9 Passive Income Ideas - How I Make $27k per Week

Hey friends welcome back to the channel in this video we're going to talk about nine different ways that you can make passive income and for each of those i'm going to talk about how hard it is to get started how hard it is to make 100 a month from it and how hard it is to maintain once you've created the thing in the first place for me in my business these nine different sources generate around 27 000 per week these days with varying degrees of passiveness and obviously this has taken me like eight years to build up so don't expect to be hitting those sorts of numbers when you first get started but this is the video that i wish i would have had when i started my financial independence journey many many years ago let's go for it all right so when i say passive income i always air quote it because there is really no such thing as passive income there is no way to make money without doing anything at all but when i say passive income what i mean is that it's money that is not directly tied to our time so let's say you were to write a book if you write a book you publish a book that book is now in bookshelves you've done the work kind of once to write and publish the book but now any time the book sells you make money from royalties that is passive income you could literally be making money while you sleep because you've created this thing which is out in the world which is generating income for you the other thing with passive income is that it always takes a very long time to get going so if you see any ads before this video talking about how you can get rich quick by whatever scheme or if you see people in the comments pretending to be me saying oh my god here's how you can get rich quick with crypto what's up this number that is all a scam it's not gonna work there is no way to get rich quick it is not a thing so if you're looking for a get rich quick scheme those things just don't exist so you might as well not even try and the way i think of this is that ultimately money is just a medium for exchanging value the only way to make money is to provide value and the only way to make passive income passive money is to provide value in a way that is not directly tied to your time so please please please do not try and join a get-rich-quick scheme they don't exist i've had lots of messages over the years from people who have tried signing up to a get-rich-quick crypto scheme or a gambling scheme or a hey here is how you kind of play poker online none of these things ever work people always end up losing money the only way to make money is by providing value and so let's talk about the nine different ways that you could provide value if you wanted to just before we dive in i want to tell you that i've just launched my brand new skillshare class about productivity for creators how to start a successful side hustle that's linked in the video description skillshare are sponsoring this video i'll tell you more about skillshare later on but i want to plug my own class because i think it's genuinely really good and people really like it and it will help you get tips on how you can start side hustles in your spare time anyway let's get into the video all right so let's kick things off with investing in stocks and shares and in this context the way that we provide value is by offering up our money providing money and investing in a service is in a way giving a form of value and so when we give our money to a company in the form of buying their stocks it makes sense that we would get some kind of return for that investment and we're starting with this because investing in stocks is the easiest way to make any kind of passive income if you have any sorts of savings and they're sitting in a savings account earning 0.01 interest they're not really doing very much for you whereas if you had those savings and put them in stocks you could potentially be earning passive income from the money that's otherwise just sitting there now i've got a whole video called the ultimate guide to investing in stocks and shares for beginners which is going to be linked over there somewhere so that is a solid half an hour long introduction to stocks and exactly how they work but the thing that i recommend for most beginners as a non-financial advisor and this is not financial advice purely for entertainment purposes only also people say or at least the thing that i do is that basically all my money that's in stocks and shares is invested in index funds now an index fund is something like the s p 500 and when you invest let's say a thousand dollars in the s p 500 that basically means that your thousand dollars is distributed amongst the top 500 biggest companies in the us so you know weighted by how big they are so like you know two percent of it would be in apple two percent in facebook two percent in google two percent in microsoft and then you probably won't have heard of the 500th company on the list but basically all the big us companies you've heard of you end up investing in all of them a little bit at a time so if you want to get started with that all you need to do is sign up to a stock broker if you're in the us you can use weeble i think i've got a link in the description if you're in the uk you can use free trade or vanguard basically whatever country you're in just google the phrase best stock broker platform your country name and you'll find something that works for you and then it's very easy to be able to invest in an index fund so within our famous side hustle assessment matrix um we're going to give the difficulty of starting a one star rating one out of five it's very very easy to get started with stocks how hard is it to make a hundred dollars a month by investing in stocks and shares well this kind of depends because it depends on the performance of the stock market overall so in the last 12 months from 2020 to 2021 the s p 500 has actually increased by about 50 percent that is that is a lot it's like gone up by a solid 50 despite covet and everything going on so if in april 2020 you had invested 2 400 in the s p 500 the fact that it's gone up by 50 means you would have made 100 a month but obviously this is not the way to look at it because you know things can go up and down and the stock market has different level levels of performance depending on what time period you're looking at but if we average out the last 30 to 50 years the s p 500 has had a roughly 10 point something percent return which means every year on average over the long term it goes up by around 10 this is not inflation adjusted for any economist among us and so if we do some back of the envelope calculations if we want to earn a hundred dollars a month passively through stocks and shares we would need around about 12 000 invested in the s p 500 to make that ten percent twelve hundred dollars a year which is a hundred dollars a month but as i talk about in that video about stocks over time we have compounding and so if you put in seven thousand five hundred dollars in the s p 500 and you left it there for five years then five years later you would be making roughly 100 a month if we go by this very average figure of 10 a year or if you invested 5 000 in the s p 500 then 10 years later you'd be making 100 a month in purely passive income again assuming the 10 average so overall how hard is it really to make 100 a month in passive income from stocks and shares well it kind of just depends on how hard is it for you to make five thousand seven thousand five hundred or twelve thousand dollars in savings and put them into a stock market index fund uh and crucially this is money that you shouldn't need to touch in the next five to ten years at least so basically how easy is it for you to them to make that sort of money obviously varies massively depending on which country you're in uh and what your circumstances are and what your job is but if you're in the uk or the us where the median kind of average salary is around about fifty thousand dollars something like that then again depending on your circumstances it's not that hard to get ten thousand dollars in savings obviously if you're supporting a family of fifteen people on fifty thousand dollars it's different if you're a single person again it's different but i'm gonna give this roughly a three out of five star rating for difficulty of getting a hundred dollars a month obviously if you live in a country like india where the average salary is three thousand six hundred dollars a year it's very very difficult to make ten thousand dollars in savings overall and finally the third category in our side hustle assessment matrix is how hard is it to maintain this income once you've set it up in the first place and we're gonna give this a one star out of five because once you've got the money in you just like set it and forget it and it's not that hard to maintain there are other sources of passive income that require higher degrees of maintenance over time but stocks and shares is a very very easy way to make passive income and to use my personal example these days my stocks and shares portfolio which i've been investing in since 2015 is now worth around about 350 000 and the vast majority of that is in the s p 500 index fund now i can't be bothered to work out the actual inflation adjusted returns for that but again if we assume a very very rough average of 10 a year then that averages out to around 682 dollars per week in purely passive income all right idea number two for generating passive income is to start a youtube channel this is something i will specialize in because i'm here on youtube and i actually teach a course called the part-time youtuber academy uh linked in the video description where i teach people how to do this sort of thing so let's use our side hustle assessment matrix and we'll talk about this how hard is it to start a youtube channel well i'm gonna give this one out of five stars because it's actually very very easy to start a youtube channel you just go on youtube.com you click create a channel and you can upload videos by just filming with your phone and uploading it in reality it's a lot harder to make good videos and making good videos is how you grow on youtube but getting started on youtube is very very very straightforward the real question is how hard is it to actually make real money from youtube so again let's say we want to make a hundred dollars a month in passive income what does that look like well firstly to be eligible for monetization on youtube you need a thousand subscribers and four thousand hours of watch time it took me six months and 52 videos to get my first 1 000 subscribers and if we look at the averages it actually takes on average 90 something videos to get to a thousand subscribers so that's quite hard if you're thinking you're gonna start a youtube channel and start making money from day one you're you know that's basically not gonna happen it took me 52 videos six months to get there um so if people message me like hey i want to start youtube i was like look you have to be able to put in the effort and do this for a very long period of time uh at least once a week i say for at least two years before you can expect anything in return but let's say you've hit your thousand subscribers in your 4 000 hours of watch time how hard is it to actually make 100 a month well on average the kind of revenue per thousand views on youtube is around about two dollars so this varies massively but let's say on average about two dollars per thousand views therefore if you want to make 100 a month you need 50 000 views on youtube to make 100 a month let's say you make one video per week and let's assume you're not getting any traffic on your older videos that means every video you make needs to get around about 12 500 views and very roughly the average youtube channel can expect around about 20 percent of their subscribers to equal the average view count for each video so on youtube if you had 62 000 subscribers very roughly very averagely you can expect 20 of them i.e 12 500 views on each video and assuming you have no evergreen content of the long term you would need around about 60 000 subscribers to be making 100 a month in reality you make 100 a month a lot before 60 000 subscribers i think i was making 100 a month when i had like 10 000 something subscribers like it was it was fairly early on but when it comes to assessing how hard is this to do i'm going to give this a 4 out of 5 stars it's actually very hard to make compelling youtube videos and it's very easy to get started but it's hard to do well it's totally worth it it's a great skill set it's really fun you get to meet people across the internet you get to learn how to talk to a camera and how to film and video edit and it's really great but it's very hard to actually make money from youtube finally in terms of effort to maintain like actually getting that first 1 000 subscribers is a lot harder than keeping it growing because once you've got a thousand subscribers and once your channel is growing it means you've landed on a formula that works and so maintaining it then becomes easier than starting from scratch and so in our side hustle assessment matrix we're going to give maintenance of a youtube channel passive income stream to be around about 2 out of 5 stars to use my example i made 70 videos before i started making any money from youtube adsense and these days the youtube channel makes around about 12 000 a month in passive income from youtube ad sets now again this is not entirely passive because i keep on uploading new videos but actually the bulk of the amount of money that we generate from ads is from older videos rather than videos that were uploaded this month so with that caveat twelve thousand dollars a month passive income is run about three thousand dollars a week thanks to this youtube channel and thanks to you guys for supporting it and all that stuff there are other ways of monetizing youtube like brand deals and like selling merch and there's all other sort of stuff but it doesn't really count as passive income through youtube which is why i'm not including this in this side hustle assessment matrix idea number three for making passive income is to start a podcast this is generally easier than starting a youtube channel although growing a podcast is a lot harder than growing a youtube channel because because podcasts themselves don't really have a algorithm that's helping them grow in fact a lot of podcasts grow by having a youtube channel which is kind of weird right so how hard is it to start a podcast well again one out of five stars it's very very easy to start a podcast go on anchor fm and you can literally use your phone and you can pass your phone around between you and your friends and you can start a podcast you can use a website called riverside.fm that i've recently invested in as an angel investor riverside makes it very easy to record remote podcast interviews it's very very easy to start a podcast but how hard is it to make 100 a month in passive income from a podcast well again this is not quite passive income because the way podcasters make money is by relying on brand deals there is no youtube adsense for podcasts and so you need a sponsorship or a brand deal to make any money through your podcast generally speaking and apparently you can expect to make around 18 for a 30-second ad in a podcast and 25 per thousand views or a thousand listens for a 60-second ad so if you want to make 100 a month and assuming you have a stream of sponsorships who are giving you that level of sponsorship deal based on your download numbers you would need around a thousand downloads per episode if you have a weekly podcast so you would have 4 000 downloads a month and if you're putting a 60 second ad in there for 25 dollars per thousand views that would make you around about a hundred dollars a month by having a thousand downloads per episode and four episodes per month this begs the question how hard is it to get a thousand downloads per month well it's a lot harder to get a thousand podcast downloads per month than it is to get a thousand youtube views per month because again youtube has so much distribution built in it's different to podcast also loads more people are on youtube than on podcasts but if we look at the stats then it's the top 20 of podcasts in the world that get on average more than a thousand downloads per episode to use a friend of mine as an example my housemate sheen started her own podcast around five months ago there will be a link to that in the description if you want to check it out and on average her podcast gets round about 400 to 500 downloads per episode this is not bad at all especially considering she started five months ago and had zero audience when she started so she didn't have the unfair advantage that i did when starting my own podcast for example and because she's just launched season two of her podcast and has just started posting videos about it on youtube that will really help the podcast grow and i'm pretty sure that in the next six months she'll be she'll be getting to a point where she can quite easily make a hundred dollars a month from her podcast so going back to our side hustle assessment matrix starting a podcast one out of five stars making a hundred dollars a month i'm gonna give that a three out of five stars because it's hard but not as hard as maybe monetizing on youtube where you have this minimum threshold and finally maintenance well it's not really passive income because you do have to keep on making podcast episodes because the brand deals are associated with that but again once you've stumbled on a formula that works once you know how to be a podcaster it's easier to continue going once you've already gotten started as is the case with most things and so in terms of maintenance of the podcast i'm going to give that two stars to use me as an example so me and my brother have a podcast called not overthinking link in the video description if you want to check it out uh but we make around about 625 per week from the podcast overall from brand deals and from our membership all right so idea number four for generating passive income is to become an affiliate marketer affiliate marketing means that you are selling other people's products but you're getting a percentage of the sales from those products now apparently 48 of affiliate marketers globally earn 20 000 a year which is 1 660 a month which is actually not bad at all like people are doing very well with affiliate marketing overall so how hard is it to get started with affiliate marketing well i'm going to give this a 2 out of 5 stars basically you can just sign up to an affiliate program like amazon associates so amazon have their own affiliate program which i think is probably the biggest in the world and then once you have your little special links you can post those on your website or on twitter or on social media or whatever and if people buy the product through your link or in fact buy any product on amazon through your link you'll get like some tiny percentage of the sales so pretty easy to get started with affiliate marketing but how hard is it to make a hundred dollars a month well this is actually kind of hard so let's say you had a product that was fifty dollars that you were trying to sell and you were getting five percent commission on it that would be pretty good amazon doesn't offer nearly as much as five percent it offers like two or three percent something like that and let's say your average conversion rate i.e people visiting the thing versus people actually buying the product after visiting thing let's say that's one percent which is pretty reasonable for a conversion rate you would need 8 000 visits to your website or whatever to make 100 a month it's actually quite hard to get 8 000 visits per month to your website to a specific product page and generally doing well in affiliate marketing requires lots of upfront effort in terms of either building an audience or building such domain authority in whatever space you're in that you're sort of organically getting traffic now other than amazon there are a few other affiliate programs that i'm part of one of them is skillshare who are kindly sponsoring this video i'll tell you about the sponsors segment later but skillshare have an interesting affiliate program where if you refer someone to sign up to a free trial of skillshare uh you can get seven dollars in affiliate commission just for that thing so if you wanted to make 100 a month from affiliates you would need 15 people every month to sign up for skillshare with your affiliate link thing how hard is it to get 15 people a month to sign up with your affiliate link well it's not that hard if you have an audience and it's not that hard if you have your own classes on skillshare like i do i have like nine of them and so if i want to make money through skillshare affiliates i can just tell people hey guys i can tell you that guys i've just released my latest skillshare class productivity for creators how to start a successful side hustle so there will be a link in the video description if you want to check that out like that would be hopefully so some of you will see that we'll click on that link in the description and then that will be me getting some affiliate income from skillshare for this video so going back to our side hustle assessment matrix how hard is it to make 100 a month i'm gonna give this a 3.5 star rating because again you need an audience and as we always talk about on this channel the way you build an audience is by creating useful content putting it for free on the internet once a week and doing this for at least two years if you just follow those three steps i guarantee you'll have an audience and you'll be able to make some kind of money through this passive income stuff but that's quite hard to do no one sticks to it for at least two years so we'll give that a 3.5 star rating but the good news is once you've created it and once you've started making money from affiliates it's actually quite easy to maintain because especially if you have evergreen content the sword that isn't relying on like current affairs or the latest news the sort that people might search for over a long period of time this becomes like real relatively reasonable passive income now if we look at me in my business uh these days from skillshare we make around about eleven thousand dollars per month in affiliate income which approximates to around two thousand seven hundred and fifty dollars per week and from amazon um on average like it's around about 450 a month from the amazon uk store and a little bit more from the us and canada all right method number five of making passive income is by selling digital products now these are products that you create once like an ebook or a download or an app or something like that so you create it once and then you can sell it multiple times because selling digital products doesn't usually have any cost associated with it one really good example is this guy called traff who i follow on twitter who made an ios 14 icon set and sold it for like thirty dollars a pop a few months ago and ended up making i think like three hundred thousand dollars in the course of like a few weeks just because loads of people around the world wanted to buy his icon pack so he put the work into creating the pack and now he's selling it for lots of money another example is my youtuber friend olio who has made as he says seven hundred thousand dollars from selling his website tumblr themes since 2014. so he made the website themes for tumblr uh he sells them and he makes seven hundred thousand dollars on average uh well overall since since 2014. that's pretty cool so how hard is it to get started making digital products um i mean anyone can write an ebook an ebook counts as a digital product so i'm gonna give this a two star rating two out of five stars but obviously like again money is an exchange of value so the thing that you're selling you have to be providing enough value to compensate to make up for the price that you're selling it for and that's often quite hard especially if you don't have any experience in this sort of field and how hard is it to make a hundred dollars a month well you know it's very easy to create an ebook but it's a whole different ballgame trying to get people to actually buy your ebook or buy your icon set or buy your app or buy your website themes and because the market around this stuff is so competitive like you have to be genuinely really good to get people to buy your stuff and the way you get people to pay you money for something is that you identify a problem that they have you solve that problem and then you charge money for it and if you can do those three things then it's you know i wouldn't say it's easy to make a hundred dollars a month but it's very doable to make a hundred dollars a month you just genuinely have to have something that solves a pain point that other people are willing to pay for so we're going to give this a 3 out of 5 stars to make 100 a month from selling digital products and finally in terms of maintenance we're going to give this a 2 out of 5 stars because usually you do have to maintain your products a little bit but it's often easier to do like it's much easier to maintain a product than creating a product in the first place idea number six for passive income generation is to create an online course an online course is sort of like a digital product but generally online courses are in video format in fact this whole video is so long it could basically have been an entire online course maybe i'll do one about this very topic and in terms of getting started we're gonna give the starting difficulty a two out of five stars because it's not that hard to make an on an online course but generally you do need to know how to do video so yeah you actually could film an online course on your iphone or phone whatever phone you're using if you're one of those android heathens stick your phone on the side talk to the phone teach something so it's not hard creating one but in terms of making 100 a month again at that point your course needs to actually be good um and though the only reason people will pay for it is if the course is actually good now you can avoid having to charge for your online courses by using a website like skillshare who are very kindly sponsoring this video i have tons of classes in skillshare i think we've got nine on them in total i've been teaching on skillshare since september 2019 and i've actually just released my new online class called productivity for creators how to start a successful side hustle where i teach you the internet and how you can well create your own side hustle in your spare time without quitting your job if you want to check this out then the first 1000 people to click the link in the video description will get 30 off the annual skillshare premium membership this is actually a really good deal i pay for skillshare i have been paying you for it for years even after i started teaching on it because it's genuinely a fantastic place to learn stuff they've got thousands of classes and all sorts of other topics but you should definitely check out mine like the nine that i've got there are three around productivity now like the fundamentals of productivity the sort of productivity equation which is how i think of productivity and productivity for creators i have two on how you can study for exams if you're in school if you've got exams to prepare for those apparently are really good they've got very high ratings and if you've already had a free trial of skillshare then you can still use that offer that if you're one of the first 1 000 people to hit the link in the video description you will get 30 of the premium membership and you can check out my class which i have to say is pretty good anyway thank you skillshare for sponsoring this video but genuinely skillshare is a great place to teach stuff because you can teach things on skillshare without directly having to charge for them which is why i love putting my courses on skillshare it's kind of like having something on netflix in that the end user does not have to pay directly for the product and the other nice thing about skillshare is that it's like the it's sort of like youtube in that anyone can upload a class to skillshare provided it meets certain quality requirements and so it's a lot easier than having to make your own website and create your own courses platform and all that kind of stuff so pretty easy to start we're gonna give this a two out of five but how hard is it to make a hundred dollars a month from teaching online courses now this kind of depends if you're going down the skillshare route then to make 100 a month on skillshare you need around about 1700 minutes of watch time which is 28 hours of watch time so if you have a one hour class on skillshare you need 28 students to take that class every month and watch it with a premium membership roughly very broadly speaking and that will give you around about a hundred dollars a month at least those are based on my figures over the last like two years of being on skillshare now how hard is it to get 28 people a month watching your class well if your class is actually pretty good it shouldn't be too hard to get 28 people a month watching it if you have an existing audience it's very easy to get 28 people a month watching it because people already know like and trust you hopefully and so they'll watch your stuff and give you a shot because you've already built that goodwill with them but the nice again the nice thing about skillshare as a platform is that they have like their own algorithm so the good stuff rises to the top so if you genuinely have a really really really good class and you put it on skillshare then even if you don't have an audience there is still a high chance that if the class is actually good and people watch it a lot and people recommend it and give it high ratings it will rise to the top and it will start getting recommended to people who find it on the skillshare homepage or who search for it specifically the other way of making 100 a month from a course is to just charge 100 for a course and then if you do that you just need one sale every month so how hard is it to get one person a month to buy your course well again if it's good you know the world of online education is exploding so much every year more and more money is being spent on online education especially with the whole pandemic stuff so if you have a valuable skill that you can teach i think courses are one of the best and easy or easiest one of the best ways of making passive income because it's fun to create a course you can teach stuff you don't need that many technical skills like making a website or anything like that just shove it on skillshare and then people can take your course and learn on the internet and like you know it's just cool overall and the nice thing is that once you've made the course and once you're making a hundred dollars a month from it maintaining that level is actually quite easy we're gonna give that a two out of five stars because generally you don't need to update the course that often and you can do that once in a while and you just need to make sure you're getting a reasonable amount of traffic to it and hopefully that traffic will grow over time these days the vast majority of my online courses at least the very passive ones are hosted on skillshare and it's kind of ridiculous but these days they make round about sixty thousand to sixty five thousand dollars per month in purely passive income like i literally do nothing for my skillshare classes once i've made them other than reply to comments and other than occasionally plug them in videos and that's like sixty thousand dollars a month in passive income that means this is around about fifteen thousand dollars per week and this makes up the bulk of the twenty seven thousand dollars a week that this business currently generates in purely passive income idea number seven for passive income is by creating some kind of some kind of paid membership or community model now again this is generally a bad idea unless you have an existing audience which we keep coming back to like everything becomes easier when you have an existing audience by creating content that has been valuable over a long period of time very consistently that audience knows likes and trusts you and so when you say hey guys sign up to my patreon then some people are likely to do that thing the other way of doing a membership is by creating a value proposition that is so compelling that people would be willing to pay for a community-like service for this if we use patreon as an example my friend hannah witton who's a youtuber she's got around about 600 000 subscribers on youtube and i think she has around 600 patrons 626 last time i checked which means if we look at our patreon stats which are public she's making somewhere between two thousand and five thousand pounds or like three thousand seven thousand dollars per month in passive income from this audience but it's like six hundred people out of an audience of six hundred thousand so one in a thousand of her subscribers have signed up to her patreon so clearly you know if those stats are true across the board and they kind of are if you look at matt developers patreon as well you need a big audience to make a significant amount of money from patreon again this sort of depends on how much you're charging for them and exactly what value you're providing another example of a paid membership community is my friend and lore who runs a website called nest labs and they have a paid membership community which is five dollars a month and she started this when was it in summer of 2019 she had zero audience at the time and she just wrote a hundred blog posts over a hundred working days and built up an audience such that in march 2020 when she launched a membership she had some paying members for it initially and i think last month she's just passed a hundred thousand dollars a year in annual recurring revenue which is pretty awesome from something that started less than two years ago so how easy is it to start a membership program well it's actually very easy we can give this a one star because it's very easy to start one you just make an account on some kind of membership platform like patreon but to make 100 a month you need to provide 100 a month worth of value and that's actually quite hard to do we're gonna give that a four out of five stars but the nice thing is again once you've got that formula once you're making 100 a month it's actually a lot easier to maintain it because the way the economics of membership communities work is provided you keep showing up and providing value in some capacity you know people have already signed up for the thing so it's not too hard to maintain that level of support that you're offering them for this business we have a membership community for our part-time youtuber academy for the alumni which is called the part-time youtuber inner circle and we make roughly 2 800 a week from this membership community it's not very passive we run like three or four events per week along with like twice a day co-working events on zoom and we have lots of stuff going on so it takes a lot of work but 2800 a week is pretty good for a membership community all right nearly there so idea number eight for generating passive income is creating a business that sells goods or services and then automating or delegating aspects of that business so that the income that you generate from it is reasonably passive this is the stuff that tim ferriss talks a lot about in the four hour work week where there are a lot of businesses that you could make where you're selling a good or selling a service and then you can delegate outsource automate and intelligent ways to make the income passive so again using my friend ollier as an example on his youtube channel he talks about his one million dollar shopify store he designs manufactures and sells these really cool vegan leather kind of desk accessories and bags and mouse pads and that kind of stuff and this was loads of work in setting up but now he's got a team of three other people that manage the business and so he spends proportionately less of his time running that business and so it's sort of passive income for him even though these days he still does spend around 10 hours a week maintaining things equally if you're going down the service route i've got a friend who runs instagram and facebook ads marketing agency where he has clients who pay him some i think a few hundred dollars per month to manage their facebook and instagram ads and for him it's like a small amount of work initially to set up the facebook and instagram ads but then it's sort of automated and he's got a team around it and he's used using things like zapier to automate aspects of that business so that each month he has to do a very small amount of actual work to keep it ticking along so these are different ways of generating passive income from a kind of goods or service based business but it's quite hard to get started with this stuff to get started we're going to give this a 4 out of 5 star rating because again you need to create a business and it's quite hard to make a business that genuinely provides value equally we're going to give it a 4 out of 5 star rating for making 100 a month in revenue because again you have to be able to provide value and providing value is hard like it's not as easy as making an account on a stocks platform just putting some money in you actually have to give value to people which is kind of hard but the nice thing is once you get started like with anything maintenance is a little bit easier so we're gonna give that a three out of five star rating finally idea number nine for generating passive income is to build an app or a website or some kind of software product that you can offer either as a one-off or more likely these days as a subscription service and there's a whole category of this called sas software as a service now if you look at the website indiehackers.com there are like literally hundreds of examples of people who have built software businesses that are making passive income and they share their revenue numbers and they tell you how they got started and they give you their tips in fact i was recently interviewed on an episode of the indie hackers podcast which is really cool because i've been listening to it for years and like been following the website for years and i was interviewed around the concept of starting an online course like the part-time youtuber academy now i've had a bit of personal experience with this so um when i was at university i made a website called bmat ninja and uk cat ninja so software as a service it was a question bank for medical applicants applying to medical school to help them do well in the admissions tests and this was something that me and my brother coded completely from scratch um he and i both know how to code we learned when we were young and so we worked over the summer of 2015 to make these things happen i think in year one we made about ten thousand dollars and in year five last year it was around twenty five thousand dollars from bmat ninja so you know it's pretty good money but it was a lot of work to set these things up and so in terms of starting out i'm gonna give this a five out of five star rating because to make an app it's actually quite hard you have to know how to code for the most part you have to be able to offer something compelling and you have to actually build it which takes a lot of work and it's very hard but it's a lot of fun and then once you've made it i'm gonna give 100 a month difficulty a four-star rating because again it's easy well easy enough you can make an app but then getting people to pay for the app is an entirely different cuddle of fish so we're going to give that four stars but the nice thing is like with everything maintenance is a little bit easier so we're going to give that a three star rating if you like this video and you want to get started with your own entrepreneurship passive incomey generating journey on the internet uh check out this short playlist over here which is some of my favorite videos that i've made around tips for entrepreneurs how i got started creating my businesses from scratch how i learned to code that sort of stuff that's all in the playlist over here thank you so much for watching and i'll see you in the next video bye [Music]

Location:

Share :