Denice R. Preston
You’re earning a steady income from your 9-to-5 job which is great. But in your heart you’ve always longed for more. More money. More freedom. More flexibility. So you decide that it’s time to boost your income.
One of the most effective ways to earn more income with less effort is to establish an income stream that is passive. This article provides 23 ways to earn the passive revenue while still working your full-time job. You can now earn the most you’ve imagined of.
Is passive income a form of money?
Passive income is earned that does not require lots of “active” work to continue earning it. In essence, you could complete the majority of the work up front and then put in a little effort in the process to earn money.
For instance, if you make your own online courses, all you need to do is have to make changes to its content to keep funds flowing.
There’s a reason you’ve heard “make money while you sleep.” This is the main incentive to make passive income.
You can make something (a blog ebook, course videos, or even the creation of an online shop) which generates income even when you’re off work. Also, you can invest in an investment that is passive in income (property and stocks) which allow you to earn income passively. (We’ll provide more methods to earn this kind of money in the near future).
Active income is different from. passive income Which is the best option to me?
In the theory of things, all your income sources have the same weight. However, when it comes down to getting financial freedom passive income can leave active income out in the cold.
The reason is that active income is the amount of money that comes by all the efforts you’re currently putting into. You must continue working to earn money. If you quit, you don’t get paid. Your time is literally equivalent to money.
You then have an income that is passive. A source of income that doesn’t require you to be active. It continues to come into your account for decades and years. If you’re hoping to create a life in which you’re financially independent, it may be a better idea to concentrate in passive sources of income.
Keep in mind that while you may be able to create a passive income stream by investing a little but you’re not making less of a commitment as those who invest their time. Making passive income similar to that earned through active work requires a significant amount of work in the beginning.
Start with a dropshipping shop
Dropshipping is among the most lucrative streams of income that is passive. Dropshipping allows you to discover popular items on marketplaces such as AliExpress for sale to customers across the world. You can stock the shelves of your store products from different niches of dropshipping like fashion, home decor or beauty.
The beauty of dropshipping can be found in the fact that it lets you develop your own company and choose the amount you’ll charge for your products. In reality, out of all the passive income options that are on this list Dropshipping is the one that gives you more control on your profit margins.
You are able to join Shopify to begin droppingshipping right now. After you have created an online store, you can install any of the Dropshipping software to discover high-quality products that you can sell.
NOTE: A close alternative to a dropshipping shop–but with a greater involvement in the selection of products and quality control–is to buy wholesale items for your site. Through a wholesale marketplace, you can network with US-based local suppliers buy products at wholesale costs, and sell them to your customer base. You can also use dropshipping by locating wholesalers who are willing to ship products direct to customers.
Create and market the blog
Another well-known passive income source comes from blogging. Blogging has enabled countless entrepreneurs to earn passively by utilizing affiliate hyperlinks and courses sponsored posts, product and book deals, among others.
It will require some initial effort to create a blog that is successful. But, it’s also one of the best methods of generating an audience by utilizing social and organic traffic, or creating an email database. The most significant benefit of owning a blog is the possibility of turning that one asset into a variety of sources of income.
If you’re looking for a simple passive income idea, blogging could be the ideal choice for you.
Desirae Odjick, the founder Half Banked, the blog’s founder Half Banked describes “I created my blog in order to make discussing personal finance more palatable and as a result the process, I like to share lots of my personal experiences. The blog often featured shout-outs to the tools I used and found to be useful and it was natural to add affiliate links once I joined these companies’ affiliate programs.
“Now I’ve been writing about personal finance for nearly the past four years in my website, these hyperlinks consistently bring in 4 figures per month, when people read my blog and begin to put their finances in order. I am thrilled to recommend these links, as I personally utilize all of my products that I affiliate with. It’s an excellent option to earn passive income to your company even in the absence of other passive products to offer … at present!”
Make and market online course
If you’re a specialist in a particular field or subject selling online courses can be a good source of passive income for you. You can sell them via your own website or on online platforms for learning like Udemy and Udemy, you’ll meet a wide range of customers who will pay for access to your courses.
Of course, it’s easier when you sell your course through platforms like Udemy however, your course could be discounted in certain times of the year. This could affect the amount of the passive income you make. Selling on your own website allows you the ability to set your own prices and therefore you don’t need to reduce your profit margins simply because other sellers are selling at a the lowest price.
Sumit Bansal, founder of TrumpExcel declares, “I started a blog about Excel spreadsheets in 2013. I started it because I was learning more on spreadsheets. I thought this could be a good idea to communicate my knowledge with other people. The site began to gain traction within two years, and it was receiving more than 100,000 page views per month. I decided to make an online course and test whether it would work as it was. I earned a decent extra income for a few months before deciding to take on the full-time job and start launching new courses. Since since then, the blog has seen a significant increase in traffic and I’ve been featured on a variety of prestigious websites and magazines like Problogger, YourStory, GlassDoor, CEO Magazine, etc.”
