Before starting our point we need to know what is passive income actually ? You probably heard a quote ” Make money while you sleep ” . It doesn’t means you need to do any work . Passive income is actually a way of earning by minimal effort. Lets break it down …..
What is Passive Income ?
Passive income is the money you earn while you are doing others active works also. You don’t need upfront lots of work to do, lots of effort to keep it running. Lets assume you are good at making videos,have learners and also a good trainer at particular area. Then you can make a video courses on your expertise area.
Hence you make videos give some efforts to make it and publish it on any platform or your own. That’s is your assets. Now you will just update the course and make money from it. Yes obviously sometimes you will have to give support to your students. This is one of passive way to earn money .
You can also earn money by writing blog, podcast ,YouTube videos, ebooks , online store etc to generates money while you are not working .
You can also make passive investment like as property to make money passively .
5 solid passive income ideas
If you are going to create passive income stream then figure out these 5 solid ideas to start ,learn about it and do what it takes to make it successful. Also know the risk associated with these idea.
1. Create a online course
One Of the most popular idea is to create audio and videos and sell them online.
There’s are some popular sites like as udemy ,skillshare ,coursera and lots more of them are providing to sell your skill on their platform and make a handsome revenue on that.
Opportunity:
You can put some efforts on making videos, topic researche and make excellent course on niche topic to sell them online.
Risk :
As there’s many competitor so you have to face some challenge and have to produce something unique and useful also. Have to know your audience and the marketplace also.
2. Start a drop shipping store
Drop shipping is one of most profitable passive income stream you will find online.
Dropshipping is a business platform where you don’t need to keep any inventory .You create your website , you advertise your oroducts for sale and customer buys product from you.
You are actually work as middleman between the manufacturer and the customer. The price may differ from the actual manufacturer.
Dropshipping is one of business model where the only upfornt investment is to create online store. You won’t have to buy products you sell . You also have to make sure the site reach to your customers.
Running this business, its require some knowledge about operating website online, how the dropshipping actually works, How to generate income and way to attract customers to produce more sales.
Risk : You have to choose right platform to start, have to make decision on which products you want to sell and profitable also. There also have a risk factor to choose genuine shop and products that’s may keep your customers in long run.
3. Find a Niche and Start a Blog
One way to make money online is by starting your own blog on specific niche . Even If you’re a beginner,you can start it from scratch.
Opportunity : The income potential for blogging is limitless, but realistically, it can be much challenging to make significant money as a blogger. You can run ads on your sites, make affiliation of products in your sites and also sell services through your site.
A popular way to monetize your blog sites with GOOGLE AD SENSE. Which allows you to place advertisements in your site, like image, text, link banner ads throughout the page in order to people to click them .
Some popular niches to blog :
- Travel
- Health AND FITNESS
- Crafts and DIY
- Tech
- Domain Hosting
- Web design
- Finance and money
- Parenting
- Political and News
You can choose any niche and sub niche to start and make sure you provides values to the reader.
Risk : It may take some times to generate money from it. You also need some knowledge on writing article , running website and also important one is to learn about Search Engine Optimization (SEO) to make your site to reach the potential readers.
4. Make Money with Affiliate Marketing
Affiliate marketing is one of profitable and demanding area to make passive income stream online.
You earn a partial commissions by promoting someone else’s product . You may do this by telling your audience about it in YouTube videos, in a blog post, on social media platform, or through email marketing.
With more research you can find more companies to promote their product and partner up them .
You can also start your affiliation by signing up for any or all of these affiliate networks:
5. Create a YouTube Channel
A potential way to start passive income by creating a YouTube channel as a beginner . YouTube offers different monetization strategies, including Adsense, you earn a portion of ad revenue .
Find a popular niche and become an expert on that topic .Start creating videos and publish on YouTube ,its free. You can also start a channel if you are already good at something to do and make videos.
You can use ads or sponsors to generate income or affiliate marketing. You earn commissions when people buy a product or service you recommend on videos.
Risk : Creating a successful channel is quite challenging to grow. You need to produce regular content and make sure videos are high quality and engaging for target audience .
Wrapping up :
We just cover up some ideas to you. There are lots more to generate passive income stream. We may cover up later. Are you ready to build you online passive income stream? Let us know what you are thinking….
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