Sometimes your day job isn’t enough to make ends meet, and a good side income is necessary. The internet offers a lot of earning opportunities and plenty of free online residual income strategies. For many people, having a passive source of income is a great way to have extra funds. It can help in times of financial crisis, be saved up for future use, or sometimes help in emergencies.
Fortunately, we have enlisted these free residual income strategies you can start doing online today. We also included the pros and cons that you should know before taking them up. Let’s explore these earning opportunities and find out what will work out best for you.
Perhaps the most popular source of online residual income is blogging. If your passion is writing, this could be a great option for you. Blogging requires carefully choosing your niche, topics and investing plenty of time in writing quality content. You can find free website builders to upload your content, design, and customize your website. Some of these free blog websites are Wix, Weebly, Medium, Blogger, and many more.
- You can write your blogs in your own time. You can choose to write about what you love and earn some money on the side.
- Writing quality blog content would need time and effort. You also need to learn some SEO skills to build organic traffic to your blogs.
Blog with Affiliate Marketing
A great way to monetize your blogs is to promote the products and services of other businesses. But before you’re able to do that, you will need to apply to become their affiliate marketer first. Some companies have a set of qualifications you need to meet before they let you join.
But some do not have any requirements and will welcome even the newbies in affiliate marketing. After being accepted, you will be given a trackable affiliate link. When your audience clicks on this link, the audience will be taken to the business’ website and will be able to purchase the product or the service being offered.
You can earn with every click on your link, and you can also get a commission from the sale. Some companies are generous to provide incentives and bonuses if you’re able to meet a certain number of sales.
- If you’re highly motivated and consistent, you can create a steady income from affiliate marketing.
- Generally, affiliate companies have a holding time on your commission which can take around a month or two.
- You may earn a commission today, but you would have to wait when you can finally withdraw it.
- You may also want to check the payment method they require as you may not have the same payment method available yet.
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Another way you can monetize your blogs is by putting up ads on your website. The initial setup is easy, and you can start earning even with low website visits. Bloggers usually choose Google AdSense since it is easy to reach. If you’re able to increase your page views up to roughly 60,000 in a month, you can then apply to MediaVine, another ad network, to earn more from ads.
- You can complete the setup in minutes.
- Your earnings will rely on the traffic you have on your website.
- If you have heavy traffic, then you can get better pay from the ad networks.
- The pay may not as big as affiliate marketing, and ads can be a nuisance to some people.
- So, it’s better to think about what would be the best experience for your readers as too many ads may be disruptive to them.
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Write an E-Book
If you’re already into blogging, why not make an e-book? Writing an e-book doesn’t have to be a long one to make money. There are a few things you should consider before you start creating one, such as the following:
- Select a topic based on your audience’s needs
- Organize your e-book’s outline
- Summarize each chapter
- Create an attractive design for your e-book
- Place captivating photos, infographics, and other visuals
- Highlight quotes
- Include a strong call to action in your e-book
You can publish your e-book for free in several online publishing companies such as Amazon’s Kindle Direct Publishing, Apple eBook Store, BookRix, Smashwords, Lulu, Booktango, and many more.
Aside from selling your e-book on your website or your social media accounts, another way is reaching out to other bloggers with similar niches, offer it as a paid download on their website, and negotiate a fee or perhaps a commission on each e-book purchase.
- Writing an e-book needs careful topic selection, thorough editing, and hours in front of your computer.
- Publishing your e-book is generally free, but you will need to get a membership if you want to use premium services such as editing and marketing, such as featuring your e-book on the website’s home page.
Turn your E-book into an AudioBook
Since you’ve done the e-book, how about selling it in another format? Audiobooks are becoming more and more popular each year. People listen to an average of 15 audiobooks annually. This means that you can make a residual income by selling audiobooks.
In making an audiobook, you first need to consider the topic. Some topics do not sell enough, while some are in demand. Several good audiobook topics to make are the following:
- Mystery or Thriller
- History or Biography
- Science fiction or Fantasy
- Self-help or Spirituality
- Health and fitness
Audiobooks are perceived to be expensive to make, including purchasing specialized equipment, hiring a narrator, and an audio engineer. But novices can also produce a good audiobook output without the specialized equipment or hiring professionals. You need to have quality audio recording equipment like a computer or a smartphone, headset, and free audio recording software with a noise-cancelling feature.
Depending on the platform where you will be selling your audiobooks, you may need to follow the audiobook quality requirements. You can sell your audiobooks in Amazon Audible, Google Playbooks, Teachable, Thinkific, Soundwise, and many more.
- The audiobook industry is quite new, and there’s a great opportunity for you to create and establish yourself as an audiobook author.
- Some platforms are strict in the overall quality of the audiobook; it’s best to know their standards first before your start.
Make your YouTube Channel
Creating YouTube videos is still popular, and the industry is still growing. YouTube creators are earning money even from their old videos uploaded years ago. You can use your YouTube channel to promote your products, create video tutorials, how-to videos, Vlogs, stream your games, and many more. Making a YouTube Channel is free, and you can find free video editing applications to edit your videos.
YouTube creators can make about $5 in every 1,000 views. You can make more or less depending on the advertisements, clickthrough rate, and other factors. You can highlight in your videos what is the best investment around today.
- You don’t need to spend money on production costs or learn a special skill to create a YouTube video.
- There are rules to follow when creating a video on YouTube. You will have to familiarize yourself with these rules. Otherwise, you will delete your video or may deactivate your channel.
- You also need to meet a few requirements before you can start monetizing your videos, such as having at least 1,000 subscribers, garnering 4,000 valid public watches, have a Google AdSense account, etc.
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Sell Your Music
If you love singing or you’re a virtuoso in music, you can earn online by using your talent too. For you to sell your music, you need to build your portfolio first. Once you’ve done that, you could gain an audience listening to your music that could potentially give you passive income over time. You can find many platforms where you can sell your music without paying a fee, such as Epidemic Sound, Soundcloud, Bandcamp, Ditto Music, TuneCore, etc.
- There are plenty of ways you can market your music online, like sharing it across social media channels like Facebook, Twitter or uploading your video on YouTube.
- Unless you have a great marketing team, you won’t probably get people to listen to you right away.
Capture Photos and Sell them
If you love taking selfies, how about earning a passive income from taking quality photos and selling them? Selling stock photos could be an ongoing demand since bloggers, content writers, e-book authors, or educational or training material creators may require photos that can help them complete their work.
Before you start taking pictures, first consider what type of images are the most in-demand. Some examples of these images are:
- People working
The more photos you have, the better chance of earning a residual income. You can either upload them on your website or sign up to free stock websites to sell your photos, such as Shutterstock, iStock, Adobe Stock, and many more.
- Since mobile phones have good camera technology nowadays, you can use your mobile camera to take quality photos without purchasing an expensive professional camera.
- Stock websites take commissions when your images are sold, which decreases your earnings.
Build your E-Commerce Store
Many E-Commerce websites have made it easy for people who would like to build their online stores. E-Commerce platforms such as Shopify, SquareOnline, Weebly, BigCartel, Wix, and others have free plans or trials where you can already start selling unlimited products. And if you take this seriously, you can be one of those successful people who have made a 6-figure income in managing an e-commerce business.
- E-Commerce has a vast market. It allows you to reach customers anywhere around the globe. You will also get data analytics to know more about your customers and their shopping behaviour, which will help you improve your product or your marketing.
- Online businesses sell to customers in different territories, which means adhering to your state or country’s compliance and regulations and the customer’s place of residence. You also need to ensure that your website is secure. Otherwise, it can be vulnerable to website attacks that can take it down.
My Final Thoughts
These residual income strategies mostly require time, hard work, and dedication to make it a success. It’s not a get-rich-quick scheme, so don’t quit your job yet. But if you master your craft and everything is in your favour, you might be saying goodbye to your job and finally live the lifestyle you want. That’s an amazing goal to get you started and keep you going.
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