Whether you have an existing business, you’re interested in starting an online business as an entrepreneur, or you are just seeking a way to make some supplemental cash, passive income streams are one option.
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.
1. Sell Information Products
Information products are digital products such as eBooks and reports that you can 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 several info products, you can appeal to a wider audience and multiply your income streams.
2. Affiliate Marketing
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.
You need to be mindful of your cost of sale versus income, so be sure to select affiliate products which are a good fit for your existing audience.
Create a podcast where you discuss topics of interest to your audience and interview experts in your niche.
There are several ways to monetise a podcast.
You can sell your own products, promote affiliate products, sell advertising spots, or offer premium episodes.
A new way to monetise is through audience subscription using services like Patreon.
Creating a regular podcast still requires continued effort, but you will earn income on past episodes as your audience grows.
4. 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 make it for you.
With dropshipping, you can create an ecommerce store to sell products in your niche.
What makes dropshipping convenient is that you don’t need to hold and manage stock.
Not having to handle stock eliminates significant overhead cost.
When orders are placed, the supplier ships out the product directly to your customers.
6. 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 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.
7. 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 buy, download, and use them.
Once you post an image there, you’ll get paid each time someone buys it.
Endless Passive Income Possibilities
Every type of passive income is different, but they all work in the same basic way.
It takes a bit of work to plan and set up, but once you’re up and running, you’ll continue to earn income with little or no ongoing effort.
I have listed the top 7 above, but there are many more ways to generate passive income streams.
You just have to look for trends and be creative.