Passive income is the dream of many people. I always wondered if there is a way to automate an online business to spend more time with our families, see our friends, maybe start learning a new skill. In this guide, I will share with you the best passive income streams for beginners.
The misconception of passive income
Passive income refers to methods that allow you to put up-front efforts but with minimal long-term maintenance. To summarize is a business activity that doesn’t require much effort or physical presence to earn money.
Some examples can be a blog, renting a property, or developing an online tool like w-seotools, these businesses may be hard to start, but they will reward in the long term.
Even if you already have a job, passive income can be a great idea to generate extra cash. Additionally, you will have a secure income to back you up if you lose your daily job.
What is the best passive income to earn money while you’re sleeping?
Best passive income streams: Use evergreen content strategy
Have you ever heard about evergreen? It is a term widely used in dropshipping and many other online businesses. It refers to picking up a product or a niche that fits a wide range of audiences, just like a fishing net to capture as much fish as possible instead of using a fishing pole.
Monetization income stream
Now, this is by far the most popular method to make money online, which is monetizing your content; indeed, writers can monetize their content with Google AdSense or affiliate links.
Youtube is another excellent resource to generate income. Most YouTubers make money from their videos with AdSense and affiliate links. These methods require a bit of time to start generating consistent revenue.
Develop A Website Tool
This way is one of my favorites because you just need to publish an online tool like w-seotools, a free digital marketing tool.
By publishing this website, I can promote services like semrush or convertkit using this method together with Google AdSense, which will allow you to get paid per click. What if you are not a web developer? The straight answer is, you don’t need to be! You can easily buy a fully ready-made website from codecanyon or flippa. All you will need to do is publish the website and start promoting it.
Affiliate Marketing: Best method to start earning money
Affiliate marketing is one of the most popular methods to start earning money online. Simply apply to an affiliate program, create high-quality content and promote the service to your audience. The most efficient way to promote it is through articles or video tutorials.
Buy and sell domains
Some domains are cheap, while others may be expensive due to high demand. For example, a year ago, I purchased a domain name for $3.99, and now this domain is worth it $500! not bad, uh? so if you want to try to sell domains, you can check sites like Namecheap, GoDaddy, and start selling your domain names right away!
Purchase websites with traffic
If you don’t want to spend time and effort creating a blog, creating content, and optimizing for SEO, then flippa may be the solution. With flippa, you can purchase full websites with traffic on them. There are plenty of excellent websites with quality content that can avoid hard work.
Now to buy a website with traffic, obviously, you need a budget. The more traffic that website has, the more expensive and so on. And if you have a consistent budget, you can outsource the website management to someone and truly have a passive income.
Sell profitable digital products
A digital product is an asset that can be sold repeatedly online. The beauty of this business model is that it doesn’t require any inventory or shipping costs.
Selling digital products has many advantages such as:
- No inventory required
- High-profit margins
- Automate the selling process
The majority of digital products that people sell nowadays are e-books, articles, websites, graphics, SAAS (software as a service)
Start A Youtube Channel
Starting a youtube channel is an excellent idea if you enjoy creating videos because it can drive organic traffic to your blog or e-commerce store. According to similarweb, Youtube gets 36 billion monthly visits, making it one of the top traffic sources.
This passive income source is one of the top among young entrepreneurs. If you are new to dropshipping, in short, it is a business model that allows you to sell products that you don’t keep in your store. When a dropshipping store sells a product, it will purchase it from a retailer primarily based in China.
Create Online Courses
If you are knowledgeable about a specific niche, like email marketing, then you can offer courses. Online education is becoming popular every day. Take advantage of this opportunity using platforms like Udemy, Skillshare, or Coursera with an established audience. This way you’ll be able to sell your online courses faster!
Rent A Friend
Are you surprised about this service? I was. Surprisingly this is a service that will help you find a friend and rent it. Who doesn’t like good company, right? You can make approximately $50/h by accompanying somebody to social events.
To Sum Up
Passive income is the best way to earn extra cash, but it requires much upfront work to maintain and stabilize this income stream. However, they can increase freedom and financial security. Do you already have a passive income stream? let me know in the comments below.