28 Legit Passive Income Ideas To Build Real Wealth [2020]


My journey from active income to passive income sounds a lot like many people’s. After many years at a traditional job, I began to lose my drive.

Do you know what that feels like? That feeling when you’re just running on the hamster wheel, day in and day out?

I knew that I wanted something different from my life. Maybe you feel that way too. I wanted more freedom, more time to spend with my family and to spend doing things I love.

Many people talk about passive income. But what is it? How do you get it? And how can you get enough passive income to replace your current full-time job income? These are the questions I wanted answers to.

So, I started researching all I could find on passive income. Doing that led me to start this blog, where I now make six figures per year.

If I can do it, you can. So, I’m going to share several ideas you can you to start earning passive income on your own.

What is Passive Income?

Passive income is income you earn from doing little to no work. You’ll have to do some upfront work, but then the money just comes in.

Sometimes the money keeps coming in due to the type of passive income. Other sources of passive income are passive because you delegate any maintenance work that need to get done.

For instance, maintaining a blog like Well Kept Wallet requires daily work. We have a team that includes a blog manager, writers, editors and others. So, owning a blog isn’t passive income unless you delegate the duties required to run the blog.

However, there are other sources of passive income which can be “one and done” sources of income.

One way to earn more passive income is to have multiple income streams coming in. In other words, you don’t just choose one option for earning passive income; you choose two or three or more.

Having multiple streams of income is good for two reasons.

  1. You have more money coming in
  2. If one income source goes away, you’re not left without a paycheck

Keep that in mind as you read our list of passive income sources.

How to Generate Passive Income

As you start researching about passive income sources, keep in mind the types of passive income streams that are in line with your skills and your passions.

There are dozens of ways to make residual income out there. For instance, some people will tell you that network marketing is a great way to earn passive income.

Network marketing companies might work for some people, but we’re going to be talking about different forms of passive income. Ideas for passive income that you can do on your own.

Read on to see if some of these ideas might work in your life.

1. Invest in Land

Did you know you can earn passive income by investing in land? Of course, you can buy land and rent it out, such as farmland.

However, you can also participate in crowdfunded land ownership and rental.

Companies like Acretrader allow you to purchase shares of farmland. They handle all of the work of administration and property management.

You earn the profits from the farmland being rented out. Rent for the farmland is paid up from to reduce risk of loss from crop failure.

AcreTrader

Check out AcreTrader today which boasts up to 11.5% annual return!.

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2. Create Software

Have you thought about using your skills to create software to sell? Spencer Haws created a software program called LongTailPro.

LongTailPro is a keyword research software that helps businesses find the right keywords to get high converting traffic to their website or blog. In fact, Spencer makes over 10k a month by selling his LongTailPro software.

By partnering with other bloggers and advertising LongTailPro on his own blog, Spencer marketed his software in niches he knew would benefit from the software.

One interesting thing about Spencer’s story is that he hired out via Upwork for all of the development of the software. So, he didn’t actually create the software he sells.

He had the idea for what he wanted the software to do, but he hired someone else to do the work of creating the software.

So, even if you don’t necessarily have the skills to make a software program you can still make this passive income source work for you.

3. Purchase Dividend Earning Stocks

investment income going up

Many investors, including Warren Buffett, earn money by owning shares in dividend stocks.

Dividend income is money paid to shareholders of stocks in the form of cash. Every quarter–or sometimes monthly–companies that have dividend paying stocks issue dividend checks to stockholders.

You can reinvest those dividends to buy more shares of stock, or you can take the money as a paycheck and live off of it.

Any time you invest money in the stock market, it’s important to do your research. You want to know what you’re doing so you choose stocks that have a solid history of good performance.

Investing in index funds that hold dividend paying stocks is one option. Index funds are funds that hold stocks from several companies so that not all your eggs are in one basket.

Also, many successful investors choose to hold what are called “blue chip” dividend stocks. These are stocks in companies that have a long history of success. Think Coca Cola or 3M.

If you don’t have an investment account, check out M1 Finance because they allow you to trade U.S listed stocks and index funds for FREE.

M1 Finance

A great way to invest in stocks and ETFs for free. That means no trading fees. They also have an app to track your investments easily on your phone.

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4. Buy Music Rights

Did you know you can get royalties from music or movies you didn’t take any part in creating? Royalties are money actors, singers and other artists get when they create a song, TV show or movie.

Sometimes those artists want to sell future royalties because they need a lot of money right now. Maybe they want to buy a house or invest in a business.

So they sell a portion of their future royalties to investors. The investors make their money back with profits. Companies such as Royalty Exchange work to connect artists with investors.

5. Invest in Crowdfunded Real Estate

luxury real estate icon

Another great passive income source is through real estate.

I’m not talking about traditional real estate investing. In fact, if you’re not careful you can lose big money with traditional real estate investing.

When I was younger I bought two rental properties in hopes of earning passive income via rental real estate. It didn’t turn out to be very profitable. In fact, I lost a LOT of money.

I had a tenant who was late on his rent consistently, I had a hot water tank flood the first floor, and I even had to evict said tenant.

There were a lot of expenses I had to deal with, and it took a lot of time to chase after rent I was owed. At the end of it all, I ended up taking a huge loss on the properties.

I still believed in real estate as a profitable investment, though, so I decided to check out crowdfunded real estate instead.

Many of the platforms out there require you to be an accredited investor, which means you need to have a net worth of $1,000,000 or make over $300,000 per year (if you are married).

I wasn’t an accredited investor at the time, so I knew I needed to search out other options.

One company that I came across is called Fundrise. With only $500 you can get started and invest in real estate.

So far, this is working out well for me. I’m actually making a profit, and I don’t have to deal with the headaches of real estate rental ownership.

Fundrise

Invest in real estate with as little as $500. While most real estate investing platforms are only open to accredited investors, Fundrise makes it accessible to all investors.

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6. Be an Angel Investor

This could be a good source of passive income if you have a lot of extra cash laying around. Angel investors provide funding for small startup businesses or entrepreneurs.

When you invest with companies like AngelList, you can invest in specific startups, or you can invest in a basket of startups that is designed similar to an index fund.

Minimums for Angel investing products on AngelList range from $1,000 to $500,000.

7. Loan Money to Others

people shaking on a deal

Have you ever heard of peer-to-peer lending? This is kind of like crowdfunded real estate investing.

A group of investors get together and invest money that is loaned to borrowers. As the loan is paid back with interest, you as the investor make money.

Of course, there is the potential that you’d lose money if the loan isn’t paid back. However, a lot of peer-to-peer loan companies rate loans you can invest in based on their risk level.

For instance, a borrower with excellent credit is less of a risk for you to lend money to than one with poor credit. You could choose to invest in lower risk loans if you want to minimize your chances of losing money.

Just know that investing in the lower risk loans will result in a smaller profit.

If you are looking for a lower risk option with a decent return, check out Worthy. They offer $10 bonds and pay a 5% return. One unique thing about them is that your money is liquid, so you can take it out at any time.

This can be a great benefit if you’re worried about possibly needing the money before the end of the investment term.

Worthy Bonds

Invest in small business loans that earn 5% annual interest, and you only need to invest $10 at a time.

Invest Now

8. Pay Off Your Debt

scissors cutting up credit card

A lot of people don’t think of paying off your debt as a form of passive income. But think about it this way.

The less money you’re paying in payments to creditors, the more money you have in your pocket each month. On top of that, getting out of debt quickly can increase your income even more because you’re not wasting money on interest charges from creditors.

If you want to get out of debt faster, there are companies that can help you do that. For example, you could check out Credible, which offers loan rates as low as 4.99% APR with autopay for refinancing your credit card debt.

Credible

Loan rates as low as 4.99% APR with autopay for refinancing your credit card debt.

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9. Open a High-Yield Savings Account

This option won’t make you rich, but it is a way to earn passive income with very little risk.

When you choose to open a high-yield account with an online bank, you often earn a higher interest rate that with a traditional bank. This is because online banks have much lower overhead than brick and mortar banks. That means they can pass higher profits on to you.

One popular online bank is CIT Bank, which pays a much more competitive rate that many traditional banks.

The opening balance requirement is only $100. And you won’t pay any maintenance fees with CIT Bank.

Having a high yield checking or savings account can be a good way to earn consistent passive income. Again, the returns are low, but they are steady.

CIT Bank

Pays more than 10 times traditional banks and offer competitive rates.

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10. Use the Spare Space in Your House

Does your house or apartment have a spare bedroom? If so, you could make some passive income by renting it out on Airbnb. Airbnb is a popular alternative to regular hotels.

This is because it’s often cheaper than regular hotels and provides a more “homey” feel for guests.

Of course, there is some maintenance involved with this passive income source. You’ll need to be sure the rooms are cleaned after a guest leaves. However, you could hire a maid to do that.

My friends Steve and Annette Economides make over $1000 per month renting out their spare bedrooms.

11. Write a Book

book with a pencil

Have you thought about writing a book and then selling books to produce residual income?

I did this with a book that I wrote. You Can Retire Early will show you how to make the right money moves so you can retire early. For each book that sells, I get a 10% royalty.

Of course, there is the initial work of writing the book. But after that, you can sell it on Amazon, which of course is a major sales platform.

And you will want to do some marketing. The more marketing you do, the more chances you have of selling your book.

If you’ve got good content that could help or entertain a lot of people, you might want to consider book writing as a form of potential passive income.

12. Earn Income From Affiliate Marketing

Do you have a blog or website? Or, are you thinking about starting one? Many blog owners make money by selling affiliate links on their blog.

Here’s how it works. You link to a product or service on your blog. When someone purchases that product or service through your link, you get paid. 

Some people are making over $50,000 per month like Michelle Schroeder-Gardner who teaches others how to make money online with her course Making Sense of Affiliate Marketing.

Websites are easy to start, too, if you don’t already have one. In fact, I can show you how to start a blog in less than ten minutes.

You’ll need to get hosting service for your blog so it can be seen on the internet, but that’s inexpensive when you get a deal.  Click here to get special pricing of $2.95/month with Bluehost.

Blogging can be great way to make money from home. You just need a computer, internet service and engaging content on your blog.

13. Start a Lead Generation Website

Another way to make passive income is to create a lead generation website. The point of a lead generation website is to pass leads on to local businesses.

For instance, let’s say you want to create leads for local realtors. You could start a blog that talks about owning a home or about real estate investing.

The site would contain links where people could contact you if they wanted more information. Then you’d pass that lead onto local real estate agents.

This is what’s considered a “warm” lead. It’s not total cold calling. Instead, the person came to your site and is seeking out more information. Professionals in any arena will typically be excited about warm leads.

Another way to earn passive income from a lead generation site is to advertise for other companies on the site. However, it’s important to know that making money this way requires your articles be high ranking in Google searches. And that means you’d have to learn about search engine optimization.

14. Sell Products on Amazon

A lot of people are earning passive income by setting up a shop on Amazon.

You have the option to sell your own products on Amazon. You can ship them yourself, but that’s not true passive income.

Instead, you could have Amazon send out the products for you? I have a friend who has done really well with this. He earns well above the six figure mark selling his own products online.

15. Start a Drop Shipping Business

It seems that everyone is shopping online these days. Because of that, drop shipping has become very popular. What is drop shipping?

Basically, it’s where you create a site that advertises other companies’ products.

A buyer would order the product from your site. Your site is set up to automatically send the order to the manufacturer of the product. The company that makes the product is responsible for shipping the item to the client..

With drop shipping, you don’t have to worry about carrying inventory. You’re simply a go-between of client and company who makes a profit.

If you’re interested in starting a dropshipping business, consider using a platform like Shopify to build your online store.

Shopify

Sign up for a 14-day free trial.

Learn More

16. Share Your Knowing Via an Online Course

Do you have information you can share that would help others? Maybe you know how to kill it in investing or paying off debt. Or maybe you can teach someone a skill.

You can pass that information on to others by creating an online course. Your course can include a variety of teaching techniques.

You can do it all via video, or via e-books or emails. Once the course is created, any sale is passive income for you. You can design the course so that the information is automatically sent to the customer after they pay.

The money you charge for the course goes into your pocket. Platforms like Teachable can do all the heavy lifting for you when creating your course.

17. Create YouTube Videos

I’m sure you’ve heard of–or probably even watch–some of these people making big bucks by posting YouTube videos. They post a video, and the video contains ads.

As the video creator, you earn money from the ads within the videos you create. The key to earning money on YouTube is growing a large audience.

You’ll want to spend some time reaching out to people who like similar content to what you publish on YouTube. Ask them to subscribe to your channel. Doing this will increase your YouTube following.

Once the initial work is done, you’ve got a passive income source on your hands.

Note that you’ll need to make a lot of videos (100 or more) to really make some serious cash at this business.

18. Start a Business or Buy An Existing Business

What about owning a business as a passive income source? You can start a new business or purchase an existing business.

The way to make passive income from starting a business is to be sure you’re hiring the right people to run your business. And it doesn’t necessarily take a lot of cash to start a business.

For instance, you might want to check out the book, $100 Startup by Chris Guillebeau. Chris wrote about dozens of businesses that started up for very little and are now earning six figures or more each year.

19. Open Your Own Vending Machine Business

Here’s an example of a potential business you can own. Corporations and other businesses such as gyms or dance studios love having vending machines available for clients or workers.

You can visit local businesses to see if they’ll let you install vending machines their clients can use. If you have the right types of snacks in your machines, you could make some big money.

Once you get approval to install the machines, ask workers or clients what types of snacks they want in the machines. This could help you increase sales.

To make this a truly passive income source, you can hire people to restock the machines for you.

20. Sell Your Photos to a Stock Photo Company

Are you good at taking pictures? How about earning passive income with your photos?

Companies and website owners purchase stock photos from sites such as Shutterstock for use on their sites and brochures. 

Open a Shutterstock account, and once your photos are approved, clients can begin downloading them for use. You get paid each time someone purchases one of your photos for use.

The more photos you have uploaded on the site, the more money you can earn. Note that photos that contain people doing everyday things are the ones that earn the most money.

21. Create a Mobile App

Are you good at tech stuff? Do you have some unique ideas for mobile apps? Why not use those skills to earn some passive income?

Once the app is created and published, you earn money every time someone downloads your app.

Every app on your phone is making money for somebody, somewhere. For instance, Joel Comm made over $1Million from his iFart app.

And imagine the kind of money people are making from gaming apps such as Candy Crush.

You might not get to the million dollar mark, but even if your app brings in a few hundred dollars a month, that’s still some decent money.

22. Put Ads on Your Car

Did you know there are companies that will pay you just for driving you normally do every day? If you live in a major metropolitan area and do a decent amount of driving, you could earn money by having advertisements on your car.

Companies such as Wrapify wrap your car with ads, and then pay you for your daily driving. Usually the companies want cars that are in good shape with no dents or rust. These types of cars are easier to make advertising wraps adhere to.

23. Buy a Business That Operates Online

When you own an online business you can work from anywhere in the world. If you’re not interested in doing the work of starting an online business from scratch, you can buy an existing online business.

Companies like Biz Buy Sell list hundreds of online business for sale. The businesses range in price and in genre.

If you can find a business that aligns with your talents and skills, you could make some serious passive income. As with any business ownership, hiring the right people is key to making it true passive income.

24. Buy a Laundromat

Owning a laundromat is another idea for passive income. Cities everywhere have laundromats for people who don’t have in-house laundry facilities.

Here is how you could make owning a laundromat true passive income:

  1. Buy an existing laundromat business from someone interested in selling
  2. Hire a reliable and trustworthy person to manage the store
  3. Take home a paycheck

Start-up costs for laundromats can be pretty high, as commercial washers and dryers aren’t cheap. For that reason, you’ll probably be better off financially if you buy an existing laundromat business.

25. Purchase or Open a Batting Cage

One business you could start up for passive income would be a batting cage facility. Baseball is one of the most popular sports for kids in America. However, there aren’t a ton of batting cage facilities in most areas.

Starting a batting cage from scratch can be very costly. You’ll need a building, and the equipment to run the store. Buying an existing batting cage might be a better bet if you can find one.

Again, you’d have to find a good manager to do the work of managing the store. If you like sports, this might be a great passive income source for you.

26. Use Your Graphic Design Skills

Are you good at graphic design? Sites such as Redbubble allow you to upload your witty design ideas and then create t-shirts, coffee mugs, laptop covers, etc.

You might have some ideas for great sayings that can go on shirts or mugs. Or just great designs. The cool thing about sites like Redbubble is that all you have to do is create your store and upload your designs.

They handle all shipping, payment, and customer service. When your designs sell, they send you a monthly check for your portion of the profit.

27. Invest in Bond or CD Laddering

Bond and CD laddering is when you own a bunch of bonds and/or Certificates of Deposit. You spread out their maturity dates so they come due at different times of the year. Then you’ll have cash coming in from them throughout the year.

Note that bonds and CDs typically don’t earn as high of a return as other investments. However, they are usually much lower risk too. Bond and CD laddering can provide a sure and steady passive income source for you.

28. Rent Your Stuff to Others

What about earning passive income by renting out stuff you own? Craigslist can be a great place to advertise your items for rent.

Products that you could rent out:

  • Tools and ladders
  • Party tents
  • Tables and chairs
  • Utility trailers
  • Log splitters
  • Cleaning equipment
  • Snowmobiles
  • ATV’s.

You can even rent out your car when you are not using it with a company like Turo.

If you’re going to choose this passive income source, be sure to have all renters sign a contract. That way you protect yourself and your equipment in case something goes wrong.

I’d consider charging a refundable security deposit to protect yourself in case someone damages equipment too.

Summary

Passive income sources aren’t just for the wealthy. Everyone has to start somewhere. And there are many passive income sources you can get started in for less than $1,000.

Don’t let a lack of knowledge stop you from achieving your goal to have passive income–even if you want a lot of it! Do further research about the passive income ideas we’ve mentioned here.

Decide on four or five that seem right for you. Then get to work earning some passive monthly income!

Which of these passive income ideas appeal to you?



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How to Get Paid by Advertising on Your Car


You have probably seen cars driving around with advertisements on the side or top of the vehicle. This is called wrapping. It’s a way for companies to gain attention for their products and services. Moreover, it’s a way for car owners to make a little bit of extra money. Here’s how to get started if you want to advertise with your car.

Research Companies to Advertise with Your Car

Unfortunately, there are a lot of wrapping scams out there. The scams vary but if a company asks you for money then you should be wary. When you advertise with your car, it’s a job. They should pay you, not the other way around.

One variation on this is the company will offer to send you money before you’ve even begun to advertise with your car. Then they ask you to wire back some of that money. This is a huge scam. Don’t buy into it.

If you’re serious that you want to advertise with your car, then you need to research to make sure that you work with a legitimate company. Investopedia says that Carvertise, Nickelytics, and Wrapify are three legitimate businesses to work with. Survey Clarity also lists Varvertise and Wrapify along with another six companies that they say are legitimate.

But do your own research. Check with the Better Business Bureau. Read reviews of different companies. Be selective about who you work with.

How it Works

When you sign up with a legitimate car wrapping company, they will ask you a series of questions. Think of it this way: the people who are advertising on your car want to make sure that the ads are seen by the right potential customers. Therefore they need to know things like where you typically drive, how often you’re on the road, perhaps where you park your car. The more information that you provide to the company, the more likely you are to get matched with good advertising opportunities.

Some of the things advertisers look for:

  • Typical mileage driven including routes (they’ll often request GPS information)
  • Clean, undamaged car
  • Your driving record, car insurance, and age (typically companies accept drivers 18+)

When the right match comes along, the car wrapping company will notify you. They’ll provide you all of the details about the advertising campaign. This includes how long you’ll advertise the product for. Once you agree to the terms, the company sends you the advertisement. Often, this is simply a vinyl sticker that you place on the side of your car. Of course, you’ll follow whatever rules you’ve agreed to for the campaign.

Then you’ll sit back and let the money come in. While you shouldn’t expect to get rich when you advertise with your car, you can definitely make some extra side income. Reports indicate that you can earn a few hundred dollars per month this way. Some people earn more, depending on the ads that they qualify for.

Read More:

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!




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8 Lucrative Freelance Writing Niches (Plus How to Get Started)


Whether you want to write on the side or make it your full-time job, freelance writing can offer you flexibility while letting you get paid for your creativity.

But if you hear “freelance writing” and think it’s only for journalists and bloggers, think again: Businesses and organizations have lots of opportunities for skilled freelance writers. You just have to know how to find them.

Read on to learn more about eight profitable freelance writing niches, plus some tips to help you get started.

8 Lucrative Freelance Writing Niches 

1. Grant Writing 

Grant writing can be a high-paying way to make money as a freelance writer. Grant writers create proposals that help institutions and organizations apply for financial support from the government or other non-government organizations.

If you’re passionate about working with nonprofits, this is a great way to support them while making money at the same time.

Grant proposals have specific structures that require research skills and writing. Some of the typical sections of a grant are the cover letter, executive summary, need statement, budget, objectives, information about the company, strategies, and evaluation. Ultimately you’ll be responsible for writing a compelling proposal that wins.

In addition, many nonprofits may need long-term freelance grant writers, which means you may be able to land a contract that guarantees consistent income.  However, you’ll need to build a proven track record of success before these kinds of contracts are likely to be available for you.

How much you can earn: As a grant writer, you can earn between $25 to $100 an hour, depending on your skills and experience.

How to get started: The Non-Profit ReadyGrant Space, and Grant Training Center offer training and other resources to help you get started with grant writing. This post about grant writing from The Write Life has even more resources for you to check out.

2. Copywriting

A copywriter uses marketing tactics and psychology to create a compelling copy that sells or creates a brand’s awareness. See those ads on Facebook, Instagram or Google? Those few lines that make you want to know more are the work of a copywriter.

Copywriters charge more for their services because, unlike other kinds of writers, they create copy that sells the product or service. It’s a skill that is in high demand. Many e-commerce businesses, digitally native brands, and companies use copywriters to create digital ads, copy for landing pages and email campaigns.

How much you can earn: According to copywriter and content strategist Jacob McMillen, 80% of copywriters earn between $35k-$65k/year.

How to learn more: One of the best places to learn conversion copywriting is Copy Hackers. McMillen also has resources to help you learn how to become a copywriter on his site.

3. Case Study Writing

Case study writing uses the art of storytelling to show how customers benefited from a product or service.

As a case study writer, you will be interviewing customers who used the product, then using those interviews to write copy for marketing purposes.

A typical case study runs between one page and four pages, but writing isn’t all you’ll do. You’ll likely also have to develop interview questions, set up interviews and interview customers and write the copy.

How much you can earn: You can earn between $100 to $2,500 per case study, depending on the amount of work.

How to learn more: This resource from Coschedule will help you learn more about case study writing, and includes templates for your first case studies.

4. White Paper Writing

Getty Images

White paper writing is another profitable freelance writing niche.

But what exactly is a white paper? A white paper is a formal, evidence-, data- and research-based type of writing that presents a problem and provides a solution to the problem or issue in the industry. White papers are usually written for a wider audience.

Companies invest in white papers because they can help establish the company as an authority in the field. In addition, companies use white papers for lead generation.

How much you can earn: Your potential earnings depend on your experience and your area of expertise.  Gordon Graham of That White Paper Guy charges between $7,000 to $9,000 per white paper writing project in the blockchain niche, and according to Elna Cain, a beginner white paper writer can charge upwards of $2,500, depending on the project.

How to learn more: Elna Cain has a step-by-step tutorial to help you write a white paper. Another place you can learn more about white paper writing is the Writing Center.

5. Video Script Writing

The demand for online videos is sky-high these days. A recent survey from e-commerce app Oberlo found 85% of U.S. internet users spent at least some time each month watching online videos.

More companies are turning to these videos for marketing purposes, including video blogs, tutorials, interviews, product demos, presentations, testimonials and ads.

One of the many skill sets necessary to produce these videos is that of a scriptwriter. Before a company or organization starts filming a video — especially one intended to promote a brand or create awareness on a topic — it’ll need a script that forms the foundation of the video.

As a video scriptwriter, you can work with companies, bloggers, online course creators, or anyone that uses video marketing.

How much you can earn: A scriptwriter can make between $200-$300 per scripted minute of video.

How to learn more: Check HubSpot to learn more about video script writing.

6. Press Release Writing

Companies and organizations without an in-house public relations team may instead hire freelance writers who can write newsworthy press releases.

A press release notifies media outlets about upcoming events, achievements and products. The press release should convince the media that your event is something that interests their audience.

A press release has a strict format, which means you can use for any other press release you write, so once you understand the ins and outs of newsworthy press releases, you can easily scale your services up.

How much you can earn: The average rate for freelance press release writers is $80 per hour, according to Writer Access, which also includes more information about how to set your own rates.

How to learn more: HubSpot has resources available to help you learn how to write a press release.

7. Business Plan Writing

A business plan is a blueprint that shows how you are going to run your business and achieve goals, and it’s crucial for both business operations and for seeking funding. For many new business owners, writing a business plan can be time-consuming, not to mention intimidating.

That’s when you can step in to offer your services as a freelance business plan writer.

Writing a business plan calls for extensive research skills, as well as have some experience conducting market and financial analyses. You’ll also need industry-specific knowledge and the ability to clearly convey business concepts. Here’s what else you’ll need to do to be a successful business plan writer.

How much you can earn: You can offer these services to entrepreneurs and possibly generate between $500 and $3,000 per month.

How to learn more: Learn how to start a business in this freelance writing niche at More Business. You can also check out this resource from GoDaddy.

8. Technical Writing

Technical writing is a valuable skill in all kinds of tech-related fields, including finance, medical, engineering, computer software and hardware, and consumer electronics industry.

A technical writer’s work is to break down more complex tech terms into readable texts for a specific audience. Think of web design tutorials, blockchain content, electronic user guides, company policies, research reports, e.t.c

If you have a background in a technical field and you’re good at communicating high-level information in a way that’s simple to understand, then technical writing could be a  profitable writing niche for you. (Bonus points if you’re a witty writer can make often-dry tech content more engaging and fun to read.)

How much you can earn: On average, freelance technical writers can earn $27 an hour, according to PayScale.

How to learn more: Instruction Solution has a beginner’s guide on getting started as a technical writer.

How to Find Freelance Writing Jobs 

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When launching your business in the freelance writing niche of your choice, the first thing you should do is create a strong online presence, such a website for your portfolio. Make sure you optimize your social media profiles, especially LinkedIn, to attract potential clients.

And now it’s time to start looking for work! Below are places you can check for paying freelance writing gigs in the niches we outlined above.

Job Boards

Some of the best job boards for freelance writers are:

LinkedIn

Another place to find freelance writing jobs is LinkedIn’s job board. Make sure to turn on notifications so that you can get notified about jobs immediately.

You can also use LinkedIn to connect with people in the industry you are interested in working with. Remember to add a personal note when sending a connection request! We have more advice to help you nail networking on LinkedIn.

LinkedIn can also serve as your online resume if you keep it updated with relevant skills and experience and write a great description that sells yourself for the About section.

Social Media

People post job opportunities on social media all the time —  you just have to use the right search tools and hashtags to find them.

On Facebook, search using phrases like “need a copywriter,” and you’ll be given a list of Facebook Groups and posts that match your search terms.

The best way to search on Twitter is using hashtags like #copywriter, #technicalwriterneeded and #hiringacasestudywriter. This guide has more information about finding freelance writing jobs on Twitter.

Networking

Networking is one of the most important things you can do as a freelance writer. You can network through connecting and engaging with prospects on social media, attending virtual webinars organized by prospects. You can also join freelance writers’ Facebook groups and forums. Make sure post new content, comment on others’ posts and share your expert advice!

Networking may seem difficult, but the secret is simple: Give more than you take. If you’re still feeling unsure about it, check out our guide to networking for introverts.

Charity Jerop is a freelance content creation specialist and a blogger at charityjerop.com. You can also find her on Facebook and LinkedIn.



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How Many Bloggers Make Money From Home Exclusively?


Blogging has become one of the most popular ways to not only pass time, but also to make a little extra cash along the way. The problem is, it takes time to monetize a blog to the point where you can turn it into a passive income method. Many people give up before they reach that point.

The
great thing about blogging is that you can turn it into a side hustle. It can
be something you do when you have the time, when you’re sat at home bored and
there’s nothing on TV, and you can do it from anywhere in the world, as long as
you have your laptop with you and you have a good quality Internet connection.
However, you do need to dedicate time to a blog if you want to make money from it – people aren’t
going to follow you if you’re updating sporadically.

Of
course, you might not want to go down the passive income or side hustle route,
you might be looking to give up your full time job and settle down as a
travelling or at home blogger and make your annual salary from that.

It’s
possible, but again, it takes time. You’ll need to work on your side hustle for
a while first, perhaps around a year or two, before you can see potential for
giving up your regular job.

But,
we don’t want to dull your dreams here – it IS possible.

If
you dedicate enough time to it, if you choose a niche that people want to read
about and you have a talent for creating interesting, entertaining and thought
provoking content, you can easily make cash. How much cash depends on many
different variables, but let’s look at some average figures here.

Remember,
these are not guaranteed amounts, but it does give you a guideline on what’s
possible.

After
you’ve created your blog and started getting regular amounts of traffic heading
your way, you can monetise your blog and probably earn anything unto around
$2000 in your first 12 months. That’s not bad going! Of course, you can
increase that as your blog becomes more reputable and more traffic comes your
way. From there, you have the potential to increase your revenue quite
drastically over the first five years; some bloggers make over $30,000 per
year!

Of
course, to hit these dizzy heights you need to work on your blog quite a lot;
that means you need to basically be a part time or even full time blogger.
Around 30 hours per week is the average.

The
more traffic you get, the more cash you get as a result, so always focus on
attracting traffic and keeping your followers happy. If you can do that, the
ways to monetise your blog become very easy indeed.

So,
how does the money actually come from your blog? There are many ways you can
look to make your blog into a money-spinner, but some of the most common
methods include:

  • Affiliate links
  • Adverts
  • Selling a digital product

Of course, that’s in no way and exhaustive list, but these are the easiest methods for a budding blogger to use.

affiliate marketing course

Affiliate
links are probably the most common. You can use this method by signing up with
a good quality affiliate program, such as Amazon as one example. Then, you
include links to their products on your site, usually via a blog post which
allows you to seamlessly include the product. Whenever someone clicks on that
link and makes a purchase, you will receive commission. The amount of
commission you receive depends on the rules of the program you choose and the
product itself; obviously, higher priced products give you more commission than
lower priced products. Adverts also work in a very similar way to affiliate
links and allow you to bring some cash in as a result of your blog.

However,
with these two points you have to remember to mention somewhere on your blog,
somewhere people can actually see, that you may be making money from the links
you’ve included. A simple “this post contains affiliate links” is often enough.
It’s about being honest with your followers, but if the post is good enough and
the product is useful to them, they probably won’t mind at all.

Selling
a digital product is a good way to make cash without even trying. This means
you write an ebook, create a printable, write a course,
or perhaps even record a song or a video, and you sell it on your blog.
Whenever someone places and order and pays, often via PayPal as one method, you
email them the product. This means you can make cash from just one product that
you simply send out time and time again. You can sell many different digital
products on your site over time, using follow ups and second editions to create
interest.

It’s
important to remember that you’re not going to start making money from your
blog immediately. You need to establish your blog and start to see a steady
stream of followers coming your way and then staying with you, before you can
start trying to make cash. You should also remember that ‘less is more’ at
first. If you constantly bombard your followers with things to buy and
affiliate links, they’re going to become tired of it and assume that you’re
just out to make cash. Remember, the first point of a blog is to inform people
and entertain.

If
you’re persistent and look for interesting ways to entertain your followers, money will surely follow.

About The Author

vipul

Vipul is a professional blogger and online advertiser based out of Bengaluru, India. Always in a quest for new ways to make money, Vipul detail out all possible opportunities that can help anyone to earn passive income online. You can connect on Twitter, Linkedin & Facebook





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14 Ways to Ensure Company Growth Doesn’t Outstrip Biz Communications


Some businesses have seen a period of massive growth lately, especially those that deal solely with online sales and services. While this development is promising, it also opens up a business to another problem — that of having their growth outscale their ability to communicate.

Business communication deals with how the company interacts with and informs its employees and its clients, which includes the overall branding promise. Naturally, a small company is likely to have a different approach to a larger one, simply because of the scale of the communication involved.

However, as businesses grow in size, many of their focus areas and key elements that helped them get to where they are today tend to fall and get lost in the mix. Unfortunately, this happens to a great majority of businesses and brands, and it just doesn’t have to be this way.

Recommendations and Tips in on How to Ensure Your Company Growth Doesn’t Outstrip Business Communications and Engagement

We consulted 14 entrepreneurs from YEC about the best ways for a business to ensure that their communication keeps up with their business growth. Here’s what they had to say.

1. Be Open to Feedback and Change

Maintaining effective communication through growth is something that’s hard to get right. In my experience, the trick here is not some grand multi-step strategy. You’ll never get that right — at least I don’t. The trick is to be able and willing to listen. When you’re receptive to feedback, your team will inform you when they lack context. I see my job as listening and adapting.

Alex Furman, Invitae

2. Create Brand Guidelines

Brand guidelines can be a one-page document that helps the whole team understand what is on or off brand. Having the guidelines written down helps if they need to be changed as well, which can happen if there are changes to the business that need to be reflected back in the core brand guidelines (example: acquisition of another company with a different brand positioning).

David Boehl, GoLastMinute

3. Replicate Your Voice

In an ideal world, you can just hire employees who “care” as much as you do about staying on brand. In reality, it’s next to impossible to find those employees, and it takes a lot of time to properly train them. As such, the next best thing is to “replicate your voice.” You can do this through company documents, training materials, videos, websites, social media and even a message to callers who are on hold!

Bill Mulholland, ARC Relocation

4. Build a Strategic Communications Plan

Create brand guidelines that define tone, style, etc., and make the guidelines available to your communications team(s). Build out a strategic communications plan that maps the various outreaches, both internal and external, that will be needed as part of the business’s growth. Make it clear who is responsible for each communication and who signs off on its compliance with brand standards.

Traci Beach, Craft Impact

5. Leverage Automated Tools

Make sure you have automation tools and systems in place. This way, the brand can scale without heavy manual oversight, and creative roadmaps can receive the proper attention they deserve.

Jordan Edelson, Appetizer Mobile LLC

6. Audit Communication Channels

The larger your organization is, the more detailed of a process that will need to be laid out in order to ensure continuity and correct messaging. Like a game of telephone, conduct an audit to understand where gaps in communication may be occurring and be prepared to revise your process.

Matthew Podolsky, Florida Law Advisers, P.A.

7. Create a Chain of Accountability

As your business grows, it’s critical that everyone stays on the same page. When you add new departments or see massive growth in one of your teams, assign leaders to keep each group accountable. This chain of accountability ensures that everyone’s on the same page.

John Turner, SeedProd LLC

8. Have Daily Meetings

For rapid and sustainable growth, you must have daily meetings to make sure your communications are on brand. Nothing goes out without several sets of eyes on it and those working on these communications are held accountable for performance and delivery. We check in multiple times per day — it does not need to be long, but a morning and afternoon signs-of-life check does wonders.

Matthew Capala, Alphametic

9. Maintain Personal Connections

Because most of my employees work off-site, it’s important to communicate as often as we can with one another and that they feel supported by me. We hold a quarterly all-hands staff meeting where we go into more detail and ensure that everyone gets to know one another. With a rapidly growing business, unless we have regular get-togethers with our team, people start to lose that personal connection.

Jennifer A Barnes, Optima Office, Inc

10. Create a Schedule

Like everything else, communication needs to be planned to be effective. This means investing in the right tools, creating fixed weekly meetings, quarterly appraisals, one-on-ones and more. Use calendars and create reminders for these meetings so that they’re all in place and clearly communicated. It’s just a matter of planning “up” as your business grows.

Syed Balkhi, WPBeginner

11. Establish a Single Tool

The means of communication are becoming endless, from Slack to email to phone or IM, so it is no surprise that interoffice communication becomes a problem the larger a team becomes. Put a process in place that streamlines communication on certain topics into one single location and on one identified platform. This way, everyone knows where to go to stay up to date.

Jared Weitz, United Capital Source Inc.

12. Take a Step Back

Sometimes you just need to take a step back from all the craziness that comes with day-to-day management of a business and ask yourself, “Is this on brand?” If you continue to ask the question and be true to your core values, communications will remain on point.

Josh Weiss, Reggie

13. Train and Delegate

As your business grows, it’s not realistic to think that you can maintain the same level of interpersonal communication as before. The next best step is to train key people in your business to communicate on your behalf. Lead by example and also create documentation that outlines what to discuss. This will keep things consistent across the organization.

Blair Williams, MemberPress

14. Hire a Content Marketing Agency

When you need to scale communication both internally and externally, it’s helpful to hire some help. A content marketing agency can help you with everything, from your company blog, to bylined content, to internal communications and speeches from executives, and can ensure that everything is consistent and on brand.

Kelsey Raymond, Influence & Co.

How to Focus on Growth and Business Communications

For most businesses and brands, it’s all about the bottom line and trying to reach new goals and levels every quarter. However, the last thing you want to do is hit your goals while jeopardizing your customer and B2B relationships that you’ve worked so hard for.

To best accomplish this, we highly recommend you go through each of the tips and expert advice featured above and start implementing these solutions into your own business or brand.

If you enjoyed this content today, be sure to read our other expert tips on how to handle a PR crisis and increasing traffic to your site while working with a low budget.





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