Imagine yourself earning a continuous stream of income while you sleep, spend time with your kids, and have your vacation. Wouldn’t that be amazing?
The truth about making real passive income is that it isn’t entirely passive – although it’s a lot more passive than having to wake up the same time each day and putting up with long hours at work.
You will need to invest some time and money to get your business idea started and take advantage of automation or hire a team to keep it running.
To reduce your risk of failing on your first attempt, it’s important to choose the right source of passive income that matches your needs, values, and goals.
Consider the following passive income ideas below. You might find the one that suits you best.
1. Self-publish an ebook.
If you are passionate about writing, you can make passive income using your skill by writing an ebook. Publishing a book is also one way to demonstrate your expertise in a subject. If you know your niche well, you’ll be able to reach hundreds to thousands of readers. A good platform where you can sell your ebook is Amazon Kindle.
2. Affiliate marketing
Affiliate marketing is a great way to earn online if you run a blog or website. By promoting the products of a brand through your daily content, you will get a percentage of the sale you make each time a customer purchases the products through your affiliate links. The benefit of affiliate marketing is that you don’t have to create your own product.
Here is a list of the most popular affiliate networks you can join:
3. Rent out your property through Airbnb
Airbnb offers everyone an opportunity to rent out their entire place or room to travelers. If you want to become a host, all you need to do is simply list your unit on Airbnb.com, upload photos of your unit, and decide on your price. Airbnb will take care of matching you with a customer as well as payment processing. With over 2 million listings in more than 190 countries, you’ll definitely earn in this safe and popular platform.
4. Submit your images to top stock photography websites
Do you love taking quality photos of anything? Turn your hobby into a passive source of income by uploading your snapshots on sites that allow you to sell them. Sign up as a contributor on Shutterstock or iStockphoto so you can start marketing your work of art.
5. Sell a mobile app
According to Financial Times, app makers’ total income from the App store rose to over $60 billion since the store’s launch in 2008. With a vast number of mobile users these days, consumers are spending on apps within top categories like games, business, education, and lifestyle. If you’re not a tech person, you can outsource your app creation to an app developer based on your creative idea!
6. Create an online course
Would you like to make passive money multiple times by teaching a subject or skill? You don’t need to conduct live teaching sessions. Udemy is a great website where you can become an instructor by creating your very own online course depending on your expertise – Marketing, Sports, Mental Health, Music, Language, Entrepreneurship, and more. Here’s even a story of how 10 instructors made over $1 million on Udemy in a year.
7. Make YouTube videos
Can you really generate passive income through uploading videos of yourself on YouTube? Of course! However, you need to make sure that your videos are compelling enough for your target audiences to take action. Create videos to drive traffic to the products you sell on your website. You can also enable monetization in your account’s settings in order to make money through ads.
8. Buy a website that’s already making money
Without having to go through the process of planning a niche and generating traffic, you can buy an existing online business for 24 times its monthly income. You have the option to improve the site yourself, earn more money through it, and sell it at a higher price in the future.
9. Create and submit your cool designs
Are you an artist or designer? Websites like Cafe Press allow creative individuals to submit their designs and have them printed out on t-shirts, mugs, shower curtains, wall decals, hats, magnets, and other products. Of course, you get paid for your designs plus you generate loyal fans who love your work.
For you to succeed earning passive income, you need to do market research to find out whether your offers satisfy a need in your target customers. All these ideas require some responsibility on your part. If you want to have more freedom, you can outsource tasks to a reliable team. I hope this list helps!
Do you have anything else to add? Feel free to comment below.