Royalties are fantastic if you can get them. A royalty is a payment for using your asset. Think about songwriters, composers, writers. But it goes further than that. Photographers, inventors, franchises, and more. All examples of passive income. Can you generate royalties for yourself?
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Can You Get Royalties? Is It Easy?
How you can take part in royalties
Writers can publish a book. Nowadays, you can self-publish on Amazon for free. Their KDP (Kindle Direct Publishing) program is so simple anyone can do it. Kindle Unlimited lets customers pay a monthly fee for unlimited reading on Kindle, and that money goes into a pool, and writers are paid royalties from that. Of course, you need to write the book first. Furthermore, it doesnâ€™t need to be a long novel. You can write about things you know.
Some ideas might be:
- Business & Investing
- Comics & Graphic Novels
- Education & Textbooks
- KDP Kids
- Literature & Fiction
- Mystery, Thriller & Suspense
- Science Fiction & Fantasy
- Teens & Young Adult
Amazonâ€™s system makes it so easy and even will give you designs for the cover. All free.
Songwriters can make a fortune if they write a song that becomes a hit. You will need to find a publisher that will assist you in licensing your music to artists in exchange for royalties. Start with Performance Rights Organizations such as:
- ASCAP The American Society of Composers, Authors and Publishers
- BMI Broadcast Music, Inc.
- SESAC Society of European Stage Authors and Composers
This should be an excellent start for you.
Photographers that create stock images are in high demand. Web creators, blog writers, advertisers always need good pictures to go with their content. There are several places you can sell your photos to such as:
Inventors are a terrific way to earn royalties. If you have ever watched Shark Tank, you undoubtedly have seen the Sharks, especially Kevin Oâ€™Leary, pushes giving the entrepreneur a specific dollar amount per unit sold. It seems like a fun way to make money if you are an outside-the-box thinker.
If you have created a well-established business, maybe your expansion possibilities are in franchising. Franchise royalties are usually collected every month. Royalties are a percentage of your franchisee's revenue. Franchise royalties range from 4% of their revenue up to 12% or more. Again, the amount has to do with the type of franchise business.
So you can see there are a lot of ways to earn royalties. They're not easy, and if it were, everyone would be doing it. So put your thinking cap on and see what ideas you can generate. I have published two books on Kindle Direct Publishing and currently receive royalties. You should check them out. “The MLM Handbook ” and “Negotiate Like A Pro And Get What You Want More Often“. So if I can do it, anybody can do it.
Would you please let me know what you think? What ways are you generating passive income?”