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One of the main reasons individuals start blogs is to gain money. Even if you didn't start your blog to make money, it can help you build a passive income. Here are 5 tried-and-true methods for generating passive income from blogging in 2023.
The amount of money you may make from your blog is determined by the size of your readership and the amount of effort you are prepared to put in. If you want to make six figures a year from your blog, you will need to put in a lot of time and effort.
However, if you are just getting started, here are a few strategies to start making a passive income from your blog.
What exactly is passive income?
Passive income is any money that you can obtain without performing much labor or upkeep. Consider revenue streams that you can set and forget.
Passive income is defined as revenues from a rental property, limited partnership, or other business in which a person is not actively participating - investopedia.com.
Creating a passive revenue stream for your site requires time and effort, but once you do it, it will continue to pay you for a long time.
Some methods of monetization for your site are more passive than others. So, how much money you may generate from your blog is determined by how much effort you put in and how you monetize it.
How to Earn Passive Income Through Blogging
1. Affiliate Promotion
Affiliate marketing is one of the most straightforward methods to monetize your site. It basically means marketing other people's items on your site in exchange for a commission.
Some goods provide more commissions than others. The amount of commission you receive for a product is determined by your industry and the cost of the goods.
If you work in the dog training market and promote a $5 dog training product, your commission will be obviously extremely minimal due to the low selling price of the product.
However, if you work in an industry where people spend a lot of money, such as golf, your commissions will be larger.
To advertise a product, you must first join an affiliate network.
Product makers frequently provide an affiliate program for their products, which provides you with a specific link to share with your audience after you join. When someone clicks on this link and purchases the product, you will receive a commission (which is how this website is funded).
Google "[YOUR NICHE] + Affiliate Programs" is the quickest approach to locating an affiliate program.
There are several ways to advertise affiliate items once you have joined an affiliate network. One of the simplest and most popular among bloggers is to write product reviews.
Returning to web hosting affiliate programs, Bluehost is a popular web provider to advertise.
So you write a Bluehost review, and when someone purchases the product using the affiliate link on the Bluehost review page, you earn a commission.
Another simple strategy to market affiliate products is to publish articles with suggestions and guidance concerning the problem that the product solves, and then promote the product in those articles.
2. Consulting
Offering consultancy services if you are an expert on your blog's topic is one of the finest methods to generate money with your blog. If you provide suggestions or advice on the topic of your blog, your audience already trusts and knows you.
There are several methods to earn money by providing consultancy services on your blog. One of them provides group coaching services. You just give guidance to groups of pupils. It allows you to provide your skills to more than one individual at a time and earn more money per hour invested.
Another approach to generating money with consulting is to provide one-on-one assistance. In this manner, you will earn less each hour while simultaneously reducing the number of individuals you work with.
You may also offer productized consulting to reduce time and increase your return on investment. It simply implies that you assist folks with a little portion of the procedure.
For example, instead of providing counsel, give only a diet plan. Or simply performing an SEO study rather than providing a comprehensive service. In this manner, you may assist a large number of clients while also automating your procedure to save time on each individual session.
3. E-books
Selling eBooks is an excellent strategy to monetize your site. It requires less maintenance than the other techniques on this list and is one of the simplest to implement. If you have a blog, you can certainly sell eBooks on your site's topic.
If you blog about personal finance, you may sell eBooks to your readers regarding personal finance tips.
Although eBooks are less expensive than courses and consulting, selling eBooks on your site may quickly provide a passive income.
Most individuals suffer from impostor syndrome when it comes to writing. You are not required to be the next Steven King.
All you have to do is create a PDF with your greatest ideas and advice on the topic of your blog. Once you've finished the book, sell it for a low price to your target audience and you'll be making passive money in no time.
4. Dropshipping
Selling physical things online may be a successful company if done correctly. Consider e-commerce and internet sales. Jeff Bezos is one of the world's wealthiest individuals.
Although selling items on the Internet has the potential to make you a lot of money, there are a few issues that make individuals reluctant to open an online store.
Here are several examples:
-Capital: Before you can begin selling your things, you must first purchase them.
-Storage: You'll need a location to keep your inventory.
-Proven Product: Finding things that your target audience would really buy is tough and can be expensive if you have to purchase a large number of units before you can test sell a product.
Dropshipping comes into play here. Instead of purchasing inventory in advance, you purchase the product only when someone purchases it through your website. This way, you won't require much initial funding and you won't have to pay for storage.
This works with practically any product, from tiny goods like T-shirts to larger items like electronics.
You just display a product from an aggregator, such as AliExpress, on your website.
When someone purchases these goods from your website, you place an order on AliExpress with your customer's address. Of course, you charge a bit more than the cost of the product and transportation.
Dropshipping is similar to affiliate marketing in that you sell generic things that aren't branded at all or are branded under your blog's name rather than selling other people's products.
5. Online Courses
Thousands of entrepreneurs have made their first million dollars online by offering online courses. People pay a lot of money for online courses that promise to address their issues.
There are bloggers and online side hustlers marketing online courses in every subject conceivable. From golf to weight loss, online courses teach individuals how to accomplish a variety of things.
You may simply put your advice and ideas on the subject into a course and charge anything from $100 to $5,000 if you write about photography or personal finance. Yes, there are bloggers that charge up to $5,000 for their courses.
Now, if you're just starting out, don't expect people to pay $5,000 for your course. It takes effort and dedication to establish a large enough following and gain their trust.
Unless you are a well-known expert in your field, I recommend pricing around $100, since anything more would be tough to sell without marketing skills or reputation.
Last Thoughts
Although all of the passive income from blogging options on this list can bring you a lot of money, some are more difficult to implement than others.
If you're just getting started, I recommend starting with affiliate marketing.
Unlike most other techniques, it is quick to set up and involves little work. Even if you're just starting out with your blog, it's a terrific method to monetize traffic.
If you are an expert on the subject of your blog and don't mind spending an hour assisting your blog's readers, consulting may be the ideal alternative for you. It might help you earn a small bit of money by assisting people over Skype calls.
Although selling courses is the most common source of income for most bloggers, it is not a good place to start.
It requires expertise and understanding to understand and deliver what your audience wants.
I propose that you begin by selling eBooks because they are significantly less expensive and time-consuming to design than courses and require very little upkeep.
It is preferable to fail with a $10 book written in a month than with a $500 course that took you more than a year to write.
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