6 Practical Passive Income Ideas That You Can Do to Enjoy Consistent Revenue
As we become more involved in the “adulting” world, which is full of financial responsibilities, we realize how important passive income is in our journey to financial freedom.
2020’s pandemic further magnified in people’s minds the need to really find a way to have at least one passive income stream to support any financial losses that any future crisis might bring.
Nobody would say no to an opportunity to continuously earn after the work is done. Earning money while you sleep is the true beauty of having a passive income.
However, it doesn’t mean you don’t need to make a single effort at all. A successful passive income stream is the result of an upfront investment of effort, time, and research.
Here are six real, smart passive income ideas you can get into online to enjoy consistent revenue over time.
- Create An Online Course
Online courses have gained so much popularity over the last years. You get to do these three things when you create one: share your expertise, educate a certain niche audience, and generate passive income.
You need to be dedicated for this to really take off. There’s going to be a lot of preparations in the beginning, from your lessons to video editing, but when done right you can really grow this into a reputable business in the long run by branching out to different niches.
- Make and Sell an E-Book
Like creating an online course, your biggest resource for creating an e-book is your expertise. As long as you leave your e-book online for people to find it there’s a chance for you to earn.
Choose a topic, write an e-book (or you could hire someone else to write it for you), finalize it, create a great cover, and find the perfect publishing platform.
- Get Into Stock Photography
Your photographs might just be your next passive income opportunity. All you need is a camera and you can start immediately.
Build your photo portfolio and upload them on stock photograph websites like dreamstime.com, fotolia.com, and shutterstock.com that let you sell the rights to your photos to people or businesses who want to use them.
A single photo can be sold more than once so revenue continues without the need for you to reupload it.
- Do Affiliate Marketing
If you’re unfamiliar about affiliate marketing, think of it as being the bridge between your audience and brands you think they need. You find a product or service, promote it to your audience, and you earn a commission for each sale made.
The best ways you can do affiliate marketing are by posting or sharing your special affiliate link on your blog, website, or email lists.
- Start Making Your Own Blog
Blogging is a really popular source of passive income. The main goal of your blog is to gain traffic and followers, so be dedicated to start one and make it interesting so that people will take notice.
A blog that has lots of followers is very valuable. You can sell items or post affiliate marketing links on your blog that can lead to potential sales.
A great tip is to be active — the more content you release, the more people you get to influence and attract.
- Create an App
If you already have the technical skills or you’re willing to learn the skills to make an app, then this is a great opportunity for you to earn!
You can make money with your app by:
- Showing some advertisements
- Selling a subscription with a fee
- Letting your users upgrade to a premium version for a price
This may not be for everybody (because of the technical skillset) but it’s definitely worth considering.
The next important thing you have to do to succeed in creating a passive income is to actually START.
When you nurture your passive income streams from the getgo and really make an effort to grow them, they’ll eventually bloom and help increase your earnings on their own.
There’s no better time than now to work on your financial goals.
If not now, then when?