Who is up for earning some more money? We sure are, and we bet you would not be too opposed to the idea either! The cost of living (or anything really) is hardly cheap these days, and as things go up in price, our ideas of making more money have better go up as well! Maybe you have heard about a little thing called passive income. However, if you think passive income has anything to do with being passive, think again! Say you are a person who loves, and excels at writing. Yet, you spend eight hours a day at a desk job doing accounting work. When you get home, you want a creative outlet, so why not try writing a book? If your book is eventually published, then you will have just made yourself a great passive income stream.
So, if you are a creative thinker, innovator, or used to thinking outside of the box, get your ideas ready, because we are going to give you some wonderful passive incomes opportunities that you will definitely not be passive about wanting to try!
How to Get Started With Passive Income
Before we begin flooding you with ideas, let’s first take a look at how to start the process.
- Know what passive income is: Passive income is not always meant to sustain all of your living expenses (sorry!). Instead, it should be paired with other income sources to add to your bank account. What you do is put in the work first, kind of like going to school, and then let your efforts generate money for you in the long run.
- Get Your Feet Wet: At first, you might want to try different types of passive income to see which ones will work best for you. As you get your feet wet, you will see which types of passive income can fit into your lifestyle and daily time allowance. As promised, we will provide you with some opportunity suggestions later in this article.
- Narrow it Down: Once you have done some research, narrow your playing field of options down to about 2 or 3 of your best working ideas. Do not get discouraged if, at first, your “best” idea does not work for you. Sometimes, you have no idea how things are going to pan out until you put them into play.
- Track Earnings: As you go about the process, be sure to track your earnings to solidify the fact that you are making a profit from your hard work. Evaluate your process and see if you should stick with what you are doing, or try another passive income option.
- Persist! Remember that passive income is all about working hard up front. Do not give up in the beginning, because the longer you stick with it, the more it will pay off for you in the end. Patience is key!
As promised, here are some great passive income opportunities for you to try out. Remember, to pick a few that appeal to you, lest one does not work out.
- Paid Surveys: You have probably received at least one emailing asking you to take a paid survey. If you haven’t, do it the next time you see one! Marketing companies always need to do public research, and surveys are a fast and bulk way for them to get a lot of their work done. Paid surveys are a great way to earn some money by just clicking boxes with your opinion.
- Selling Your Old Things: There are probably a few things in your closest, or house even, that you would not mind getting rid of. Instead of chucking them in the trash, consider putting them up for sale on EBay. You would be surprised as to how many people will see you trash as treasure!
- Selling Homemade Items on EBay: Additionally, EBay is also a great place to sell things that you make. If you happy to be a Crafty Cathy, get your DIY tools out and start making things for a profit! This is a great way to gradually start a small side business.
- Blogging: Have you heard about Mommy Bloggers or Healthy Living Bloggers? For some of these people, their blog is their full time job. And they make money from blogging by getting people to click, comment, and subscribe to their website. Especially if people click on the ads on their blogs, they will work to generate money for their advertisers. If you have a niche that you are interested in, try blogging about it in your spare time. You could potentially turn up some money-making content!
- Affiliate Marketing: Alternatively, you can also use your blog or website to sell certain products that you get from companies. By blogging about items or showcasing products on your site similar to your blog’s niche, you could end up with a percentage of the cut of that product.
- Email Marketing: There are also full time jobs in Email Marketing, but you can do this on the side as well. First, you will have to have a blog with a good number of subscribers. Once you have that, you can use Email Marketing to get the word out about products to your target audience.
- Web Design: If you are HTML or SEO savvy, then consider helping those who are not set up or create their own websites. These days, there are so many functions that can make things overly technical for those who are already technically challenged. If you have the talents involved in web design, offer your services to the public through websites such as Elance, Freelance, or Craigslist. You can even post your services on college campus sites or in Coffee Shops.
- Renting Property: This is a tried and true classic idea for generating passive income. If you do not mind working with tenants or renting out a place, being a landlord is a great way to obtain some passive income steadily each month. Just make sure that you acquire good tenants and continually upkeep the place if renters move on.
- Renting Apartments: If a single unit is not enough for you, consider leasing a few places at a time as an apartment owner. Before you get into this, first make sure that you are experienced in the real estate market before buying a large properly. Look for places where a large number of people need to work, such as college towns or developing cities.
- Antiquing: If you love picking up antique items, consider selling them on Ebay. Some people love antique items, but do not have the time to go antiquing. This is where you can swoop in and do it for them, while making a profit that is potentially larger than what you paid for it!
- Selling Things for Someone Else: Unfortunately, not everyone can navigate around sites like EBay easily, or be Internet savvy. If you know someone who does not have the time or patience to sell product or items on EBay, consider doing it for them a taking a percentage from the final sale price. If you sell a lot, it will add up over time.
- Free-Lancing: Here is another great passive income opportunity for people who like writing. Lucky for you, most people do not like writing, or think that they cannot afford to spend time being creative with words. However, people always need good content. Post your services to eLance, Freelance, or sties to help you score some writing deals.
- eBook: Again, if you love writing, here is another way to get your work out there. With all the technology available today, it is not too hard to publish your own eBook. You can start selling your book online for anywhere from $0.99 to $100+ depending on the demand. Make sure you publicize you book other places online as well to get the word out!
- Teaching Online: If you have experience with teaching, and know that you can easily help others learn a tool, trade, or subject, considering offering an eCourse or signing up with Udemy.com to teach online! This is a great idea for people who enjoy online interaction and teaching from the comfort of their home or space on their own schedule.
- Custom Baking: Custom cakes and cupcakes are all the rage these days, and people are turning to independent bakers more and more to create some delightful and scrumptious concoctions for their themed parties or gatherings. If you love baking and have a good arm for decorating, considering offering your baking services for your friend or family member’s next party to get the word out!
Get Your Steady Stream!
The opportunity to earn passive income is not only a great way to bulk up your bank account, but you are also given the chance to explore a side hobby or passion that you may have always wanted to try your hand at. So, take these opportunities and suggestions and give passive income your best shot! Remember to not get discouraged early on or easily, and be sure to consult Udemy.com for any help for courses to expand you knowledge and skill sets. Happy earning!