Whether you’re interested in starting an online business as an entrepreneur or just finding a way to make some supplemental cash, passive income streams are the way to go. A passive income stream is something where you set it up once, and then you make money automatically afterward without doing much, if any, additional work.
There are many ways you can earn in this way. Here are the most popular and easiest methods of earning a passive income.
7 Passive Income Streams
Sell Information Products
Affiliate Marketing
Podcasting
Create an App
Dropshipping
Online Courses
Stock Content
Sell Information Products
Information products are digital products such as eBooks and reports that you can easily create and distribute online. They offer tips and help, teaching the buyer how to solve various problems they face.
Creating an info product takes some work upfront, but once published, it makes a passive income as people buy it. You can earn a significant income if you put out several info products.
Affiliate Marketing
Affiliate marketing involves selling the products of other vendors online. You sign up on an affiliate network, choose products that would offer value to your audience, and then promote them for a generous commission.
Podcasting
Create a podcast where you discuss topics of interest to your audience and interview experts in your niche. Several ways to monetize a podcast include selling your products, promoting affiliate products, selling advertising spots, or offering premium episodes.
Read our blogs 10 Mistakes to Avoid When Starting a Podcast and Unleashing Your Voice: Why Starting a Podcast Today is a Game-Changer.
Create an App
Is there some everyday problem your audience faces that a handy app would help? Once you finish creating an app and fixing the bugs, you can sell it for a passive income. If you’re not a programmer, make the plan and design for your app, and you can hire a programmer to make it for you.
Dropshipping
You can create an e-commerce store to sell products in your niche with dropshipping. What makes it convenient is that you don’t need to hold and manage stock, which eliminates any overhead cost. When orders are placed, the supplier ships the product directly to your customers.
Online Courses
Create an online course teaching something you know how to do that most people don’t. It can be anything from playing guitar to setting up an online business, getting started doing yoga or higher mathematics. The key is creating the course once and making it available for anyone to take online at any time. Many platforms are available to sell your courses, and they’re only growing in popularity.
Stock Content
If you like photography, you can put your photos on stock image websites like Shutterstock. You can decide how much you earn per image, and businesses will purchase, download, and use them. Once you post a photo there, you’ll get paid each time someone buys it.
Every type of passive income is different, but they all work similarly. It takes some work to plan and set up, but once you’re up and running, you’ll earn automatically with little or no effort.
Looking for more business tips or learn how to expand your business and get in front of your target audience? Visit our Beginners Business Basics online school, which is full of courses to get you on the path toward success!
Comments