In a generation where every penny counts, gaining extra cash for the piggy bank can come in handy.
Hearing the term ‘Passive Income’ can be mind-boggling at first. For starters, passive income is an individual’s money that keeps growing even without actively participating in growing the money. Passive income includes Dividend Stocks, Rental Properties, Annuities and more.
Knowing that people can earn even without even exchanging their time can be promising, but it will still require a significant amount of time and effort to obtain a consistent and high-earning passive income.
There are 5 ideal ways on how one can earn passive income and these are:
1. WRITE AN EBOOK
Writing an ebook can be an ideal way to earn a significant amount of passive income.
Some might say writing a book is doable, but in reality, it is not as easy as it seems. This is especially true since not all people have the needed writing skills in order to produce an informative and cohesively written book. It is true that writing is not an easy job, but it really pays off once every single detail is carefully tied together.
The advantage of writing an ebook is there are thousands of topics to choose from. One of the most popular and common types of ebooks are self-help books. It is important to find credible editors and websites that can aid in the creation and publishing of the book online. Once the finalized book is made available on most online ebook stores, it opens the opportunity of earning a monthly cheque even after the main task, which is writing the book, has already been completed.
Another advantage of making an ebook is that writers can earn royalties to publishers to whom the ebook was sold. Every time the ebook is purchased from the publisher, they will earn a significant percentage of each sale made. Take note that as the book rises in popularity, royalties can be substantial and could cash could continuously be flowing on a long term basis.
2. BE AN ONLINE RESELLER
With the rise of eCommerce in the industry, online shops with drop shipping are slowly becoming the norm.
Having in-depth knowledge about a certain product can be a great way to get started with selling the item to an established and well-known eCommerce website. When selling items online, entrepreneurs can either create their own, unique product or simply become resellers of a particular service or product.
Here’s how it usually works for people who wish to put up a business online:
(1) Set up an online shop or website that offers products from a particular manufacturer.
(2) Entice customers to visit the site and order an item.
(3) The website’s system will then send out purchase information to the specific manufacturer.
(4) The manufacturer then settles everything and ships the item directly to the customer.
Another awesome perk of online selling from this type of business is that, as a reseller, the responsibility of handling the inventory is not in the online seller’s hands. This helps online sellers focus more on enhancing and marketing their products on various social media platforms and eCommerce websites.
3. CREATE AN ONLINE COURSE
This type of passive income is ideal for people who are adept, knowledgeable or well-experienced in a particular field. For instance, a person is greatly experienced in providing viable advice on how to grow a business, then they can create an online course that delves around the topic of opening and maintaining a business.
Online courses save people from the hassle of making physical appointments or symposiums. It also eliminates problems involving distance and location. Interested attendees can simply attend and finish the course even at the comforts of their home.
Creating an online course can be done in numerous ways and the person’s knowledge and experiences will be the only limitation when it comes to the contents of the course. A variation of online learning materials, such as video lessons, ebooks, podcasts and timely informative interviews from experts can be included in order to make the course enticing and helpful for its intended audience.
In addition to this, setting up a price point has never been so flexible. Packages with varying price ranges can be offered, depending on the content of each course. Another good tactic when charging for online courses is to offer packages with the highest price point followed by packages with lower price points. Doing so helps vary the options for students or audiences. It is likewise effective in ensuring that online course providers are able to earn the highest possible volume of purchase and income.
4. UPLOAD VIDEOS ON YOUTUBE
Youtube is one of the leading sources of passive income in the digital age. Each day, regular YouTubers are making money simply by uploading videos on this platform.
How can one make money on Youtube?
Before starting a YouTube channel, it is important to choose a niche that the channel will focus on. There are currently millions of YouTubers being followed by people worldwide, and that’s why it is necessary to choose a topic that one is passionate about. Product reviews, how-to’s, reaction videos and even vlogs (video blogs) are among the types of video content that effectively gauge audience attention.
The next key to becoming a successful Youtuber is to establish a base. The base consists of a mass volume of subscribers and viewers.
Here’s how it works:
(1) YouTuber uploads a video on youtube. Preferably, the content should be relevant to the most recent trends on social media, current events, or on the particular niche or topic that the channel will be focusing on.
(2) A user watches the uploaded videos. Once a YouTuber gains more traction through the aid of sponsors, it is also possible to gain higher profit by incorporating ads or personally promoting certain products and services in the video’s overall content.
(3) After gaining the minimum amount of views required by YouTube, then that’s when passive income starts to come in.
A word of caution, though. The number of subscribers and views must be consistently high, otherwise, fluctuations in audience engagement can also affect the earnings gained from posting YouTube videos.
Running one’s own business can be too time-consuming. One might assume working hard is enough. However, the truth is working smart exceeds hard work.
This is where outsourcing enters the picture.
Outsourcing one’s business may require giving up the full grasp of one’s business but it likewise provides tons of free time to focus on other activities. The best thing about outsourcing is that it helps boost the company’s branding all while unlocking an enormous amount of income.
Hiring employees is not an issue. Consider hiring freelancers to work as contractual laborers. This way, maintenance costs are lessened and covering for employee benefits will no longer be the outsourcing company’s responsibility. When hiring freelancers, choose those with strong work ethics along with those who are able to provide the quality services that the business needs.
For those interested in pursuing outsourcing as a full-time source of passive income, here is a list of services that pair well with outsourcing:
Who would have thought that passive income can be made more attainable in this day and age? Business owners can transform their current businesses into a viable provider of passive income. Mix the aforementioned options with resourcefulness and a keen eye for creativity and efficiency, and even startup owners can reshape their business into a passive moneymaker.
Apart from the aforementioned ways in this article, there are still tons of other ways to generate passive income. So if you are getting tired of using the good old ways of making money. It is best to practice several strategies to generate money while you sit on your couch watching TV. Do you agree with our list? Send us your thoughts and don’t forget to check out our Official Website!