For many people, being able to make a passive income is something they dream about but never actually get round to doing. It might be because they think they don’t have the time to set anything up, or their budget is limited. It might be because although they can see that other people have done it and become successful, they don’t have the confidence in themselves to do the same. Whatever their reasons for not starting to make a passive income, it is a shame because it is entirely possible and, once the initial set up is done, very easy too. If you’re interested in making a passive income, but you don’t have any ideas of what you should do, this blog post should help you make a start.
- Be A Blogger
Writing a blog may be a surprising idea when it comes to careers that will bring you in a nice passive income, but it really can work. The wonderful thing about blogging is that there are virtually no startup costs; you can find free blog templates online and start writing straight away if you want to. Remember, though, that until you have built up a more significant number of readers, you won’t make much (if any!) money from your blog, and this is what takes the time to get started.
Once you do have a good following and once people come to your blog knowing that they will find useful, informative, engaging content there, you can start to monetize it. You will need to write in a particular niche to ensure that advertisers are keen to work with you, so picking that from the start and sticking with it is imperative.
- Rent Out Property
Being a landlord can be a lucrative way to make a passive income, especially if you have a third party manage the property or properties for you, meaning that you don’t even have to make repairs or get involved at all. Read more here about how a management company can make this kind of income even more passive.
The significant cost associated with being a landlord is buying the rental property, to begin with. It is crucial when you are searching for the right property to choose a location that is popular because it will be easier to find a tenant. After all, having an empty property is not cost effective!
As time goes on, you can build up your property portfolio so that you have more than one apartment or house to rent out, and your income will be much larger. Plus, if you have more than one property, any time when one is vacant can be offset by the revenue from the others, making it a much easier proposition.
- Automated Webinars
Webinars are very popular, and many people sign up to them to gain insight and information in a vast variety of sectors and the niches within them. If you can create not only a popular webinar but also automate it, you can make a potentially substantial passive income stream from it.
To start this, you will need to do live webinars that people want to watch. The content needs to be informative, and you need to be engaging. Marketing is also vital, and social media will play a large part in that. Building your audience now is what will enable you to have an excellent passive income later, and even if it takes many months to do so, the hard work will be worth it in the end. Once your automated webinars are running, you will be making a passive income, and you won’t need to even think about it until the time comes to add another episode to the webinar series.
The most important thing to remember is that the webinars need to be value for money. If not, people won’t want to pay, and they certainly won’t tell their friends or colleagues about you, and this could mean you lose money instead of making it.
- Write An eBook
The great thing about having published an eBook is that once it is out there, you can make money long after the initial publication date. Online technology means that you can quickly write and upload a book that is full of useful information and that people will want to read. They can be sold through large online stores such as Amazon, where more people will see your book and hopefully decide to buy it. However, you can also sell the eBook directly from your own website or social media pages, ensuring that the people you target directly will be able to see your book and benefit directly from it.
The marketing and publicizing is the most challenging part of writing an eBook. If you don’t take this part of things into account, you’ll find that book becomes lost in the thousands of others that have been written, even if it is full of unique insights and information.
Opening up an online shop is a great way to make an additional income or even a main one, but it is not necessarily going to be a passive one. You will still need to process orders and send goods out. If you don’t, your customers will not be happy at having to wait a long time, and could even demand their money back. If you are happy to be proactive in your online store, then it can be ideal.
If you still like the idea of selling online, but you want a much more passive income, then dropshipping might work for you. Dropshipping means that you act as a ‘middleman,’ taking orders from customers and making those same orders (for less money) from suppliers who then send out the goods directly to your customers. You get to keep the difference in the money between what you buy the products for and what you sell them for, and you don’t have to visit the mailroom once.
Picking the right goods to sell is the part of this plan that is the most important, as you will need something that people want but that they can’t easily find elsewhere. Take your time and research all the options because once this part is right, the rest should easily follow on successfully.