What is the meaning of Passive Income?
Income generated with requiring minimal or no efforts at all is Passive Income in simple words.
The reason passive income is so important is it doesn’t require you to devote your time for generating cash flow. Every other form of income source would in exchange of your time. The conventional system of earning money hardly gives your opportunity to generate wealth. There is a limitation on how much money you can save. But earning passive income has no limitations.
Your bargain for creating passive income is an initial commitment of time, energy, and money until it starts paying off.
How can I make Passive Income?
Best way to start of with Passive Income is to convert your hobbies to income generating opportunities.
You don’t have to develop the skill right from the beginning. Perhaps you only have to refine it so that you can start generating income from your activities.
Ways in Which Passive Income can Find you, Love of Your Life
The opportunities are endless. Indeed, I am listing below some of the most popular and proven methods used to generate passive income. Many have taken advantage of this and earning multiple figure income from the opportunities.
Opportunities over a period of time have risen from blogging as a passive income.
Owning your own blog is also a very good choice but definitely takes times to create your tribe and start generating income. Nevertheless, you can contribute to other blogs various services for which you would be getting paid.
Contributing opportunities are limited only what you can think off. Right from creating a blog to promoting the content in social media accounts gives an opportunity to contribute.
Certain niche topics blog has more opportunities than others. Passive Income opportunities are endless especially when there are people who have generated high cash flow opportunities.
Sell Stock Photos
Photography as a hobby is a very expensive. The cost of the types of equipment, various lenses, upgrading technology, maintenance etc.
Many photographers are finding to sell their stock photos as great opportunities. When your stock photos start selling you start earning royalties on your entire photography collection.
With a booming requirement of images in a myriad of media distribution, this is an evergreen opportunity. Photography is the key essence of social media and photographers are taking maximum benefit from this. Had it been a few decades back then the opportunity would have been questionable but with the current consumption of images, it doesn’t seem to be stopping anywhere.
Passive Income with initial photos could be a struggle but once you have a portfolio then the passive income stream keeps going.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Latest Trend in Publishing is Self Publishing. Selling e-book is favorite of most of the online passive income generators.
Gradually the print version is becoming extinct or limited only to the text books. The convenience that e-books give is not comparable to the traditional books.
Usually, the simplified royalty structure for the author is as high as 70%. This is one of the important aspects that makes it lucrative. Writing to publishing time is the quickest. Some of the popular e-book publishers are Amazon, Kobo, Smashwords, Blurb, BookBaby, iBooksAuthor, Lulu, NOOK Press, Vook etc.
If you really this is your cup of tea and don’t know where to begin then you would be pleased to know there are multiple companies offering dozens of services according to the package you choose. Right from Interior Designing, Cover, Post Publishing Support, Pre Publishing Support, Copy Editing, Manuscript Conversion, Illustrations Designing,
If writing is your interest then you should not avoid this option. My suggestion is to take a cup of coffee and just start writing. This is our favorite Passive Income opportunity.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Sell an Audio Book
Now if writing is not your cup of coffee perhaps if you are good at recording your voice then selling your audio book is the best option.
The ever-growing demand for audio books in all the field is so high that the current supply is not able to fulfill the same.
You’ve to be well-informed on a particular topic and prepare a script if possible or outline if required. You can start with your audio book right away. The only gadget required would be a good mic and a recorder and you set to go. All other detailing required to create an audio can be outsourced. If you are familiar with technology you can start right away by recording on your own.
The recent time the popularity of the book has increased because people would like to stay updated and do multi tasking. Audio books are a source of information and entertainment while multitasking.
With little training or self-correction, you can start of this passive income stream right away and generate high cash flow businesses.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Hacks, Tutorials & how-to Guides
I have become very lazy and moreover, I do not have the patience and time to explore ways and techniques to solve problems. Most of the time when I am in a hurry I often look for hacks and tutorials or guides to resolve a problem in a quick manner.
Even if I have to pay a buck I would not resist since I am getting my work done at the earliest.
Warning: You’re Losing Money by Not Using this Passive Income Strategy.
One of the classic examples is Technology can be daunting if you do not understand how it works. This is the case with an earlier generation. Now, this is a huge gap, which in turn gives you the opportunity to cater to the market. Tech how-to guides and tutorials are very popular.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Start a YouTube Channel
Create a video once in your niche and start monetizing just about any skill, talent or opportunity.
YouTube generates revenue not only from viewers you get from your channel but there are multiple other monetizing options such as selling and promoting your goods of an e-commerce store, selling your premium videos on udemy, affiliate links below the video, sponsorships, live engagements, innovative trade partnerships.
The growing YouTubers is the proof that the passive income opportunities are not going to cease soon.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Online Education Course
Some of the recent platforms that are gaining popularity are online learning platforms. E-learning marketplace is growing at a fast pace and currently valued at $165 billion and growing at a fast pace.
Growing side hustle is the reason why online courses are growing at such a pace. It is an amazing option for busy businessmen and quick learners.
If you have something amazing skill, artistry, competence, dexterity, expertise then this is for you. There are many online course platform where you can promote such as Udemy, Teachable, Skillshare, Learnworlds, Course crafts, Academy of Mine, QizIQ, Ruzuku etc.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Affiliate Marketing for Passive Income
The process of promoting other people’s products and services and earning a commission out it is the most popular way of passive income.
The best part of affiliate marketing is all the partners of the strategy benefit from this. The service provider or product seller gains from the sale he makes. We gain from the commission we generate from the sale. And finally, the customer gets the benefit of using the recommended product.
The advantage we have with affiliate marketing is you do not have to invest in inventory, product, service or a team. You have to just recommend your tribe on your favorite platform and generate a revenue from it. There is not much technical knowledge required to start and setup an affiliate marketing.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Build an App
One of the most popular these days is to build an app that you think can solve a problem or entertain.
Skills required for developing an app can be easily be learned with android and apple platform teaching you how to make an app. Some basic understanding and knowledge about software creation and designing is the prerequisite.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Peer to Peer Lending Platform Interest Passive Income
Lending to friends and relatives could be a very tedious task. At the same time lending to unknown people is a very complex task from screening, shortlisted, finalization, short listing, processing, documentation, and finally repayment.
This consumes a lot of resources and manpower. Peer to peer lending platform has made all this very simple for you.
Any little surplus amount can be lent on these sites to generate an interest income which is a little higher than your saving account. The amount of risk you take is little higher for high-interest income opportunities. Most of the process is handled by the marketplace which makes your work very easy.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
E-commerce Store & Drop shipping
Niche e-commerce store and getting very popular these days. They usually get hidden my myriads of products in a large e-commerce store. Specialised e-commerce store is gaining advantages because of varieties that are maintained and the option it gives to the buyer.
If one does not want to specialize in e-commerce store you could always opt for drop shipping.
Drop shipping is a retail fulfillment process where the store does not stock the good which it intends to sell. Instead, the store sells the product first and then procures it from the third party which directly ships to the customer.
Drop shipping you do not have to keep stock or manage to transportation at all.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
License Your Smart Idea for Passive Income
This is a not so popular idea. But this can do wonder if you can place it right.
Sometimes great ideas appear from thin air. Entrepreneurs are on a lookout for great ideas, their ability to recognize and convert it to a success is what makes them successful.
Ideas need a team to implement and Team needs an Idea to work on.
The opportunity is gradually increasing for this concept because now the companies have started recognizing that great ideas can come from anywhere and anyone. The collaborative benefit is endless only to the point of imagination.Just Learnt Passive Income Streams & Opportunities - High Cashflow Online Business Click To Tweet
Passive Income Ideas: It’s Not as Difficult as You Think.
What I Wish I Knew a Year Ago About Passive Income Ideas.
If you want to write 100 books in the next ten years, that’s 3,000 words a day.
But in the meantime, here’s a tip you can use right away. Select one of the above ideas and start implementing right away. Start with a simple strategy in mind and start right away.
I have taken a lot of efforts to write this. I would be glad to listen from someone who has benefited from this article. Also, share the article so that even others can take benefit from this.
Also published on Medium.