Passive income can help you make extra side cash and meet your money goals when done right. The best part is that you put in the work once and enjoy making money while you sleep.
Whether you are a freelancer or have a 9-5 job, earning side cash is something that needs to top your list of priorities. It will help you save, reach your financial goals, ensure you have something to fall back on in case you lose your job, and keep you earning as much as you desire.
Use these tips to come up with effective passive income ideas to secure your future.
You can choose one and focus on it or go with as many as you want.
Let’s dive in!
1. Affiliate Marketing
Affiliate marketing is one of the most lucrative passive income ideas you can venture into. Countless entrepreneurs invest in it because it’s scalable, easy to execute, and does not require any money to start. You can join any affiliate program and start advertising products or services at no cost.
Convince people to buy particular products or services and earn money. You are paid on commission and earn a certain percentage every time someone uses your referral link to purchase certain goods or whenever someone clicks on your link. Depending on the program and payment method you choose.
Affiliate marketing is a brilliant source of passive income and can help you earn as much as $3000 or more monthly.
If you have a website, simply add affiliate links and start advertising. If you have a decent number of social media followers, use your pages to promote certain products and start earning.
Recommend products or services you’ve used or ones you trust to protect your reputation and build meaningful relations with your audience. Consider your audience, followers, website visitors, or people you advertise to and only promote products they are interested in. This is a great way to get more clicks and increase your chances of success.
Most bloggers earn as much as $10 000 or more monthly from their blogs. You can too! With the right strategy in place, you can easily earn a 6-figure income and never worry about your finances.
Growing your blog takes time and requires a lot of patience. You may have to invest a lot of time before you start to see the desired results but it’s worth it.
To succeed, pick a blogging niche and stick to it. Define your target audience and curate content that meets their needs. The kind that improves their lives in some way and helps them reach personal or professional goals.
Consider your passion, interests, and skills when choosing your niche. For example, what are you good at? What is one thing you can do for free without expecting any kind of reward? And What do you enjoy reading and researching?
Write about topics that interest you and ones you’ll enjoy researching years from now to ensure you continue to produce valuable content and don’t get tired a few years down the line.
Become a thought-leader and build industry authority to increase traffic to your blog and grow your readership.
Come up with an effective content strategy to attract attention, build trust, boost engagement, and grow your audience.
Create valuable content that interests your readers and keeps them excited about reading and sharing your posts.
Build trust and increase traffic to your blog by writing engaging content, sharing the latest industry trends, posting about the latest updates, and creating different content formats. For example, long-form articles, short-form articles, comparison articles, and how-to guides.
Guest blog on authority sites within your niche for credibility and to attract a bigger audience. Doing this makes it easy for people to trust your content and easily buy products or services you recommend once you start monetizing your blog.
Monetize your blog through affiliate links, sponsored posts, or Google AdSense.
Design your blog with WordPress or hire a web designer on Fiverr.
If you don’t have the time to curate content and grow your audience, buy a blog that already has a decent number of followers. Countless people manage blogs they bought elsewhere and have a steady income stream.
So, choose a niche and buy a blog that focuses on content that interests you, has a decent number of followers, and generates desired revenue monthly.
Buy your blog on Flippa, or Sedo.
3. Online Courses
Create an online course and earn as much as you want. The best thing about online courses is that you invest your time and effort into creating them once and reap the benefits repeatedly. You only have to invest an hour or less to update your content once every 6 months or so. Depending on the course content.
If there is something you are knowledgeable in, go ahead and turn it into a course.
Do your research and choose a topic that has a high market demand to attract students and ensure success.
Go to the top online learning platforms like Udemy or Udacity and search for best-selling courses. Focus on courses within your niche and find out how you can curate valuable content that helps students reach a certain goal. For example, if you have great graphic design skills, search for ‘Graphic design courses.’ You will see an exhaustive list of courses within than niche.
Focus on top-selling courses and come up with an effective strategy to create yours. What sort of content does the instructor cover? How many students are enrolled? What are they saying about the course? And how did it benefit them?
Use the information you gather to create a course that adds value to students’ lives and encourages them to tell others about it.
Include exciting offers to enroll more students and start earning. For example, offer massive discounts, helpful resources, and free services to enrolled students.
Create and sell your course with Kajabi, Udemy, Skillshare, Thinkific, or Teachable.
Use social media, online ads, and your business website to promote your course.
Another option is to start an affiliate program and ask website owners to advertise your course on their platforms and get paid on commission.
eBooks are another highly profitable passive income source. You write the book once and make money repeatedly.
Search for on-demand topics, align them with your skills, write a book that people want to read, and start making money.
Consider your audience. Who are you writing for? What sort of information are they searching for? And How do you want them to benefit from your content?
Define your audience and identify their interests to share content they are interested in. The kind that attracts attention and encourages more sales.
Come up with a captivating book title to pique interest and sell more copies. Make sure your title delivers on its promise. Don’t create an eye-catching title for the sake of arousing interest and getting more sales because you will get bad reviews and easily ruin your reputation.
Create and publish your eBook with Amazon Kindle Direct Publishing, Apple Books, Lulu Press, Kobo, or Smashwords.
If writing an eBook seems like too much work or something you don’t enjoy, hire a ghostwriter on Problogger, Fiverr, or Guru. You will have complete rights to your book.
You can also create low content books to speed up the process and boost sales. For example, journals, workbooks, crossword puzzles, coloring books, diaries, planners, word games, and logbooks.
5. Stock Photos
Selling photos online is one of the most profitable ways to earn passive income. If you have great photography skills or enjoy working with the camera, this option is for you.
Take high-quality eye-catching images and sell them on reputable stock photo sites like Shutterstock, Etsy, Adobe Stock, or Pexels.
The best thing about working with these platforms is that they have lots of traffic and people trust them. That means your images will reach thousands if not millions of people daily. You don’t have to market them on your own.
Just focus on taking professional and attention-grabbing photos and let the platforms handle the marketing process for you.
Target website owners or niche bloggers and take images that appeal to them. For example, if you enjoy taking images of some of your best recipes, target food bloggers and help them create interactive content.
You can also target as many people as you like.
The main thing to keep in mind is to take high-quality images that will benefit prospects and help them add a professional touch to their websites, blog articles, or social media posts.
6. Website Templates
Countless people earn as much as 10k yearly from web templates. You can too!
If you have good coding skills or enjoy programming, develop web templates or scripts and sell them on ThemeForest, Themify, or Envato.
Every business needs a website and companies are always looking for an easy, fast, and affordable way to raise brand awareness and grow their businesses. What better way to do it than owning a website?
Design website templates to make it easy for businesses to promote their brands, build a strong online presence, and grow their organizations.
If you have great front-end skills, design HTML templates or CSS templates. If you are more comfortable with backend languages, create scripts, plugins, or contact forms and start selling. Create WordPress themes if you enjoy WordPress and want to speed up the entire process.
You can also brainstorm app ideas and develop your first app. Invest your time and money into the process and enjoy reaping the benefits later on.
Sell your app on the Apple Store or Google Play Store.
Another option is to create a free app and monetize it through ads. The goal is to develop something that people love and find useful. For example, informative apps, educational apps, or games.
Use social media, your business website, blog, or online paid ads to promote your app and get more downloads.
Dropshipping is when you create an eCommerce store and advertise third-party products that you don’t keep in stock. You don’t manufacture the products or see them physically. You simply purchase items from a third-party supplier and ship them directly to customers.
Your supplier handles manufacturing and packaging. All you have to do is promote the products you choose in your store. The most exciting part is that you only pay the supplier when the customer pays so it’s a low-risk investment.
If you invest time into the process and come up with an effective marketing strategy to increase website traffic, you can earn $30 000 or more annually.
To succeed, focus on products that have a high market demand. Search for trending products in your niche and sell them in your online store. For example, if you want to sell men’s wear, find out what’s trending and advertise it on your online store.
Come up with effective pricing strategies to ensure profits and earn solid passive income.
Build your store with WooCommerce, Shopify, or Wix. Hire a web designer if you are not a coder or are concerned about the learning curve.
Optimize your site for SEO to ensure it appears on search engine results pages.
Make sure your store is responsive to give mobile users the best experience, keep site visitors on your pages, and increase your conversion rates.
Check for responsiveness with Browserstack or Screenfly.
8. Real Estate
Investing in real estate is key to earning passive income, making long-term investments, and guaranteeing profits.
Rent out properties or buy and sell buildings. Buy an apartment or house and rent it out to tenants. Keep the house in good condition and renovate it whenever necessary so you can charge more and offer value simultaneously.
Become a flipper. Buy a house or building that needs renovations, fix it, and sell it at a higher price. This is one of the most lucrative ways to earn additional cash and meet your financial goals. So, consider it.
Other great real estate investment opportunities to look into are real estate crowdfunding, real estate investment trusts (REITs), and real estate investment groups.
If you choose this option, learn about real estate investing to ensure profits and avoid losses.
9. YouTube Videos
Create YouTube videos and monetize them through ads. Get paid every time someone clicks on your ads or views them, depending on what you choose. The rates vary depending on demographics, location, and industries.
Make sure you understand YouTube’s rules and regulations before you take this route.
Most YouTubers earn as much as $3000 or more monthly through their videos.
Come up with an effective content strategy to attract people, get more subscribers, more views, and more clicks.
Pick a niche and stick to it. Know your audience and identify their interests to create videos that appeal to them. The kind that’s engaging and useful to them.
Teach your subscribers a new skill, share the latest industry news, the latest industry trends, and give them valuable advice on a particular subject. Doing this helps you build brand authority, attract attention, boost engagement, and build trust.
Offer free and helpful content to your viewers to command attention, grow traffic, and increase your watch hours.
Connect with your audience at a personal level to form meaningful relations, show them you value their contributions, and boost engagement.
Become the go-to person for certain information and make sure people search for your videos to learn something new, catch up on the latest news, and so on.
There are a couple of ways you can earn money from your YouTube channel.
If you have valuable content and loyal subscribers, you can reach your passive income goals.
Join the YouTube Partner Program to monetize your channel. Use your channel to advertise your digital products and get people to buy or become an affiliate. Advertise certain products or services within your niche and get paid every time someone clicks on your link or uses your referral link to buy certain items.
Once people trust your content and know you are the ultimate source for certain information, they will easily click on your ads, view them, and use your links to purchase certain products or services.
So, focus more on creating quality content, getting more subscribers, getting more views, and growing your YouTube channel.
10. Hand-made Products
If you are a talented craftsman or craftswoman, sell handmade products. Consider your skills and hobbies. What are you good at? What are your best hobbies? And what do you enjoy creating?
Answer those questions and turn your crafts into a business. For example, if you enjoy painting, sell your art. If you are great at designing jewelry, sell your designs. The goal is to identify one thing you are good at and monetize it.
Other homemade products you can sell are sewn items, pottery, and clothing.
You will have to invest time and money into the process. However, it is well worth it.
If you don’t like doing the work, hire people to manufacture certain products and focus on selling them.
Sell your products on reputable sites like Amazon, eBay, or your online store.
Best of luck!