Welcome back, this is Dave Espino and today I wanted to talk about some of my sources of passive income. So let me do a quick rundown of some of the various passive income streams that I have.
Redbubble
Let's start with a website called Redbubble.com. Now Redbubble is a print on demand website, so what you do is you upload a design to Redbubble and then you can have that design printed on all kinds of merchandise. For example, I got the InfoBoss logo printed on a mug, I have that logo printed on stickers, I have that same logo printed on a notepads and things like that.
So you can take that same logo and have it published on a bunch of different things. So that's one form of passive income stream that I have.
I have a variety of different products up there. Redbubble already has traffic and when you have traffic, you match it up with a product, you have passive income.
Merch by Amazon
Another similar business is merch by Amazon, now merch by Amazon is Amazon's print on demand service where you upload some designs and then you can get tee shirts made with your design. So there, there's that and I have a bunch of tee shirt designs uploaded on merch by Amazon, and so whenever somebody finds one of my t shirts and buys it on Amazon, I get paid a royalty, right?
That's a passive income. The reason passive income happens is because you're matching up your product offering with traffic, and when you have ongoing traffic like you do on Amazon then you have ongoing income. Ongoing traffic leads to ongoing sales.
And if there's no need for you to be involved in either the traffic or the sales, that's passive income. Passive income is something you do once and then you just get paid over and over and over again.
The Kindle Marketplace
Another way that I have passive income is through the Kindle marketplace. So one of the things I did was I took some of my online courses and I got them transcribed and turned into ebooks on the Kindle marketplace. When you do that, you can also turn your books into paperback books.
If somebody decides to buy the paperback, I make money from that too. And I have quite a few books available. But by far my favorite form of passive income is online courses.
Why Are Online Courses the Best Form of Passive Income?
I have online courses in two main business models. One business model is in the Udemy marketplace, and other marketplaces like it. That is where I've got a bunch of my online courses, my smaller online courses.
The other business model is where you publish your online courses yourself through a sales funnel, and you self host your course. Now in that model you can make a lot more money primarily because you control the pricing.
See in the marketplace, they control the pricing and they'll sell your courses for really cheap. But in the self hosted sales funnel model, you control the pricing and you can sell your courses for $47, $97, $197, $297, $497. I've sold my courses for as much as $5,000 when combined with some coaching, mentoring, and that kind of thing.
That's where the big money is for me. Out of all these passive income streams, and I haven't even mentioned a couple of other kinds of streams like affiliate marketing, online courses are where the really big money is for me. It’s in creating unique online courses that I can sell to ongoing traffic and that generates me a very high passive income.
So there's a quick breakdown of some of my different passive income streams. I hope you enjoyed this post. If you like the idea of passive income, especially through online courses, I've developed a free Online Course Fast Start Kit to walk you through what you need to do. You can find that free kit at http://freecoursekit.com. I'll see you next time.