Do you dream of making money while you sleep?
Passive income is a reality for many entrepreneurs. They make money around the clock because they have built a business on passive income.
Before we dig deeper into passive income, here is what passive income is NOT:
- Passive income is not a get rich quick scheme. Most people who make a living with passive income have worked at it for a long time.
- Passive income is not automatic. Passive income requires work, work, and work.
- Passive income is not without effort. There is a lot of learning involved.
Here is what passive income IS:
- Passive income takes planning.
- Entrepreneurs who build successful passive income businesses work extremely hard to succeed.
- Passive income takes time.
- Passive income takes skills.
It is true that technology, the Internet, and the global economy made passive income easier than ever. The invention of smartphones has allowed us to access the internet anywhere, and with this has come more and more opportunities to earn passive income.
While you do still have to put some effort into generating passive income. Passive income allows you to make money on your own time by using skills you already have or with the help of a virtual team.
These are 8 ways to earn passive income.
Build an App
Because most apps sell for only $.99, many people are willing to try them out. If you have an interesting idea that can be translated into an app form, chances are it will sell. There are many programs that help you build an app, so you don’t even need to be too tech savvy.
Starting a business takes a lot of capital in order to buy inventory, but with dropshipping you use another vendor’s inventory. Create a storefront in an online marketplace like Shopify. Once an order is placed, you get your manufacturer to ship directly to your customer. Whatever the difference is between what you pay your manufacturer and what your customer pays becomes your profit.
Use the skills that you have gained in your day job and put them to work at night or weekends. While this does take a bit more time and energy, it should be fairly easy as it is something you already do.
While a blog does require work to regularly update it, once it gets going it can be a great source of revenue. There are many free blogging platforms that you can use to start. The primary revenue stream is from advertisements. Google AdSense is one way to show ads on your blog and make passive income. It is easy to start and install on your blog. Other ways to make money are through selling products – either affiliate products or your own.
Sell your stuff
Look around your house at all of your unwanted items. Chances are, somebody else does want them. Take the time to organize and de-clutter and post those items on Amazon, eBay or Craigslist. Check out our interview with LaJuan Stoxstill-Diggs who built a business selling on Craigslist.
After first understanding that you will be playing with real money, if you feel like you have a chance, try your luck with online poker games.
Create a website
Think of something that isn’t offered anywhere else and make a website that fills that need. This can be similar to your blog or a chance to sell something that you have made. Use the power of social networking to advertise for free.
Children and teenagers that belong to Generation Z don’t watch TV anymore. Instead, they watch YouTube. Create your own channel and upload videos. When people watch your videos, they also must watch advertisements which is how you generate revenue.
While earning passive income does take work, it is something that can be made in addition to your main source of income. So, the next time you’re playing a game on your smartphone, or trolling through Facebook, think of all the money that you could be making instead of wasting time.
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