15-minute Guide to Set Up Your Own Passive Income Source

You might be wondering how to set up a passive income stream, especially if it is online. The sea of options can prove to be tedious if you don’t know where to start. 

There are multiple programs, methods, and platforms you can utilize to develop a stable passive income source. Today, we’ll discuss how you can start your own passive income source.  

Quick Guide to Set Up a Passive Income Source

Before we get into how you can develop a passive income source, there are two things you need to know. We’ll be mainly talking about online courses and online stores. 

First, we’ll go over how you can develop an online course and sell it. After that, we will explain how you can use online stores to establish a passive income source. 

Let’s get started. 

How to develop and sell online courses?

The online course market has been on the rise for the past few years. You can create a course or a module related to any topic and sell it online to earn passively. 

However, there are some basic steps you need to keep in mind. Let’s take a look. 

1. Select a Topic

The first and foremost thing you need to do is find a suitable niche for your course/courses. 

It is important to do so because it will help you tap an untouched market. 

Some good examples for niche markets are coding, SEO writing, and tutorials for different media tools. 

We have a detailed guide on how to select topics for your online course. You can check it for various tips and tricks. 

2. Create an Outline and Gather Information

The next thing you need to do is draw a mind map about what your course is going to be. A rough outline will help you determine the direction and motive of your course. 

Here’s how you can create an outline for your courses and modules. It will not only help you save time but also streamline your process. 

3. Determine the Nature

The next step is to select what type of medium you are going to use. Some courses are entirely text-based while on the other some are a mixture of video tutorials and audio segments. 

We have developed separate guides for written, video, and audio production for your course. 

Once you choose your desired medium, half of the process is already done. 

4. Compile and Organize

One of the most important things to do is organize your course in a compelling manner. The flow of your course matters as much as the information inside it. 

Move your content and files into a specific folder and organize them according to the outline. After that slowly, put them together piece by piece. 

To get a better idea, you can check our guide on how to compile and organize online courses. 

5. Select a Platform 

This is where things get a little tricky. In order to successfully earn a high payout from your course, you need to select the right platform for it. 

Some platforms are designed for text-based courses while some are made for hybrid courses that include various mediums. 

What are some examples of such platforms?

There is a vast number of platforms you can choose from. To name a few of these platforms, check the following list:

• Udemy
• Udacity
• Treehouse
• Pluralsight
• CodeAcademy
• CBTNuggets
• Lynda
• Zenva

Given the number of platforms, it is quite easy to get confused. Moreover, if you don’t select the right one, there is a high chance you will lose potential customers.

To mitigate this problem, you can check our guide on how to choose an online platform for your courses. 

6. Upload Your Course

Now that the hard part is over, you can finally upload your course and start earning from it. Create an account and set up a payment method. 

In no time, you’ll be able to earn money from your courses. However, you’ll still have to market and promote your courses on other social platforms.

Why is it important to promote my courses?

To put it simply, the chances of someone finding your course, in the beginning, are quite low. You have to advertise it on platforms like Facebook and Reddit. 

Online Courses as a Passive Income Source

After reading through the above guide, you might be wondering how can an online course be a passive online income source?

The answer to this question is quite simple. Unlike other online income sources, you are only required to put in the initial effort of developing a course. 

Once you do that, you can simply upload it to a platform and start earning. You don’t have to engage with buyers or any intermediary party for that matter. 

How much can I earn from online courses?

It depends on the quality of your course. Some beginner-level courses can sell up to $50 on various platforms. On the high side, some courses can even go up to hundreds of dollars. 

Moreover, you don’t have to stick to a single platform. It is good practice to branch out to different platforms to maximize your user base and ultimately increase your passive income.

Do I have to update these courses?

The only active part on your end is to regularly update the courses with new information. This will keep your courses fresh and attract new audiences as well. 

For example, if you have a course related to coding. You can update it according to a new patch or some other tricks. 

Final Thoughts…

With this, we come to the finish line of our quick guide on how to set up a passive income source. We hope you can use this information to your advantage. 

It is quite easy to set up a passive income source if you know where to begin. For online courses, your goal is to develop an organized course and publish it on a certified platform.