Have you ever thought about looking for ways to earn extra money? Your answer is probably yes, right? And it is that most people want to complete their salaries, and in the best possible way!
Always every time we have something we want to do (or something we want to own) that we cannot do because there are other priorities. The extra income solves this problem for you, because it is not necessary to give up what we have to reach a new goal.
In this post, we will explain the topic to you step by step in order to gain passive income, without you having to quit your main job. And if you don’t yet know how well this works, don’t worry! We’ll explain everything to you, keep reading!
Can I earn extra money without working hard?
Many people think that in order to make extra money it is necessary to work long hours a day and give up many of the things that we like to do (such as spending more time with family , playing sports or enjoying moments of entertainment, for example).
In fact, this happens sometimes, if you decide to work at night with the goal of making extra money, you will really have less time to do the things you love and to be with the people you love.
However, there are many options for those who want to earn extra money without the person having to work unfairly for that. This is expressed by passive income, which represents a great option for all those who want to increase their economic resources without losing any semblance of the quality of life they live.
What is passive income?
When we talk about passive income, we mean by that income that you can generate without having to make constant efforts without interruption. That is, after you start a business that fits this pattern, you keep getting money for a long time without having to work for it (or in some cases, working very little).
We will explain it to you better
First, we’ll show you an example of a passive income-generating business. Imagine that you work as an employee in a company, but your monthly salary is not enough to pay for everything you consume. So, in order to make extra money, you decide to start repairing malfunctioning washing machines, given that you followed a course to learn this at a young age. Everyone admires your repair technique, you are skilled at it. And so it gathered a good income from it.
But to continue to get this additional amount, you will need time to be able to repair washing machines, go to buy spare parts, search for parts that fit each type of washing machine, and always collect all the news and developments that occur in this sector that is constantly growing, and sometimes You might spend some money on transportation to go home if it’s far away. The equation is simple: in order to make extra money, you have to work more.
Now, let’s change that situation, and consider a scenario in which you would earn a passive income. Imagine that you want to work in the field of repairing washing machines, but you want to work less, avoid spending on public transport to reach homes that may be far away, and return in rainy days that are not without mud, and you also want to get money from this field without The need to purchase spare parts that reduce your profits in the outcome, and decide to use all the experience that you have (repairing and familiarity with washing machines) to prepare an online course and help people who also want to learn this craft and earn extra money and set up their own business, or simply decide Preparing an electronic book explaining the most harmful practices in washing machines that will reduce the faults they are exposed to and would like to teach this to people.
To do this, you must plan the content, develop texts, record lessons and upload them to some distance learning platform .
After that, you should only focus on promoting your product. That is, in this business style you have one primary business which is that of preparing the course and then you can continue to sell it over the years (to the whole world).
Additionally, you can have affiliate marketers , who are people who sell your product in return for receiving a commission. That is, you can be in your home watching TV and while at that people buy your product! Better still: you could be in the United Arab Emirates, for example, and someone else in Egypt would buy and sign up to learn from the course you created.
Types of passive income
As we said, passive income is only generated from a one-off business, and you can continue to generate revenue in the long term, without you having to make much effort. We will review some types:
- House or apartment rental: If you have a property, you can rent it out. And every month, you get a predetermined amount of money without you having to spend time or effort for that.
- Collecting money from copyright proceeds if you release a book, you get paid every time the publisher makes sales of your book.
- Get commissions from artwork, if you work as a photographer for example, you can upload your photos and view them on sites like Shutter Stock and get paid when someone buys.
- Granting concessions from a shop or restaurant: If you are a shop or restaurant owner, you can sell the license to other businessmen to use the brand that relates to you, but this process can be lengthy and bureaucratic.
- Selling digital products: If you have a talent or skill to help others with this, you can prepare your e-book (an online course or e-book) and sell it on the Internet.
Advantages of Passive Income
Passive income offers several benefits:
You can reconcile it with your usual work
If you have your business and do not want to give it up, you can also choose to work with a passive income that will help you gain additional income and fulfill some personal desires, such as buying a house, traveling to another country for recreation, or simply investing your economic resources until they double.
Since this type of business does not require much of your time, you can maintain your business and you do not need to give up anything else that you love to do.
You can control your own time
If you want to devote exclusively to passive income, you can decide when you will work, and exclusively if you are a person who focuses a lot more at night, you can leave the day to do other tasks and focus on your projects during the night.
In addition, you can reconcile other obligations, if you are a mother or father and he has family duties, you can adapt to your usual routine based on those commitments, and gain more time to play sports, help children in their jobs, take a walk with them a little and visit your family and relatives as well and help them What they need.
More freedom to travel
You may have noticed that some months have higher prices when it comes to travel. Summer and festive days (such as Christmas, Eid al-Fitr, and Eid al-Adha, for example) have higher travel prices throughout the year. However, when all people want to travel and do tourism it is because they are on vacation.
If you only devote themselves to passive income, you can travel during periods of low seasonality, save a lot of money and gain more than great experience, in less noisy and less crowded places.
You are the business owner
When you have a source that helps you to earn extra money, as we mentioned from examples above, you can be the master of work by yourself ! This means that you decide the strategies that you will use in your business and you are in control of your own time. Additionally, you can decide where you will work (at home, in a cafeteria, or even elsewhere).
In addition to passive income is not your only job, and you have another traditional job, at least you will have experience of being the master of your business in your own profession, and during most of your time. This contributes to making you mature a lot and helps you to develop professionally and personally.
Digital products, why are they the best choice at the moment?
In this post, we will show you several methods of generating passive income so that you can earn extra money. All of the works we have selected offer some positive and negative points. With all these characteristics in mind, we can see that these digital products are the best choice today. We’ll see why!
You don’t need to invest money
Some negative revenues (such as revenue from a property or making concessions) require a high investment to get started. After all, you can’t rent a home before you spend the money on it, and you can’t sell franchises or licenses before investing in your own business, right?
However, to set up a digital product you don’t need to invest in money to get started. And if you spend the money it will be a very low amount compared to other businesses. To write an ebook, for example, you just need to be proficient in writing, have a computer, and basic knowledge of informatics. If you do not have design skills, you can do that, depending on the PowerPoint program , for example.
The same thing happens if you intend to develop an online course. Primarily, there’s no need for a professional studio or HD camera. A room in your house is sufficient to make the recordings, and your smartphone can work (with acceptable picture and sound quality). A lot of famous YouTubers for example started this way!
In addition, there are platforms that allow you to store your products and take care of the payment and sending aspects of the product, without you having to pay subscription commissions or monthly installments .
Can you make sales all over the world?
As mentioned earlier, when you have a digital product you can make sales all over the world. It does not matter if you are in the Kingdom of Saudi Arabia, someone in Iraq, for example, can buy your product. This enables you to reach a large number of clients without even having to leave the house .
Just one product can reach thousands of people
If you rent out a house, for example, you can only access one person, or at most one family, for example. However, in this case your income will continue to be the same every month, and you will not be able to scale up your business .
However, if you develop an e-book that talks about healthy food, for example, you can sell the same product to thousands of people. With just one job, you can gain “countless numbers” of clients.
Can you have Affiliates?
When you have a digital product, you can count on affiliate marketers who are selling for you in return for their commission.
If your product is an e-book that includes advice for caring for children with special needs, for example, Affiliates can be people who have blogs on that topic, and it can also be done by teachers and other professions that exist in this world.
So, marketers use a specific link ( known as HotLink ) and whenever someone accesses your product via that link, the responsible marketer gets a percentage of the sale value.
How to create a digital product in just five simple steps?
If you’ve got here, you’ve definitely noticed that digital products are a really excellent choice for anyone who wants to make extra money and earn passive income. But how is this done?
We will show you 5 basic steps to setting up a digital product, in addition to that, you will know where all the information you need to get started is located:
1- Think about what you can sell and choose the niche that suits you
The first thing you need to do is determine what you should sell and which niche in the market you will be operating in. So, consider the following points:
- What do you like to do?
- What are your talents and skills?
- How can you help people with what you know and master?
- What can you shape with your acquaintances? An electronic book ? An online course?
2- Analyze the market
After thinking about which products you can prepare, it is essential to analyze the market. It doesn’t help to make something head-turning if no people are interested in your offer, right? So, you can use some strategies:
- Analyze your competitors and see what they are up to. Think how you can shine and be one of them.
- Look for what people are searching on the Internet (in relation to your product), so you can use tools like KeyWord Planner and the “Autocomplete” task in Google or “Autocomplete” as we call it in Arabic, this is how you know the audience’s needs, and what it brings you to do to meet their requirements.
- Do research with people you know and try to understand if your product is useful for them, and what characteristics it must have in order for them to acquire it.
- Participate in online forums that talk about the topic, to know the needs of people in different parts of the world.
3- Create your persona
The persona is a fictional character that represents the people who will be consuming your product. To form this personality, one must think about all the personal and professional characteristics, and identify all of her desires, pains, and difficulties that she suffers from.
Defining this profile allows you to create strategies that are beneficial to your audience and to develop a product that can achieve success. In order to understand more how to prepare these personalities and starting from scratch, we recommend that you read our post that talks about how to set up a persona for your business .
4- Plan your digital product
After determining what you want to prepare, conducting market research and preparing a customer persona, it is time to plan your digital product.
If your product is an e-book, for example, specify the chapters it will contain, and the topic in each. Think about the points you will talk about in each topic, and what problems you will solve every time. It is also time to think about the style you will use, both in language and in relation to the visual.
If the product is an online course, you should do the same thing, but this time, instead of educational classes, think about the educational units, the number of lessons that the course will consist of, and the aspects that will be covered in each educational unit. You must specify if you will take exams during the course, or if you will add discussion forums or any other supplementary material.
5- Start your business
After implementing the previous four steps, the time comes to apply the topic, and this means in the case of electronic books: writing content within the chapters, reviewing texts, searching for images that you will use , drafting the contents … etc.
In the case of online educational courses, this means developing scenarios , recording educational videos, modifying content … etc.
This is your chance to improve the digital product in the market! But don’t get discouraged, because now we’re going to show you two articles that cannot be missed which should be read if you really want to start your digital business online.
Bonus tip – learn detailed steps to get started
In this paragraph, we briefly show you what you must do to set up your first digital product and make extra money. If you want to create more in-depth content, we have two great articles for you: