What is passive income?
Passive income is any income you earn while not actively working to earn that income. It sounds too good to be true, but it’s totally possible!
I started and grew an online business to help math teachers make resources for their classrooms. That online business now earns passive income for our family, and it even allowed my husband and me to quit our jobs!
Here at Meet the Bowdens, we love online courses! While there are many options for starting a passive income business, we believe online courses are the best way to make a passive income.
Online courses are the best option because:
1. Online courses are low risk
You don’t have to invest a lot of money to get started. All you need is a way to host the course, a way to accept payments, and a way to email.
I use Kajabi for all 3, but there are cheaper options for those getting started (Teachable, Mailchimp, etc.)!
2. Online courses are easier to learn
Anyone can learn how to create and sell online courses (with a little guidance, of course). They are much easier (in my opinion), than stock trading or Amazon drop shipping.
And guess what…you’ve found your online course creation gal right here! I can help you get started with my free guide here.
3. They impact others
Online courses give you the ability to help people around the world. Maybe you’re currently offering 1-to-1 services like coaching, tutoring, etc. With an online course, you have the ability to help so many more people. Why? You’re not trading your time for money!
With an online course, you record the content one time (with the exception of updates over time), and you share it with people from all over the world. This model just isn’t possible with 1-to-1 services.
Still not sure if an online course is the way to go?
Check out these stats:
- Online courses are projected to be a $325 billion industry in the next few years (Check out this article to read more about this!)
- In 2020, 90% of companies used e-learning as a training tool
- 49% of students worldwide stated they had taken an online course in the preceding 12 months
And just in case you need a little more convincing that online courses are the best form of passive income…let’s do some (fun!) math.
Let’s say you spend 80 hours creating an online course and sell it for $297
- If you sell 10 courses, you will make $2,970 or $37.13/hour spent creating the course
- If you sell 100 courses, you will make $29,700 or $371.25/hour spent creating the course
- If you sell 1,000 courses, you will make $297,000 or $3,712.50/hour spent creating the course
The best part about all of this?
This is totally possible for you to achieve! You can absolutely create your own online course and start to earn passive income to support you and your family.
