More and more people are preparing for a recession and looking for ways to make extra money.
Passive income – that is, money that can be earned with minimal or no work – is a viable option.
Here are four ways to earn passive income online as an entrepreneur.
Passive income, that is, money flowing into your account with a minimal amount of work, always sounds quite unrealistic at first. But if you do it right, you can create various passive income streams that act as your financial mainstay.
Especially if you are already an entrepreneur, there are various ways to monetize the foundations you have prepared.
Here are five ways entrepreneurs can earn passive income online.
1. Courses and workshops
Alyssa Nguyen is the founder of ATNN Design, a graphic design company. The majority of their revenue comes from their business customers. But she also earns passive income every month by selling workshops on her website.
“I offered a mini-workshop series in November 2020 and it’s still selling well,” Nguyen said. In the workshops, she addresses, among other things, how aspiring designers can find customers or define their own style.
She recorded the workshops once and then put them behind a paywall on her website. When users visit their website, they now pay between $15 and $40 per session to take one of the courses at any time.
2. Customizable templates
Nguyen also earns money every month by selling website and branding templates.
“These are templates that I have used in my own business,” she said. “I didn’t need to redo them because I already made them for myself. I just collected them and put them behind a paywall.”
Other graphic designers or business owners can purchase Nguyen’s templates and adapt them for their own websites, logos and digital content.
Becca Luna, the founder of the web and branding company Bold x Boho, also sells digital templates that can be customized by other web designers or entrepreneurs. She told Business Insider that she creates them on the web design platform Showit.
“We’ve made over $1 million in passive income,” she said. This helped her finance and expand her business. In the meantime, she spends her active time working with clients.
3. Digital and printable downloads
Other digital templates that can generate passive income include printable downloads such as calendars, planners, budget planners, and individual goal trackers. Many entrepreneurs sell these on platforms like Etsy or on their own websites.
For example, Lisa Andrea, founder of the financial advice blog The Financial Cookbook, sells a downloadable version of her resume. Customers can purchase the template and use it as a guide to design their own resume.
She also offers a printable worksheet for the 75 Hard challenge, where users check off a list of tasks they do each day to improve their daily habits.
4. Google Ads
If you have a website for your business, services, blog or online portfolio, Andrea suggests monetizing the website with Google Ads.
For example, Google’s AdSense advertising program matches your site with relevant ads based on its content and visitors. There is no cost and entrepreneurs can regularly earn passive income through the ads.
This article was translated from English and edited by Stefanie Michallek. You can read the original here.
This article was published on January 19, 2023. It was reviewed and updated on January 21, 2023.