Passive income is money that flows in regular intervals without the need for putting in a considerable amount of effort to create it. Sounds irresistible, right? Well, we are going to give you a few methods that will help you create a passive income stream.
This guide is for digital evangelists, so it won’t have other great ideas, such as renting your home, advertising on your car, etc.
Another important thing: I suggest you find a niche and stick to it. That way, you’ll be an expert quickly, and your chances of making money from the following ideas will increase:
Need Help with Email?
Take advantage of our 100% Free Consultation for a limited time bellow:
Passive Income Ideas
Selling Information Products
Like I said above, if you are an expert in a field, you can start selling information products, such as a course or an e-book. Platforms like Udemy can help you get started quickly. Also, you won’t have to bring any traffic to your courses because these platforms offer a large user base.
A freemium model may also work for you. You start giving out some free information and then starting charging people to access further content. It’s quite a famous model in language training and stock training advice.
Keep in mind that these courses take tons of time to create. So you got to put in the time and effort and be an expert. But once you have created them, they have the opportunity to create tons of cash for you.
Create a Blog or YouTube Channel
Are you a bike enthusiast? Or do you love gaming? Or maybe, you love marketing? Whatever you love to do, turn it into a cash cow for yourself by starting a blog or a YouTube channel.
Once you start getting enough traffic, you’ll run ads that will generate money for you. One of the most popular platforms for this is Google Adsense. A lot of content creators rely on this to earn money from their blogs or YouTube channel.
There are other ways to make money from your blog or YouTube channel as well, such as influencer marketing, sponsored content, selling your own stuff, and affiliate marketing.
In this model, you promote a third-party’s products to your audience. If they buy it, you’ll get a commission. It’s that simple.
However, promoting bad products can lead to a trust deficit among your audience. So stick to the ones you’ll buy yourself.
Amazon, eBay, Awin and ShareASale are a few popular affiliate networks. Learn more about affiliate marketing using this resource.
Create An App
Do you notice a trend here? You either create your own stuff, or you help other people with their sales.
If you are a developer, creating an app can make tons of money for you. Again, you can have a premium model on your app or make it free and make money from ads.
You can also sell this app on various platforms.
Sell Designs or Merchandise Online
Are you good at designing? Then this might be a big opportunity for you. People are always looking to pay top dollars for great designs.
Alternatively, you can design T-shirts or hire someone to do that for you and then sell them online.
Sell Your Videos
Talking about selling stuff, how about selling your viral videos? If you have content that creates drama and excitement, you know that people are dying to watch it. And you guessed it, channels are willing to pay top bucks for getting rights to it.
Start a Dropshipping Store
The item is manufactured somewhere, and someone else will handle it. All you have to do is create an online store and convince people to buy from you.
It’s like having your own business minus the hassle of handling inventory and shipping. You can ship items worldwide. Plus, you also get a lot of control over your store.
So whether you like fashion or automobiles, get started with a store today.
This image perfectly illustrates the dropshipping model.
Invest In Stocks
You invest in other companies and enjoy the fruit of their hard work. Look at any richest person’s portfolio. They have stocks of many other companies.
Income from stocks is passive. But when it comes to the effort, it does get active.
Consider the fact that Warren Buffet reads 500 pages a day. Here’s what he had to say:
“Read 500 pages like this every day,” while reaching toward a stack of manuals and papers. “That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
So stocks can take up a lot of hard work if you want to generate tons of money. But with little work and investing in the right companies, stocks can turn up decent profits.
Have you established a website with good authority and traffic? But maybe, you are not feeling to work in this niche anymore? Well, you can flip it for top dollars.
See, other people want to earn money like you. But they don’t want to start from scratch. They want an established website. So sell them yours for a good amount.
It can be a blog or an e-commerce store. People are looking for all sorts of websites. There are platforms like Exchange Marketplace or Flippa that can help you out.
So have you decided to start working on passive income streams? Let me know in the comments below.