9 Passive Income Ideas that will help you build second income
Are you looking for Passive income ideas to generate second source of income? Then you are at right place.
Here is list of Passive Income Ideas you can start today to build second income stream.
Most of the people are struggling with their finances:
Jobs are not giving then good salary, in most of the cases. High paying jobs are not secured. Lot of people loses their jobs due to under-performing companies.
Surviving without a job is very difficult and if you are having a family then it will become worse.
In this case what you should do?
Search another job…again getting into same loop? Yes you should get a job to survive…but…
You should also look for alternative source of income.
A “passive income opportunities” to earn money again and again with one source…
Here, we will learn some of the proven ways to generate passive income, The ideas using which lots of people are already generated passive income. We will also see how these people have generated passive income.
Build a passive income stream along with your full time job.
What are passive income ideas?
“Passive income is income which you will earn on regular basis without actively working.”
For example: Rent earned from property is passive income.
You have constructed a property and rented it to someone. Through your property every month you are earning rent i.e. passive income.
How can you make passive income?
As I told above rent a property to generate passive income. But everyone doesn’t have money to buy a land and construct a property.
There are so many traditional passive income options available which are still generating lot of money. Most of these options are inherited from their parents or grandparents.
Here is the list of traditional passive income options:
People having ancestor’s property can be used to make passive income. They can give it for lease for some business or rent it for parking.
Today, land cost is too high but buying a land is still one of the best options for future income.
So many people are having family business from years and they are generating lot of money.
Their businesses are already setup and running they just have to make sure everything is working fine.
People are having restaurants, shoe making, jewelry shops, and bakeries. They just open multiple branches and keep the business grow and make passive income.
Of course you can also setup a your business but you need a solid business idea which will generate cash, but you have to invest lot of money and you next generation can enjoy the earned money.
You have created a product and others are using it to make money you will get royalty of that product. It’s one time work; you create it and get royalty every time.
For example: Write a book and whenever someone buys that book you will earn money. Book sold 1000 time then you will get money 1000 time for same book.
Dividend from Stocks:
Buy a high dividend paying stock and keep it for long time. Companies will issue dividend per share so will get money every time for same share.
To get pension you have to work for your life time and once you retire at the age of around 60 you will become eligible to get pension. I am not interested is this option.
These are the traditional passive income options which will really help to make money. But only for those who are already having property or family business.
To build your own families business or similar, you have to work for years to build one for yourself.
So, how you can generate passive income for yourself in less time?
There are lots of options available. Some will work some may not work….
Now a days modern passive income ideas are used which are mostly done online.
It will take comparatively lesser time to build as then traditional passive income ideas.
Internet is full of opportunities and scams. You really don’t know what will work and what not…..
You have to test all the options to come to know what really works…which is again time consuming.
I have a list of passive income ideas which really works. I have carefully selected these ideas after doing some homework before sharing it with you.
- Start Sell Information Product
- Sell Products at Amazon
- Earn commission from Affiliate marketing
- Take photos using digital camera and Sell online
- Airbnb: Rent or Share your home space
- Create online course and teach students all around the world
- Publish Amazon kindle e-books online
- Create your own Podcast
- Create a Niche website in any evergreen topic
1. Start Sell Information Product
Information product is a resource which will help others to learn something.
It can be a eBook, online course, audio or video…
For example: Health care product to reduce fats.
To sell information product you need to find a profitable topic and write eBook on that. The best way is to solve problem of others.
Let us suppose lots of people are struggling to lose weight and looking for products and information to solve their problem. You can create something which will teach them how to lose weight.
Start creating your own information product and sell it multiple times to generate passive income.
Create your own information product, may be in the form of eBook to solve someone’s problem.
Send mail telling others about your new information product. Promote it in social media.
If you are thinking that how can I create information product? It is tedious and difficult task
Then don’t worry:
You can sell information product created by others and earn commission.
You can skip the big task for creating information product. Directly you can sell others product and earn commission.
Pick up a product from marketplace according to your interest; to sell products. for example health care product. Search a good and informative product and start promoting.
It is better to first use the product before referring it to others.
If you will not choose a good and informative product then people might not buy that. So read and analyze it whether it will be helpful for others or not.
2. Sell Products at Amazon
It’s very easy to sell product on Amazon. For example you can sell memory cards online at Amazon.
This is not a pure passive income, here you have to work a little to run online store…
First you have to create a seller account at amazon and upload product details.
Find a good product to sell, it is always better to select a small size product which can be easily delivered.
Then setup your store by uploading products. Also you can setup your own online store and redirect customers to buy product from Amazon.
Now wait for customer order once someone will buy your product you have to ship product. Register for Amazon Easy Ship, amazon will pick product from you and deliver it to customer.
After product delivery you will receive payment from Amazon.
Keep on selling product and expand your business. Expand your product catalogue. And provide more and more good product to your customer.
If you are thinking that selling product online will require investment and managing physical products are not easy.
Then start selling other product using Amazon affiliate program.
You just have to post your referral product link and if someone buys using your link then you will earn commission.
You can see some examples of amazon affiliate websites here.
Some useful resources to make amazon affiliate website:
- The Ultimate Guide to Making Money with the Amazon Affiliate Program – problogger.net
- Amazon Affiliate Niche Sites: The Definitive Guide – techtage.com
- How to Build an Amazon Affiliate Website – makeawebsitehub.com
- [Case Study] How To Create A $20,000+ p/m Amazon Affiliate Site Like This Weird Example – nichehacks.com
3. Earn commission from Affiliate marketing
As I told earlier Affiliate marketing is one of the best way to start making money online.
In Affiliate marketing you will promote other people products and earn commission.
Find a good affiliate marketing product to promote. Product should be useful for people to accomplish something or complete some task.
Companies are paying 10% to 80% commission per sale. So you can earn lot of money.
Review the affiliate marketing product before recommending to others.
There are many ways to promote affiliate marketing products.
Create a blog in your Affiliate marketing topic then write a genuine review of the product.
Try to be real and do not write only positive points. People are looking for genuine review of the products.
They will read the reviews and based on review they will decide whether they will buy that product or not.
It is recommended to use the product by you before referring it to others.
If you are more familiar with the product, than you can provide more in depth review for that product which will help others to make a decision.
To promote your affiliate product link you can use social media Facebook and twitter.
4. Take photos using digital camera and Sell online
If you are interested in photography then it is great opportunity for you to earn from the photos you have clicked.
Till now you might have shared your photos in Facebook to get likes after that these photos will go to some folder of your computer and you will not access or think about those photos again.
But you might not know that you can also generate passive income with your photos.
The best part of selling photo is that you can take it once and sell it multiple times. So you will be earning royalty from your one time work.
So how can you sell photos?
It’s simple, you just have to take pictures and upload it to photo selling websites.
Who will buy your photos?
There are lot of people looking for great pictures for their businesses, websites etc. They will buy from these sites.
What kind of photo should you take or which photo sells more?
Once you start selling photos you will learn by yourself. Also you have to do some research to find what kind of photos sells more.
You need to follow some guideline to submit a photo such as quality of photo and copywriter etc.
Read photo submission guideline before uploading any photo.
If you don’t have any idea about photography then you can learn photography online.
5. Airbnb: Rent or Share your home space
Airbnb is a website which provide platform to for travelers to get cheap places to stay around the world. Room charges are lesser than the hotels.
In Airbnb, you can be become a host. If you are having extra space in your house then you can rent it in Airbnb.
People from around the world are traveling and they are looking for affordable places to stay.
You have to update details in Airbnb as Host then your space details will be listed on Airbnb. Guests can view your space details and book it from there.
Travelers can also learn about your culture. They can taste local food and experience the living style of your place.
If you have an extra room of some guest house in your home which is empty then you can use it to generate money.
People are already earning thousands of dollars renting their free space at Airbnb.
6. Create online course and teach students all around the world
People who are in teaching profession can also start teaching online.
Teachers, Professors and Professional training consultants can make online courses and teach students around the world.
Pick up some topic related to your expertise and create a course. Course should be easy to understand.
This passive income idea will help you to make money using your professional skill.
For example if you are teaching physics than you can create some course in physics topic like this.
Students are looking for great course to learn.
Your course will help them to learn and score good marks in exams.
Create a video, pdf file or slide show to teach. Udemy is one the great website where you can create online course and sell it.
Udemy will also provide course designing tools.
Once course is created set up price for your course.
Students will take up course by paying the course fee.
Now you are all set to generate passive income as same course you are selling multiple times and also getting paid multiple times.
People are already earning a lot teaching online.
You are not teacher? Don’t worry! You can also create a course and sell online.
Teach something what you know. Everyone knows something which they can teach others. For example you can create a course on cooking or any other topic.
Course can created in any area such as IT & Software, Music, and Personal development. Learn how to create interesting online courses and start your online teaching journey.
7. Publish Amazon kindle e-books online
Kindle is am Amazon produce which is used for reading e-books. Kindle is one of the best devices for reading.
There are millions of users using kindle for reading and they are looking for great eBooks to read.
You can create your own e-book in some interesting topic and sell it in amazon kindle store. It is very easy to publish e-book in amazon.
You have to create a kindle direct publishing account in Amazon.
Amazon will pay you up to 70% of the royalty for your eBook; which is very high.
Find a profitable niche or idea and create Kindle eBook on that. Try to pick idea with low competition and decent market to get more profit.
Start writing your eBook or hire someone to write for you. Once e-book is done publish it at Amazon.
Do some promotions and marketing for your eBook for selling.
Also, there are lot of online courses available on publishing kindle eBooks.
8. Create your own Podcast
According to Wikipedia “Podcasting is a digital media which consists of series of audio, video, digital radio, PDF etc.”
Earlier celebrities used to create their podcast for fans but now it became common and anyone can create podcast. You can create your own podcast and use it to for earning.
To start a podcast you need some basic things for recording audio or video such as microphone, video recording camera and place with no disturbance.
Decide a topic in which you want to make podcast. Come up with great topic and prepare description and details in a notebook which you can refer during recording.
Create a platform or website where you broad cast and provide your download link.
There are different ways to make money using podcast. You can advertise someone’s product or create your own product and promote. Create course or coaching and promote it.
Before starting you don’t forget to read How to Start a Podcast: Pat’s Complete Step-By-Step Podcasting Tutorial which is an excellent article for beginner.
9. Create a Niche website in any evergreen topic
A niche websites is a website which is created in some specific topic. It can be health care, finance or any other specific topic. Niche site should contain useful content to help others to solve their problem.
Every niche website has specific target audience.
Niche selection is one of the most important step. If you don’t select profitable niche then you are not going to make any profit.
Once you finalize your niche start preparing multiple articles around that niche. Articles should be unique and informative. You can outsource article writing if you are not comfortable in writing.
People are searching in internet to solve their problem and you can solve it through your niche website. Provide valuable information to them.
For example, someone wants to learn how to play golf. You can teach them how to play golf using your niche website.
Once you are done with niche selection and 10 to 15 good articles then you have to Register your domain name and buy web-hosting for your website.
Publish your created articles and monetize website with ads related to your niche. You can register for Google AdSense account and display ads in your websites for earning.
Bonus# Develop Mobile App
“Mobile apps are one of the great ways to generate passive income.”
Now days everyone uses mobile phones and downloading mobile apps make their life easier. Either it Android or iPhone or Windows mobile. App market is booming.
In App stores there are thousands of apps available. Some are free and some are paid.
You can create your own app and sell it….
People are looking for apps to solve their problems and finish tasks to save time.
For example camscanner can help people to scan documents using mobile phone. It will save lot of time.
Same way you can create your own app and help others to solve their problems. Check out with friends what kind of app they are looking and downloading.Get some idea on what kind of mobile app you can interested to make.
Upload your android app in google play and sell it to get passive income or Make it as a free download and display ads to earn money.
These are the list of passive income ideas which are more reliable as compare to other options.
Lot of people working full-time or part time are much more income then regular 9 to 6 job.
I recommend you to select any of the option from above list. Start learning and implement it. Take action today and it will be helpful for your great future.
In few years you can be able to make a passive income stream which will keep on generating money wither you will work or not.
Last thing I want to say that these passive income ideas will never fail “If you do it correctly”. so learn from the people who have already done it and follow the already proven ways.
If you have any tips and suggestion please provide below. I will be more than happy to hear your thoughts on passive income ideas….
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