Increase Your Income; 10 Best Passive Income Ideas
Jun 02, 2018
Have you ever wanted to free up your time while still making income passively? This is the right post for you. There are several ways you can earn passively with little effort and maintenance. The most exciting part is you only do the work once. Some of these ways are discussed below.
Write a book
Do you love writing? Are you a pro in your field? It would be time you considered writing a book. Something great about writing a book is that years down the line, you’ll still be leaping from the effort you made. In general, non-fiction ebooks on self-development tend to sell more than fiction books. You can then sell your book on platforms such as Amazon Kindle Publishing or own on your blog/website. However, it’s important to mention that your success in earning passive income through this method largely depends on marketing especially at the onset.
Affiliate Marketing
Affiliate marketing helps you earn income by promoting other people’s products. Most online entrepreneurs that make a significant profit through affiliate marketing will attest that it takes time and effort to hit those large figures. One of the common ways to carry out affiliate marketing is through creating products reviews. If you don’t have a website yet, you may have to run ads for the products. Besides promoting other products, you can create your products and attract affiliates to help promote the products.
Print on Demand
As the name reads, Print on Demand (POD) is where a product is printed when it’s demand. Sound good, right? No losses or dead stock. It could be printing of books, t-shirts, pens and many more products. Some of the favorite sites for this service are such as Teespring where you upload your art, set your price and wait for someone to buy the art. The POD site then gets their share of profit where you also have your share. The good is that the POD site does the most work for you, that is, printing, shipping the product and other customer services. To be efficient with POD, pick on one niche, research on its profitability and offer pure gold art.
Dropshipping
Just like Print on Demand, drop shipping saves you the hustle of owning inventory and shipping to your customers. It’s where you create an online store with sites such as Shopify then visiting customers places orders on the site. You then communicate with the manufacturer who processes the order and ships the good.
Digital Goods
If you want to sell digital products for a passive income, Selz, Etsy and Fiverr are your go-to-place. Here you can sell wall art, hand-made goods and many more items. Not to mention that if you’re good with image editing software such as Photoshop, it would be a great idea to sell your digital goods. The beauty of it all is that you can sell one item over and over again.
Monetize your blog
There are several ways you can monetize your blog, some of which are discussed in this post such as through affiliate marketing. Google AdSense is yet another way you can monetize your blog by displaying ads where you earn money when visitors click on the ads or through impressions/views your page receives. You will be able to effectively monetize your blog if you’re using a self-hosted blog.
Online courses
Do you have a technical skill or knowledge in a given area? You will earn if you can create quality videos and lessons in the area. People are always looking to expand their skill-set and knowledge hence you wouldn’t go wrong with an online course on your niche. While this involves a considerable effort at the onset, it’s worth a try. Sites, where you can sell your classes, are such as Udemy. You can also create your platform using sites such as Teachable and Kajabi that have automation designed to help you create your site with ease.
Sell your photos online
If you’re passionate about photography, you could earn yourself passive income through selling stock photographs. Proficiency with Photoshop would be a plus to help boost the quality of photos you sell. With over one million sites today, the demand for pictures is not going down any time, in any case, it gets competitive. Platforms you can sell the photographs include; Deposit Photo, iStockPhoto, Shutter Stock and Alamy.
Sell audio tracks
How about you turn your tunes into a profitable venture? This is probably a less popular way of earning passive. It’s where you create audio tracks that can be licensed and used for various purposes such as in corporate promotional videos and TV adverts. Some of the music libraries you can make money in include Audio Network and Pond5. Just like Print on Demand, you’re rewarded when someone buys your products. The site then offers a specific commission for each sale you make.
YouTube Videos
While You-tube is a great platform to earn passive income through creating videos, it’s never that easy. It takes tens of thousands views to make a real income. However, this shouldn’t stop you; even those that have a million views had a starting point. The good side about You-tube is that it’s cost-effective and may require minimal resources to get your videos running. You mainly make money through the ads that appear on your video.
*** Some of the links in this post are affiliate link some platforms offer payment or additional features for referrals.***
