One popular passive income stream that doesn’t require a lot of start-up capital is selling your knowledge in the form of a book (digital or physical), or through an online course or training program.
Some of the best types of digital content are “how-to” books that teach people specific skills that improve their lives somehow.
In addition, it’s very easy to self-publish a book with the Amazon KDP platform. No longer do you have to try to land a publishing contract! You can simply create a free Amazon Publishers account and upload your manuscript.
Visit kdp.amazon.com to get started.
Tip: Be sure you price your book at $3.99 or higher so Amazon will give you a 70% return. You’ll need a professionally designed cover, as well.
Check out Upwork.com for affordable cover designers. You can also outsource editing, proofreading or outsource the entire book!
#2 Online Courses
Creating a course will take a bit more time. You’ll want to invest in a professional microphone and you’ll need a room where you won’t be interrupted by outside noise while you’re recording your lessons.
There are many different microphones on Amazon that will help you create clear, pitch-perfect audio files, but our favorite is the Blue Yeti. It runs for around $100 and is one of the best microphones you’ll find at this price point.
Tip: You should also consider grabbing a pop filter that will help block out background noise when you’re recording.
Screen Recording Software
When it comes to screen recorders, I highly recommend Screencast-o-Matic. You’ll be able to create high-quality videos in a matter of minutes using this one tool.
In addition, you can either create a “talking head” video course or use a slideshow with a voiceover. We’ve seen both types of courses work well.
You’ll need a good platform to host your course and process payments. There are many to choose from, but the most popular ones are:
When choosing the topic for your online course, consider:
- What are you most passionate about?
- What do you enjoy doing when you have free time?
- What skills have you learned over the past year?
Remember, everyone is an expert at something!
There’s no risk with this stream of passive income. It will take time, but once your content is created you’ll be able to generate passive income from new customers day after day without having to update the course material very often.
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