Earning money from mobile App or Web
Recognize a problem that society has, and build a solution for it. Best of all, a problem that’s personal to you.
I recommend building a tool. A simple tool. Not a platform, not a marketplace, not an O2O idea. Because these ideas have higher operating costs and they need a team to execute.
But a simple tool? You can hack it together yourself.
What are somethings you that takes you a while to achieve online? Why does booking an airfare still feels inefficient? Why is scheduling a time with friends or business meetings inefficient? What else is time-consuming on the web or on your phone?
If you build something that solves a real problem, people will pay for it.
Watch out for mobile apps that are high in operating cost, In another words, some ideas take more labor to maintain than others. Try to avoid ideas that requires human intervention such as screening, 1:1, etc…
In my opinion, a lot of the widgets and plugins developers create can be monetized. Don’t be afraid to charge. It doesn’t hurt to try charging for what you made. Run an a/b test and see what happens. You might be surprised.
That’s why I love tools, because you build it once and let people use it. Then charge subscription fees where users pay you monthly. If your solution is good, more and more people will come and will continue paying you. So your passive income grows monthly.
But what I’ve learned is that there’s no real “passive income.” It still takes some time to maintain. But at least you’re not at a corporate job where 10 units of labor = 3 units of pay. But instead 3 unit of labor = 10 units of pay.
There are actually lots of ways to generate recurring revenues – some obvious, some less obvious! Here are a few;
1. Client Retainers
2. Sell your services as products
3. Create your own software products
4. Hosting services
5. Monthly Marketing Strategy
6. Monthly Content Strategy
7. Content Production
8. SEO services
9. Conversion services
10. Social Media Management
11. Start charging for Technical Support
12. Premium technical support
13. Customer support
14. Think outside the box