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.
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.
It takes some work upfront to create an info product, but once it’s published, it creates a passive income as people buy it. If you put out a number of info products, you can earn a significant income.
Affiliate marketing involves selling the products of other vendors online. You sign up on an affiliate network and choose products that would offer value to your audience, and then promote them for a generous commission.
Create a podcast where you discuss topics of interest to your audience and interview experts in your niche. There are several ways to monetize a podcast including selling your own products, promoting affiliate products, selling advertising spots, or offering premium episodes.
Create an App
Is there some everyday problem your audience faces that a handy app would help? Once you finish the work of creating an app and working out the bugs, you can sell it for a passive income. If you’re not a programmer, create the plan and design for your app and you can hire a programmer to realize it for you.
With dropshipping, you can create an ecommerce store to sell products in your niche. 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 out the product directly to your customers.
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 that you create the course once, then make it available for anyone to take online at any time. There are many platforms available to sell your courses on, and they’re only growing in popularity.
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 an image there, you’ll get paid each time someone buys it.
Every type of passive income is different, but they all work in basically the same way. It takes a bit of work to plan and set up, but once you’re up and running, you’ll earn automatically with little or no effort whatsoever.
About The Author
Pat Simes is a Business Strategist, blogger and Founder of Innovative Business Solutions and Innovate Academy. She currently resides in the Midwest and is committed to inspiring and empowering entrepreneurs to transform their vision to reality.