publish and sell eBooks.
Follow these steps to create and publish an ebook:
- Choose a topic: Just like creating an online course, writing an ebook involves choosing a topic you’re knowledgeable about. Make sure your chosen topic addresses a problem. This way, you can offer an innovative solution and satisfy an unmet market need.
- Create quality content: Start with an outline and make sure the contents of your ebook are easy to read and understand. Proofread and edit your content to ensure readers get an error-free ebook.
- Format your ebook: Formatting your ebook makes it visually appealing to your audience. It also enhances readability and makes your ebook compatible with different reading apps.
- Invest in a professionally designed cover: While you can hire a graphic designer, you also have the option to create a book cover yourself. With graphic design tools like Canva, you’ll find an array of book cover templates to choose from.
- Publish your ebook: There are many websites where you can publish your ebooks for free. One of these is Amazon Kindle Direct Publishing (KDP). Thanks to its popularity, Amazon allows you to reach a global audience and earn money on autopilot.
- Implement marketing strategies: After publishing your ebook, it’s time to get the word out. Use social media marketing, email campaigns, podcasts or collaborate with other authors to reach your target audience.
By implementing an effective marketing strategy, you can boost your eBook’s visibility over time. The higher your visibility, the higher your potential for recurring income.
10. Start a YouTube channel
With 210 million YouTube viewers in the U.S. alone, creating a YouTube channel to earn passive income makes a lot of sense.
But earning money on YouTube involves more than just uploading a video. Here are some best practices to help you become a successful content creator:
- Choose a niche you’re knowledgeable about.
- Create engaging and high-quality video content consistently.
- Engage with your audience by responding to comments.
- Use well-researched keywords in your video titles and descriptions to enhance your discoverability.
- Use YouTube analytics to define your audience and tailor content accordingly.
Once you have up to 4,000 public watch hours and 1,000 subscribers within the past year, you can join the YouTube Partner Program (YPP) and access more monetization options.
Besides the YPP, other ways to make money on YouTube include:
- Becoming an influencer.
- Joining an affiliate program.
- Crowdfunding your projects.
- Licensing content to other creators.
You can also set up a YouTube shop to sell products online, such as t-shirts, collectibles and personal care products.
