What’s The Best Idea For Passive Income Right Now?
Someone explained the definition of passive income to me a long time ago as “a way of making an income while you are sleeping.” Whoa!! That would be my dream job. Get it? Dream job. hahah.
That doesn’t mean there’s no work involved – there’s a lot of time, energy, and work to set it up, but once it’s done, you launch it and watch the dollars roll in. Well…maybe not at first, but that’s the goal. Also, it’s not completely hands-off; it often involves some additional labor along the way, but not that much.
The official IRS examples of passive income used to be two things: A rental property, or a business in which you do not actively participate…i.e. royalties, stock dividends…etc. But not anymore. Passive income now takes many forms thanks to the internet. In fact, if you Google “best passive income ideas in 2023” you’ll get a list of what’s working and thriving in the market right now. But, let’s dig a little deeper and see what the #1 best passive income idea is out of everything out there.
Ready? Drum roll, please… the number one way to make passive income is Digital Course Creation.
Basically, it’s a popular strategy of figuring out what you have or know that others can benefit from and making an online course available for people to learn from you. Simple as that. Have you ever transformed your garage into an office space from scratch? Have you ever finished your first marathon? Have you ever lost 25 lbs with a simple eating habit? Ask this question to yourself…”what have I personally achieved that I could teach others?”
Let me tell you why. The E-Learning market is projected to hit $848.12 Billion at a CAGR (compound annual growth rate) of 17.54% by 2030. The demand was valued at $210.1 Billion in 2021. The expected growth is phenomenal and there are no signs of slowing down.
Why are e-learning and online courses so popular? Because people are curious, people love learning and they love learning in a non-traditional way: on their own time, in their own place, and at their own speed.
And why are the people creating these online courses? It’s summed up into 3 categories:
- They want to impact more lives with their message and create a lasting legacy.
- They want to create a sustainable source of scalable income independent of how much effort they are willing to put in.
- They want to ditch their day job or side-hustle and run a profitable business online that gives them more freedom.
Do any of these 3 jumps out at you? Which one? I would love for you to tell me more about it, but in the meantime, this is my new series called “Passive Income” where I, along with Amy Porterfield (Online Marketing Guru), will teach you all the ins and outs of creating an online course.
And before we go, let me address the big objection that we often hear: “But I don’t have anything to share that’s worthy of a course!”
That’s not true! Whatever industry or context you are in, you are an expert with unique insight that no one else has. You might not know it because it’s just part of your everyday life and you’ve been doing it forever so you take it for granted…but what you do is unique to a lot of people and they are dying to know what you know. Dive deep into the knowledge that seems so obvious to you, then get ready to share your journey and your findings.
Bottom line: people want to give you money for your expertise. Please, just LET THEM. That’s what this Passive Income series is all about.