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 continue to make money automatically.
As the word “passive” suggests, this income continues to flow without you 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, Newsletters and reports.
Thanks to the internet you can easily create and distribute these products online.
ePublications offer tips and help, teaching a buyer how to solve various problems they face.
It takes some work upfront to create an information product.
But once your eBook published, it creates a passive income as people continue to buy it.
If you create multiple information products, you can earn a significant income.
2. Affiliate Marketing
Affiliate marketing involves selling the products of other vendors online.
You sign up to an affiliate network and choose products that would offer value to your audience.
You then promote these products to your audience for a generous commission.
Today it is very simple to create a podcast in which you discuss topics of interest to your audience.
One of the easiest ways to create interesting episodes is to interview experts in your niche.
There are several ways to generate income from a podcast.
You can use it to sell your own products or promoting affiliate products. When you have gained a good size audience you can also sell advertising spots.
Lastly, you can offer premium paid episodes to listeners via services like Patreon.
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 via Fiverr or Upwork to create 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 someone places an order, the supplier ships the product directly to your customer.
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.
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.