Wouldn’t it be great if you could earn money even when you’re sleeping?
This is exactly what having a passive income means.
It requires some effort, in the beginning, to get the ball rolling, but once you set up this revenue stream, it starts generating income without you having to intervene.
So, what are these methods, and how can you implement them?
Let’s take a look.
Tip #1: Start a print on demand business
If you have an eye for design, you should consider building a print on demand business. With this kind of service, you create and upload a design while the company takes care of taking orders and fulfilling them. Some of these services are geared towards one platform over the other. You can find some that are the best print on demand for etsy while others can be integrated with Shopify sites.
The best part about the print on demand model is that there is very little overhead, and you do not have to stock inventory, making it a good side hustle.
Tip #2: Set up an ecommerce store
16.1% of global retail sales came from ecommerce in 2020. This suggests you should try the ecommerce route.
Even if you don’t have your own products to sell, you can always set up an ecommerce store that curates your favorite products and have people make a purchase from there.
There are several people that do this with Etsy or Amazon and list out all their best finds that people can easily purchase.
You can also use dropshipping to sell the product, or if you can establish demand, order products beforehand that you would like to sell and mark up the price to make a bigger profit.
Tip #3: Try crowdfunded real estate
Investing in real estate requires a huge leap of faith. You may not know how or where to invest, and it can take a long time to understand the nuances. Instead of the traditional path, try crowdfunded real estate investing.
You invest a small sum, and professional real estate investors invest it on your behalf. This allows you to minimize your risk while maximizing your returns.
Tip #4: Buy and sell websites
Now, this may require a bit of research and effort, but it can pay off. Buy unused domains or domain names that you think might be useful and list them all for sale. When an interested party wants to make a purchase, you can negotiate and get a great price for the domain.
Tip #5: Write and sell an eBook
Do you have expertise in a niche topic? Then you can create an eBook. eBooks are a good way to showcase your expertise with actionable insights. Price the eBook right, and it will fly off the shelves. Most eBooks are sold on Amazon, so you can try their self-publishing portal.
Tip #6: Run ads on your YouTube channel
If you have a YouTube channel, consider running ads. If your content meets YouTube’s ad guidelines, you can generate passive income from all your content. In fact, YouTube is making moves to now make ads shoppable as well. However, you should know that based on the country, the amount you make from ads may differ, so be sure to check that out.
Tip #7: Try affiliate marketing
If you have a blog with sizable traffic, you can become an affiliate. Try to join affiliate programs that are most relevant to your industry. This will also be useful to your readers and ensure more people click on the link. When a successful purchase is made, you will earn a commission.
Tip #8: Become a coach
Offering 1:1 mentoring, building a community, or becoming a coach is definitely an intensive process, but you can always create a process around it to minimize ongoing efforts.
You can also offer passive coaching if you create an app or video lessons for your clients to follow. Again, you might need resources or savings to set this up, but once this is done, you can create a good stream of passive income.
Tip #9: Sell leads
If you are generating more leads than you know what to do with, you can sell leads to other companies. This is a niche idea but can work well for some industries. For instance, if you have a website about insurance, you can sell those leads to insurance companies.
You will have to be upfront about the data you collect, given all the privacy issues, but if you create great content, people will be willing to offer their details.
All in all
There are several ways to generate a passive income. Some are more creative than others, and some require a bigger investment upfront. Figure out what works for you and the kind of time and money you are looking to invest, and you will be on your way to generating a steady stream of passive income.
