If you have an entrepreneurial mindset, you should be able to pick up one of these passive income methods. Passive income is good for entrepreneurs who want to free up their time. If you look at the most successful people, they’ll tell you to have multiple lines of income. When you have passive income, you can focus on other streams while still making money. Passive income opportunities usually start with an initial time investment.
Start a Blog and Leverage It
Starting a blog takes some time, but you can do it for free. A solid blog can bring in quite a lot of money if you know how to leverage it with social media and other means. Know this, if you start a blog, you will pour your blood, sweat, and time into it for it to succeed. If you have an idea of SEO, social media, and can create content that people view as valuable, you’ll eventually succeed. Your blog can then serve as a platform for whatever you want to sell. A lot of the passive income strategies in this article can be leveraged through your blog.
Create an Online Course
If you have a technical skill or some way to help others in their life, creating an online course could be quite lucrative. You can make a course on Udemy, which has millions of people viewing and purchasing courses. It will take some time to create the course. You’ll want to have content and videos, as well as marketing material that sells your course. You can teach anything you know about. This includes teaching your audience how to play an instrument, teaching someone language fundamentals, or becoming a better photographer.
This is one of the best ways to create a few passive income streams. You are going to need a large following. You also need a platform that people go to. If you don’t have the platform or the audience, you’ll have to pay a lot for ads. If you’re already successfully marketing online, you’re going to know how to effectively do affiliate marketing. It’s a great way to sell things that aren’t yours. In a sense, you’re an online broker, earning decent income.
Use Your Marketing Talents to Build a Sales Funnel
Sales funnel is the process of taking someone who might buy from you through a funnel so they will actually purchase. This is a lot of know how in the psyche of your target market. It’s not easy to do, and it might take a lot of time in the beginning. It would also require that you, or someone else get a lot of people into your funnel. To build your sales funnel, you need to give something valuable to people in exchange for their email address. This would be a free offer. You’ll want to use a system like Mail Chimp that allows you to create a flow of communication. Create the free offer and then use Mail Chimp to build automated emails that strategically pulls people up through your sales funnel.
Rent Out Your Place When it Works for You
This may not apply to everyone, but for those who like to get away from home or live somewhere that’s highly desirable during certain times of the year, renting out your place can give you some nice coin. Real estate, through various ways, has been a great way for people to make extra money. You might have the purchasing power to buy a condo or office space and and rent it out. You could alternatively just rent out the apartment that you rent out when you’re going out of town. Get a two bedroom and Air BnB or VRBO it.
Create Video Tutorials on YouTube
YouTube is a great platform to get you earning passive income. Again, this takes time but it will likely become a part of your life to come up with different tutorials. You’ll strive for creating viral content and it doesn’t cost much to market. Check out and see what the top YouTubers are up to. This might give you insight on what is working. What do you know most about? How can you make it interesting? Look to the successful people doing this on YouTube to best determine the formula you should use.
Use Cash Back Credit Cards (Responsibly)
If you’re using a credit card anyway, why not get one that gives you cash back? It might not be a lot of passive income but every little bit counts. If you’re using it for gas, rent, flights, and big items, you’ll get kickbacks on money. Check out online what the best cashback cards are right now. There might be some posts where people are being paid to say a card is great. If you check the fine details of the rewards, you should be able to come up with your own conclusions on the best card for you. When you figure it out, you can let your audience know, because that’s valued information.
Invest in Lending Platforms
Platforms such as the Funding Circle allow you to easily invest in people and businesses that are sound. There are algorithms on the sites that give you insight on the risks, so you don’t have to analyze to know what you’ll be getting out of the deal. If you have the money to invest, it’s a great way to make passive income. Do some research, get the information that is available, and bank on someone’s good ideas. Not only are you doing something good for you but also for the proprietor.
These are some of our suggestions for passive income. Many of the ideas can be leveraged off one another. The initial work is time consuming but eventually you’ll enjoy the fruits of your labor. You can take more time away from working and enjoy your life while your efforts make you money.