#1 — Write And Sell An Ebook
If you have a propensity for writing and you can slay with your prose, consider writing an ebook. While the market has certainly become saturated as of late, books that help teach people about a technical topic still sell extremely well. This is a great source of passive income but does require a large amount of effort at the outset before any money is generated.
You can sell your ebooks through Amazon’s Kindle program or Apple’s iTunes Connect, which gives you access to a large majority of the digital-book reading market and the barriers for entry are incredibly low. You don’t need to invest lots of money to make this happen, but you do need to invest lots of time, not only in writing the ebooks, but in marketing them as well.
#2 — Sell Audiobooks With Audible
I’ve been in the audiobook-selling business for some time now and have over 3 dozen titles to my name. I know a thing or two about audiobooks. And, what I’ve noticed recently is that audiobooks are growing in popularity as their digital-ebook counterparts are becoming less and less popular.
People are turning to audio and visuals when it comes to technical subjects. However, you should consider doing an ebook first and turning it into an audiobook through a resource like Audible’s ACX platform. You can hire a producer either through a royalty share program, so you don’t have to shell out upfront cash, or you can do a pay-per-hour hire as well.
#3 — Create An App
Yes, this is far more technical. Unless you have the right app-development skills, doing this is going to be a significant undertaking. But, apps are also a great source of passive income when done the right way. You can reach a massive audience of smartphone users by building a great app.
However, like anything else truly worthwhile, apps require a significant investment of your time or money upfront. If you don’t have the skills, then you have to hire someone who can assist you in creating a great app. But first you need to come up with an idea that will sell. Do the proper market research and analytics to come up with the right app.
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