For the diligent ones, who are willing to work hard to add to their streams of income, this post is for you. There are several passive ways you can develop and increase your finances, but it takes hard and consistent work. One thing you might not have realized about passive income is that it is not limited to just putting money in stocks and bonds.
There are several other means and ways through which you can add to your income if you are willing to do the work that it requires. Before I go on listing some of the passive income ideas that can fetch you some extra cash, let me first explain what passive income idea is and what it is not.
What Is Passive Income?
Passive income is the money that is gotten after doing the hard work upfront. It is not gotten directly during the work. You don’t get it by directly trading your money or time. To put in a simpler manner, you do the work first, give it some time and then the money starts coming in on its own without any additional work required from your own side.
Notice that the income only comes after substantial work, effort and money have been put in place to cause results to show forth. An instance of passive income is investments and bounds as stated earlier.
Another instance is the case of writing an E-book. In the first case above, you would put in money and then wait for a considerably long time before the interests start to come. In the other case, after writing the book, you would have to put it on an online store and several months after, it would still rake in money because of the sales.
Now, let us go on to discuss some of those ideas…
19 Passive Income Ideas For Extra Income and Cash Flow
1. Create A YouTube Channel.
Creating a YouTube channel would definitely rake in money for you. The more the subscription you get from people, the more your chances of making more money. And the rate at with people is watching videos on YouTube these days is getting really high. This is simply because several people get trained by watching tutorials online.
You can sell the ideas that you have learned and the skill that you have on your YouTube channel.
Otherwise, you can decide to even give inspirational or motivational talks to encourage people. You only have to ensure that you put on your channel things that are of serious substance. That way people that watch can always come back to watch it.
If you are really good with this, you can even get invited to come and speak before large audiences and that will give you more fame and money too.
2. Get a Property That You Can Rent Out
You can get a property that you would rent out or lease out to other people who are in need of accommodation. You will always find people who are in need of accommodation and that way, you will always find money without having to work for several hours. Airbnb is getting more and more famous recently and some people are making even a full-time income out of it.
Accommodation, being a basic human need cannot but bring in money for you. And unlike a factory work, it brings in income passively.
3. You Can Buy an Online Business That Is Already In Existence
Usually, it is easy to adopt than it is to give birth. When you want to start a business from the scratch, it may take a lot of time and money and energy. Having to buy one may be less stressful. Since the former owners have done the majority of the work and with the right strategies in place, you only have to sit back, relax and enjoy the rewards.
4. Sell Your Ideas
If you are the kind of person that comes up with business ideas or ideas generally on issues bothering around the needs of people. You can sell it! Sounds easy, right?
Maybe you are the type that is afraid of starting businesses or you currently lack the capital to start off, just sell the ideas that you have to companies or individuals or even blogs. And if you can make negotiations and deals well, you could make a deal that would continually bring in passive income for you all your life.
5. Invest In a Business As A Silent Partner
In investing in businesses, there are several risks involved. But, even life itself is a risk and not taking a risk is in itself a risk. You just have to do your findings and research and then find the business with a lot of potentials. This may take some time and effort, but remember the part where I say some hard work is needed?
6. Write and Sell E-Books
Ebooks are a great way to earn passive income. You may not be a gifted writer but that is not an excuse, just pin down the ideas you need to get out there and get editors to help you with it. And off it goes into the ‘market’. Amazon Kindle programme can be a great avenue make extra income from your ebooks. It takes considerable effort to create high-quality digital products but after you finish it, you will be able to make 100% passive income out of it.
If your product is an ebook or course, Sendowl is a great platform to host it. It will not only host your course but also will be in charge of all the payment process
7. Sell Pictures
If you are the type that loves to take pictures, don’t waste your talent by not doing anything about it. Don’t permit those pictures to just sit down on your drive. Get them out! Sell them! Several people use pictures from online stock-image sites daily and they buy them. You can sell them via websites like iStockPhoto or Shutter Stock to make passive income.
8. Start Online Course(s)
There are plenty of people making thousands of dollars every month from online courses. Michelle, from Making Sense of Cents, made $434,698+ from one online course. You do not necessarily be the one to do all of the teachings; you can simply get people to teach while you provide oversight.
Once you create an online course, it can work on autopilot while you sleep. The content of the course can be video lessons, plain text, worksheets, printables or a small ebook.
Note that the classes can be text-based, they do not really have to be video classes. But you should also know that video is what captures the world’s attention, especially in the world that we are today.
9. Start a Blog
This a proven means of generating passive income. The income may not likely start coming in as soon as you start the blog. In most cases, it comes in long after you have put in a lot of work and effort.
That’s one of the best things about starting a blog. For a minimal start-up investment, which includes $10 for a domain and less than $5 a month for hosting, you can build a business online. For fast loading, SEO-Optimized themes, I recommend Mythemshop – If you are looking for a sustainable side hustle, one that keeps on giving, then, blogging is one of the best ways to make money.
You can start your blog with my special, negotiated price of $3.95/mo (domain included) versus the regular price of $7.99/mo. That price can’t be beaten.
For a cost of a coffee fix, you can have your blog and start monetizing it. Who doesn’t like that idea? I know right
With a solid and clear understanding of Search Engine Optimization and Social Media Marketing, you can generate traffic for your blog so much so that it begins to draw in adverts and consequently, money.
10. Produce Audiobooks
Audiobooks are a great means of generating passive income. I know quite a number of people who have been in the audiobook business and they are doing very well, making their own money. Should you have any specialized skill or advanced knowledge on any subject that you wish to teach or share; audiobooks are a great way of dispersing such knowledge.
If you go about it the right way and produce quality substance for the people that would buy your book, you would see your income rise higher and higher.
11. Get Involved In Some Marketing
Internet Marketing is a means to produce multiple passive incomes. This is more helpful when you have lots of followers on social media. You can easily advertise products for people and get your money.
12. Develop an App For A Smartphone
You may not necessarily do the developing yourself. You can get someone to help you build one if you feel you have the right idea.
13. Get Money by Generating Jingles
If you feel you have the voice, you can do some jingles and license them out.
14. Set up ATMs
You can set up ATMs in certain areas where you live or where you notice that they are scarce. While this method is not fully passive, it is still a great means of generating income.
15. Build a Sales Funnel
Building a sales funnel conceptualizes taking prospective customers from browsers to buyers. You should, however, know that it is not an easy task. It takes a lot of time and effort to build one.
16. Give What You Have and Ask For Donations
You can give your content, your plug-ins, software, and so on out for free and then ask for donations. If these things truly solve people’s problems, then they would give back.
17. Build and Sell Websites
You can put up time and effort to develop a website and then sell it.
18. Get a Middleman
You can hire someone to do the job for you. He/she does the chunk of the work.
19. Become a Lender
You can start lending money to people via lending companies like LendingClub, Prosper, and Harmony. Lending Club provides the opportunity to get interests rates of more than 10% per year. This is amazingly higher than what you will earn on more conventional interest-based bank investments (typically 1%).
Creating passive income from other alternatives is a dream for many folks but I can guarantee you that having passive income in your cash flow is amazing and it gives you some sort of financial freedom.