Nowadays, everyone needs to learn tips on passive income other than a regular day job. There’s no telling when you will be unemployed, and having another stream of income on the side can help pay some bills and make ends meet. If you’re still at a loss on how you can start earning extra money, here are our 11 proven passive income tips that you should try.
What is a Passive Income?
A passive income is monies that you earn that does not require much effort for you to maintain. It is also defined as making money while you sleep. A good passive income may take time to build, but all the hard work pays off when money starts rolling in. It is also recommended to create multiple sources of passive income to have better financial security.
My 11 Tips on ways to make Passive Income
1. Start a Blog and Monetize it
Yes, blogging is still a good source of passive income when it is monetized properly. You can sign up with Google Adsense and start placing ads on your website pages. But placing ads is not enough to monetize your blog. You need to create quality and informative content that your audience will find relevant and helpful.
Knowing some SEO and marketing strategies can help drive traffic to your website, which in turn can help increase your revenue. Utilize the tools that can help your website get higher ranks in search engines. For example, using a keyword search tool such as Jaaxy allows you to identify the most searched keywords and use them for your next blog topics. In this way, you get a better chance of ranking higher in search results.
2. Get into Affiliate Marketing
If you’re already running a blog website and some good traffic is coming in, try to get into affiliate marketing. This is one of the passive income ways that does not need any money investment except for your time.
Search for companies that offer affiliate programs and pay good commissions online. Choose a brand with products related to your blog’s niche and apply it to its affiliate program. When you’re approved, you can now use the affiliate links on your posts and earn commissions each time someone uses your link and purchases the product.
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3. Buy and Sell Websites
Buying websites and then selling them could be your thing. This is similar to real estate buy and sell. You purchase a property, renovate it to increase its value, and then sell it at a higher price. You’ll be surprised how many website owners sell their websites today.
You will find out that some of these websites already have a following and earn a lucrative monthly revenue. You can also find eCommerce websites, apps, Shopify stores, domains, dropshipping businesses, and many others for sale.
4. Sell digital products
You can make and sell several digital products, such as eBooks, online courses, audiobooks, tutorials, training materials, and so on. If you have a good knack for writing, this could be your way of earning a passive income and then selling them on your website, on marketplaces, academic platforms, etc.
If you’re not an expert in any field, you can always hunt for information online and create an eBook about your research. Find the niche that you will be passionate about. It doesn’t always have to be an educational or informative niche; you can also write about short stories or novels if you’re into that type of writing.
5. Try Amazon FBA
More than ever, fulfillment by Amazon or FBA remains a profitable source of passive income and will continue to grow even more in the years to come. You don’t need proof to verify this; Amazon packages are everywhere. They ship 2.5 billion packages in the US alone and billions more overseas. You can sell your products, do online arbitrage, retail arbitrage, wholesale, or sell other people’s products under your brand.
6. Build a Dropshipping business
Dropshipping remains a good source of passive income, especially now that online shopping is a booming business, and it looks like it will stay that way for a long time. With drop shipping, you can start with almost no capital, no need for inventory, and no product shipping. But you need to find a good wholesaler with the products you would like to sell on your website. When a customer purchased your product, you forward the order to the wholesaler, pay the wholesale price, and ship it to the customer. You will earn from the difference between the price you set and the wholesale price of the product.
7. Start Podcasting
If you’re someone who loves to share your opinions about recent events, and news or talk about celebrities, how about starting a podcast? When listeners find value in your podcast channel, you can grow your listeners rapidly and may start to get paid sponsorships. You can also insert some ads with each podcast episode. You can also do affiliate marketing which can also be another stream of passive income for you.
8. Become a YouTuber
You might think that it is too late to become a YouTuber; that’s not true at all. According to recent statistics, people watch YouTube videos an average of one billion hours per day. This means if you start today, you will still gain some viewers or subscribers, depending on your content.
Once you hit a thousand subscribers, you can earn from the number of views and view ads on your videos. If you’re already running a business, you can also use this platform as a marketing tool to reach out to more customers, and increase your sales, and other streams of income.
9. Invest in stocks
Some people may be hesitant to invest money in stocks due to the risks involved, but this is a good passive income that you can live off, especially during your retirement. However, you might want to do a little research before buying stocks. Find a good company to put your money on. It’s best to start buying stocks when the market is low. Save a good amount of money, look for dividend-paying stocks and diversify your holdings to reduce the risk of losing all your money.
10. Start a short-term lending business
Another good passive income source is running a short-term lending business. To start with this business, you will need some money to lend to other people as your initial capital. Then you get paid either in installments or in full, which already includes interest. But if you’re not ready to start your own business, you can register to peer-to-peer lending platforms. In this way, the platform will act as the mediator and take care of the payments of payments when the borrowers are late.
11. Rent your property
If you have a house or a spare room, how about having them rented? You can refurbish your property to prep it up for your rental business. You can either advertise it on craigslist or use the Airbnb platform and become an Airbnb host. This is perhaps the easiest way to earn a passive income without shelling out any money at all. You can have your property rented short or long-term and have more freedom in setting a competitive price.
My Final thoughts
It would help if you remembered that your success in generating a residual income would rely on your determination, hard work, and perseverance. It would help if you had a strong motivation to keep doing what you’ve started.
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