Even though you are pursuing a career with devotion, finding a side gig that can make extra cash without losing much of your energy is also amazing.
So, if you want to generate additional cash that can flow straight into your pocket aside from your full-time or career job, these passive income ideas are the best options for you. Using the various income-generating methods we are going to see, you can get money that helps you become financially stable.
Types of Income
There are two types of income:
- Active income: this type of income is generated from tasks linked to your job or career that take most of your time. It is a task that you do full-time with dedication.
- Passive income: is the type of income that requires minimal effort and time to complete a task. It is usually done without active involvement in a business or organization.
In this article, we are going to discover ideas that generate passive income.
How does passive income work?
Generally, there are two sources of passive income according to the Internal Revenue Service (IRS). The first source is rental property and the other is business in which you don’t contribute fully like being paid book royalties or stock shares.
Passive income includes renting out a property, investing in the stock market, getting cash back rewards on a credit card, generating interest from a bond or savings account, and many others. There are also jobs assigned to passive income making but may take a bit of your time such as starting a blog or even creating a mobile app, but it is worth your struggle.
How much does one earn with passive income ideas?
The amount of money you get may be different based on the type of position you take. You can make a few thousand to a hundred dollars. What you must know is you can’t be wealthy overnight with these money-generating tools but over time you will get plenty enough with many passive income opportunities. It will secure your finances in case you lose your job or some other things happen. Moreover, it will help you retire early and enjoy the rest of your life.
The Ten Passive Income-generating ideas
1. Create a Course
Creating a course is one of the tools to generate passive income. Start by jotting down the demanded skills to create the courses, because the topic you are choosing will determine the number of students who want to enroll in your courses. Once you are finished brainstorming and searching, you can then choose the best online course platform to create and sell online courses. While creating, you have to make sure that it is specific and understandable, so that the students get the best out of the courses.
After finishing the above steps, you can upload your course to marketplaces. There are several online course platforms for you to use such as Thinkific, Podia, LearnWorlds, and LearnDash.
The last step is determining the price you will charge. You can also arrange numerous pricing methods starting with the basic and then leveling up to the advanced. The rate of online courses can differ but you can jump start with $99.
If you are also interested in tutoring, you can find best online tutoring jobs.
2. Start a Blog
A blog, formerly known as a weblog, a combined version of the words “web” and “log” is a website or a web page that is regularly updated with new content. A blog is a section that you can create to record and express your perspectives and share them with a widespread audience.
There are many choices when it comes to blogging. You can go with a personal blog in which you share your personal experiences like travel, and beauty product recommendations, or a business blog to raise topics about your company. There is also a niche blog where you focus on a single topic and write in different ways.
Among the advantages of blog posts are to help your business rank on search engines, attract visitors to your page, and turn them into leads.
To start, choose a blogging platform, find the right niche, and write your first blog. You can also grab step by step guide on how you can start a blog successfully here.
3. Affiliate marketing
The other way to earn passive income is affiliate marketing. It is a process in which a person gets paid a commission for referring customers to companies where they make purchases or for promoting products. Affiliate marketing helps companies to increase sales, drive web traffic, and advance brand awareness.
The rate of these commissions can range from 1% to 20% based on product and referral volume. Other than this, the affiliate also receives compensation such as free products and networking opportunities.
As an affiliate marketer, choose a niche and a marketing platform. Next, join affiliate networks such as AWIN, Amazon Associates, and Etsy Affiliates. Don’t forget to enlarge your audience using digital marketing tools like content marketing and search engine optimization (SEO).
4. Sell an eBook
An E-book or electronic book is a digital copy of any book that is available for everyone to read on a computer, tablet, or smartphone through access to the internet. The amount of money you can make from writing an eBook may vary depending on the targeted field and the required information. The sector is a massive one, so you will be seeing cash flowing into your purse right away.
To get started, identify your target audience and choose a topic that relates to the service you plan to offer. After finishing the research, the content outline, and the writing and editing stuff, you can design your Ebook and publish it using different platforms such as PDF, AZW, and IBA or self-publishing sites like Amazon, Barnes and Noble Press, and iBooks. In case you want to publish it on multiple platforms, you should use aggregators such as Bookbaby, PublishDrive, and SmashWords.
5. Create an app
A mobile application or app is a software application that is programmed to run on different mediums such as phones, tablets, and computers.
Creating an app is the best way to improve brand visibility, speed, and quality of interactions with your users. It is classified as native, web-based, and hybrid apps. Native refers to all apps targeted towards a particular mobile platform, web-based is a web application that runs on a browser, and hybrid is the combination of these two.
From defining the idea of the app, through research and design, you will get to the destination to publish your app. With this tool, you can make an income that rewards your dedication.
6. Create a YouTube channel
There is a massive opportunity in the world of YouTube where you will be able to generate cash by creating a YouTube channel. Using a computer’s web camera and microphone, you can start shooting your first video.
Other than getting revenue, you will get the chance to make sponsored videos for companies that need advertising.
The most important thing is creating content that will take control of the market and grow your audience. Knowing what goes viral on the web and making sure you publish your video at the best time. In addition to this, don’t forget to promote your channel on different social media platforms.
7. Sell photography
As they say, the best photograph is the one that makes someone reminisce, induces feelings, tells a story, and captures a moment exclusively.
There are lots of companies in the world searching for photos to help them in the marketing sector, so selling this artistic work is one of the options to generate passive income online. You can also dedicate yourself to the field of photography to understand what type of work your audience or clients need.
Among the best sites where you can sell photos online are Getty Images, Etsy, Adobe Stock, Shutterstock, and 500px. Note that you can earn a minimum of $150 for a single picture.
8. Print on demand
Print on demand or the abbreviation POD is a printing technology in which products are printed in single or large quantities only after a company or a customer sets an order. It is an online business that is also similar to the drop-shipping model, where the products and delivery are all handled by a third party.
Sometimes POD is also called white label drop shipping because all the products are delivered when the client places an order.
The products include T-shirts, Mugs, Phone cases, and Tote bags. The next process is finding POD sites where you can put your digital products for sale, like Printify, Zazzle, Gooten, and Redbubble.
9. Stock investment
Let’s begin by defining what stock means. Stock, also described as equity, is a type of security that represents a share in the ownership of a company that involves a claim on the company’s assets and earnings.
Stocks invite investors to gain potential for growth over a long period. They are usually sold and bought on the stock exchange. Common stock, preferred stock, and growth stock are the main types of stock.
To invest, the first step is to open a brokerage account through brokerage firms such as Fidelity Investment, Robinhood, Charles Schwab, and Ally Invest to access investment in the market. Then, you can start investing at the price of a single share of stock.
10. Social media Influencer
Nowadays, many companies are using influencers to grow their markets and promote products or services to their audience. A social media influencer is a person with a large number of followers or audiences on their social media sites.
As an influencer, you will inform your followers about the new or modified products and any updates about the company. Moreover, you will also share your content in the form of recommendations or information on social media to reach the desired audience.
These people make money with sponsored promotions even though the payment varies based on popularity or the number of followers they still have.
From creating a course and starting a blog to creating a mobile application, we have seen different ways that can help you earn passive income. Select one of the above and make your finances secure with minimal effort and time. Good luck!