Still, there are people doubting the idea of passive income, and it's pathetic because people have been doing this for years now, and the last example is the bank's interest.
There are two main types of work:
The first is: Active Income
This means you're being paid for the hours you work and once you stop working, your income stops at once.
Active income is like working in a company, or even working as a freelancer but, that's not what we came to talk about.
All entrepreneurs now and people who work online are searching for the other type.
The second is: Passive Income
This means you're getting paid continuously for something you've already done, like for example when you upload videos on youtube, they're constantly getting views and you're getting paid even when you're sleeping, you're being paid for the videos you've already made.
Now that you know what is passive income, you should know the most important Business Models for Passive Income.
1]The FP Model:
FP is the Freelance to Product Model, in this model you start by freelancing then you find a problem that can be solved with a product.
How come that I make a passive income with Active Income?
I'll tell you, for example, if you are a programmer and built an application for someone that is Active Income, but if you sold this application to companies that will need it that is Passive Income.
Another example to be really clear for you, If you're a marketer and your job is to make Marketing Campaigns and Strategies if you sold a guide for Marketing that is Passive Income.
If you sold a specific strategy of yours that is Passive Income, I highly recommend that if you're a beginner to start with this model because it helps you increase your skills and know the market more.
2]The AA Model:
The AA Model stands for Audience and Advertising.
How could this be done? I'll tell you now.
If for example, you have an Instagram page that has 100k followers, then you could use it to post ads and make a profit out of it.
If you have a youtube channel you could use it to advertise some product of yours or for some company.
That way you used your audience to develop an income, and it's a very good model to make a passive income with.
If you want to grow your social media pages and grow your audience
3]The EP Model
The EP Model is the Expert to Product Model, and by "expert", I don't mean someone who has put all his life into a specific field or something.
you could be an expert in the eyes of someone else just by knowing more than they do.
If you're passionate about something and you constantly like to read and learn about it, then you could sell your expertise.
How could you sell your expertise?
By publishing online courses, or maybe by publishing E-books
It's basically about converting your expertise into a product that could be sold thousands or maybe millions of times.
Now that you have known all the different models of Passive Income, you should think about it with no rush, know what will do best for you, and just go ahead with it, wishing you THE BEST.