Can you make passive income online in 2019?!
Can you still make passive income online in 2019?! Absolutely, don’t let anyone tell you differently! We all have that mate who has tried a few ways, failed and told us it’s not worth trying. My advice would be to ditch that friend. Negativity never got the likes of Jeff Bezos or Richard Branson where they are today. One of my biggest beliefs is that you should surround yourself in positivity. A group of friends that believe in you and back you every step of the way is worth everything.
Consistency is key
I’m going to use the example of the above friend who’s tried a few ways to make passive income online and failed. Every successful entrepreneur has tried and failed more times than you think. Your friend may have tried 4 different ways and given up. His 5th time could have been a winner. My point is you WONT succeed at everything, or even most things. You learn from your mistakes and failures. In my opinion this makes your successes much more satisfying. So as the old saying goes “If at first you don’t succeed, try again”.
Passive income or Active income?
This age old question depends entirely on you as an individual. Do you have loads of free time to exchange for income? Are you working a 9-5 and looking to make money with less free time? Maybe you’re one of the lucky ones who wants to earn money whilst sat on a beach in Bali? It’s all very much achievable.
My favourite form of income is passive income. Why? Because passive income is usually income that is generated from work you do ONCE. I’m fond of this income because of the very limited amount of spare time I have. I would much rather spend time on building some quality content that will generate me income whilst I sleep. Some brief examples of passive income might be: Investing, Blogging, making educational courses ext.
Exchanging your time for money is essentially active income. For some people this can be better than passive income. For example, if you’re a highly skilled professional like a Doctor or a Board level micro-solderer. This is because the value of your time is perhaps worth more than other peoples. The part that I don’t like is that if your not working then you aren’t getting paid.
5 Ways to Make Passive Income Online
Now lets get to the juicy bit that you’ve all come here for. How to make those fat stacks and live life like Jordan Belfort (Wolf of Wall Street). I mean lets face it, most of you have probably just skipped to this part anyways. Lets look at my 5 ways to make passive income online in 2019.
1. Selling on Amazon FBA
The reason I put this first is because some people would say that it’s semi-passive income. I would agree with them, but it’s my main income source and it works. Selling on Amazon via their FBA (Fulfilment by Amazon) platform differs to selling on lets say eBay. This is because you find the products and ship them to Amazon and your work is done, for the most part. They warehouse your items, pick, pack, ship them, deal with all customer service and returns, everything. Essentially I buy my products, send them to Amazon and the only thing I keep an eye on then is Pricing, Competitors & Re-Stocking when low.
Trust me there is no better feeling than loading up on products, going on holiday and still having your business being run for you. Making sales whilst relaxing on a beach in Tahiti wont get boring.
There are PLENTY of resources related to getting started on YouTube (even on my own channel) but you wont get far without the right tools to help you along the way. One tool I use religiously is AMZScout, it helps you to find what to sell and is worth its weight in gold. I would recommend you to go have a look at what it can do for you and test it out for free. Even better if you follow my link to AMZScout you will get a special discount on all packages, saving you money forever.
I have a section of my blog dedicated to Amazon FBA here.
2. Making YouTube Videos
Making YouTube content in order to create a passive income stream could be considered a risky one if your not the most motivated person. Why? Because YouTube is harder to break into than ever, BUT just as you think every niche has capitalised, it HASNT. New content creators break through the barrier every day and go on to do big things. I mean c’mon there are channels that you can watch pimples being popped, gross, but VERY profitable.
I firmly believe the best way of succeeding on YouTube is to find your niche and stick to it. Making gaming videos might not work for you, but if you can niche it down, it might. How about making gaming videos about one particular new game or game mode? Maybe making gaming videos whilst underwater…you get the idea! Don’t churn out the same old butter as everyone else, make it vegan!
Perhaps your boring day to day job involves a niche skill like a board level micro-solderer. Why don’t you make tutorial videos about that? There’s an audience for just about anything nowadays & the educational part of YouTube pays good money!
Making YouTube videos as a passive income stream is great because your videos could be watched for years to come. Making evergreen content is something to consider, this means content thats likely to be watched for years to come. This could be things like “How to trim a garden hedge” because that wont change and people will always need to learn it. Unlike something like “eBay selling news for August 2019” thats likely to never be watched again a month or so after.
3. Affiliate Marketing
I often receive messages from you guys about affiliate marketing. Now let me explain what this method involves. Essentially it is when you direct someone to buy someone else’s product or use their services.
Lets say I told you to click this link to buy a book called “Money” – A great read from Rob Moore. Its a link to Amazon and if you buy the book for lets say £10.00 then Amazon would pay me a bounty of £0.45 and it doesn’t cost you anymore. £0.45 might not seem a lot but lets say 10 people buy it a month with my link thats £4.50 a month. Still not a lot right? Well lets say I have 100 links just like that, thats £450 a month. You get my drift, it adds up. Plus, the greater the size of your audience the more money you can make.
I have a section of my blog dedicated to Affiliate Marketing here.
4. Start an E-Commerce Store
Again, not STRICTLY passive but stay with me. Starting your own e-commerce store can be as risky as it is rewarding so I would recommend at least some YouTube education before starting.
I would recommend Shopify over any other platform to launch your e-commerce store on. Why? Because I used to be a web designer, I’ve tested and used pretty much everything. Shopify is affordable, easy to use and scalable. Everything you need. To learn more about Shopify click here to go check it out.
A friend of mine on Instagram Emma Reid is a great lady to check out if you want to learn more. She made $560,000 in 8 months using a drop shipping via Shopify method at the age of 21 with little to no capital. I have linked her instagram above but also go check out her website. She also runs a facebook group called eCom Elves, with her contagious smile, never ending enthusiasm and motivational posts where could you go wrong?
5. Become an AirBnB Host
I appreciate that this isn’t something everyone can do, but its often overlooked by those that can. Yes it requires you to own property or be prepared to borrow money to be able to do so, but the rewards can be FLITHY!
For those that don’t know what AirBnB is, its a platform in which you can rent property (or just a room in your home) usually on a short term basis. You’d be surprised how much you could rent that spare room in your home for. Even more so for that holiday home you own but only visit 4 weeks a year.
Some of my closest family & friends are AirBnB hosts so I’m well educated to speak on this topic as I have coaxed them to take action and do it.
My sister in law rents a room in her beautiful home in Virginia for roughly $65 a night. Even if she had a low 50% no vacancy rate that’s a nice $11,850 extra income a year.
My father manages a few properties, private rental & AirBnB. His most recent purchase was a holiday home in a great location in need an full renovation. A £60,000 purchase price and £20,000 renovation cost later he has a great AirBnB earner. You could purchase this property on a buy to let mortgage for around £300/350 a month. He rents this whole property on AirBnB for a whopping £1,000 a week with over a 90% no vacancy rate. That’s an eye watering £46,000 a year!
My father doesn’t want to spend his time looking after all these though. Leveraging his time even further he pays staff to clean and turnaround the properties between vacancies. Pays maintenance people to sort any issues out as they arise. All these lower the profits slightly but it doesn’t matter because it just become PASSIVE INCOME.
Almost anyone can do this, a £3600 a year mortgage payment risk into £46,000 a year of income. Even if you can’t afford the buy to let mortgage deposit you could use one of the other passive income methods i’ve discussed to save the money to invest into property further down the line. The even bigger silver lining being that someone else is paying off your mortgage. Not only that but property has constantly increased in price over the years. Upon retirement your once £80k property may be worth £250k.
I hope this short guide of 5 ways to make passive income online in the UK in 2019 has helped you. Remember as always if you have any questions at all please reach out to me, I reply to each and every message, email and comment.