Sat. Apr 4th, 2020

7 IDEAS FOR PASSIVE INCOME

IDEAS-FOR-PASSIVE-INCOME

 

 

Passive income is an income-producing idea, product, or strategy that requires little to no maintenance once set in motion or released to the public.

Some passive income products, such as eBooks or online courses, require a serious time commitment to create and launch. But once they are out of the world, you can withdraw the money and watch the money roll.

7 IDEAS FOR PASSIVE INCOME

 



Still, it is a mistake to think that passive income does not require any work, says Pat Flynn, creator of the website Smart Passive Income. “There is no such thing as 100% passive income,” Forbes said.

Try these ideas to help turn your expertise into a solid product that you can sell again and again:

 

1. Write an ebook

Everyone is a rough expert whether you know how to knit infinity scarves or a code service like Amazon Kindle Direct Publication, to help you reach a larger audience, or to make the product reach your audience and sell the book on your personal website for.

2. Create an online course

If your expertise requires a step-by-step break-down, then an online course may be the way to go. Sites like Udami, Skillshare, and Teachable are designed for instructors to create and upload courses on everything from viral marketing campaigns to writing novels.

3. Design Products



Have a knack for funny slogans? Or maybe you are one of the following comic artists? Easily design, make and sell T-shirts and other collectibles on sites like Redbubble or Zazzle. Because these sites handle production and shipping, all you have to do is upload your design and wait for your royalty check.

7 IDEAS FOR PASSIVE INCOME

4. Sell Your Photos

If your selfie gets busted, or your Instagram stories capture everyone’s imagination, consider selling your photos on stock sites such as iStockPhoto or Shutterstock. You can earn from 15% to 45% in royalties for every download.

5. Make YouTube Video

 




Whether you start a vlog or a video tutorial series, YouTube has plenty of demonetization opportunities. Make money through advertisements, working directly with brands, or using video to drive your audience to your other products. Learn more about monetizing your YouTube channel here.

6. Record Your Next Jam Session

Ever find yourself humming a tune, or laying tracks for yourself or friends? Your next catchy phrase can give you a solid passive income stream. On sites like ProductionTracks and Audio Networks, musicians can license their compositions for background music in apps, advertisements, and websites to make money. Read more about this strategy of the Guardian.

7. Create an App

 




Want to help solve a problem? It may be worth teaming with a code-loving developer to build the app. Although the market is crowded, app developers with solid ideas can earn up to millions from solid monthly income – simply by selling their apps on iTunes or GooglePlay. Read more about successful app developers here.

 



 


 

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