Passive Income Resources: Inspiring Examples of Making Money Online
We here on the Entrepreneurs site love the idea of "passive income," that is, setting up a business that will make you revenue while you sleep! If you're entertaining this direction for your business, it's important to get set up on the right foot.
We'll be outlining the very best tips, software, and inspiration for exploiting this lucrative business niche. Check out the inspiring examples below of some of the more important players in the passive income game:
Sean McCabe might sound like a lot of creative entrepreneurs -- for years he had a freelance business, doing design, illustration, and hand-lettering work. After setting up a website to grow his business, he was surprised how many people wrote him for advice on getting started with hand-lettering. He decided to put up a free tutorial and he soon found it was being read by 200,000 people, he realized he might be onto something.
He decided to create an online course, Learn Lettering, in order to profit from his expertise. And experience offers lessons for anyone who would like to make money doing something that they love.
How much money? Well, McCabe made $80,000 within 24 hours of his launch in March of 2014. Below you'll find ideas on making your launch as successful.
David Siteman Garland
David Siteman Garland's podcast show bills itself as "the #1 badass show, resource, and community for mediapreneurs," with "mediapreneur" being defined as anyone who is looking to build a business based on their expertise or writing.
It's jammed packed with interviews that reveal very smart -- and profitable -- internet marketing ideas that many non-media businesses could use to their advantage.
Chris Guillebeau is well-known for using passive income strategies in order to travel the world. In his book, the $100 Startup, Guillebeau defines a successful business as an enterprise focused on finding customers and making sales. You'll start small, but whatever you do, resist the temptation to get involved in tantalizing but remunerative side projects. More on making the leap to entrepreneurship.
In his book The Four Hour Workweek, Tim Ferris writes about his quest to outsource any kind of work he doesn't enjoy (in fact he recommends it for even those of us who still have desk jobs). All exaggeration aside, a booming business for virtual assistants exists out there, and you can take advantage of it in order to get your passive income business off the ground. For more on how to do this, see Tim's book or check out the site of outsourcing guru James Wedmore.
The most successful internet entrepreneurs serve very specific niches. Just look at Marie Forleo. This one-time dance instructor now plays her motivational know-how in an irreverent fashion to women who yearn to go into business for themselves. Marie makes fun and engaging videos that serve to attract that niche audience to enroll is her "B-school."
Pat Flynn describes himself as "the crash test dummy of online business, sharing what works (and what doesn’t) so you know exactly how to build your business better." His blog Smart Passive Income is a starting place for many entrepreneurs who want to run their own side businesses.
Nathan Barry is a designer, marketer, and teacher who shares his knowledge of the world of Internet marketing through podcasts. Like many passive income gurus, he focuses on list-building and email marketing.