I want to introduce to you a couple of passive income ideas to fuel your business. Passive income, by the way, can be described best as income that you earn while you sleep… The reason I bring out this topic is because more and more people today realize that being able to make a money off the internet is an option. We hear success stories of self-made millionaires. We see images of young fellas lying on a sunny beach, under a palm tree, working on their laptop while drinking coconut milk out of the straw. It is what they call the “laptop lifestyle”. Isn’t that just wonderful? Can you just imagine yourself doing that?
Honestly, if you look around and consider all of the people working in an office from 9 to 5 (maybe even yourself), it’s really hard to believe that a whole different way of living exists. Maybe in an alternative reality, in which you were born to a family of millionaires…
Nonetheless, regardless of what anyone thinks, the laptop lifestyle does exist. But don’t be fooled thinking that is how internet millionaires spend 100% of their time. Also, when we look at those wonderful images, we must understand that they are only images, and in reality, the majority of people did and do a lot of hard work to be able to live that way.
We must remember that everyone was once a beginner. Everyone had to start from somewhere. And as long as you believe that you can achieve the same, and begin taking action on it, there should be nothing to hold you back… because every action begins with a thought, with a belief.
“Luck Is What Happens When Preparation Meets Opportunity”
10 passive income ideas.
1. Kindle Publishing
Kindle publishing is about publishing digital books online through the Amazon platform. It is one of the most popular passive income ideas that you will come across. That is what at the same time makes it so great and not so great.
It’s great because it has withstood the test of time. It’s perfect for anyone with no prior experience of selling online, and can earn you a significant amount of money with minimal investment. On the other hand, because of its simplicity, very many people do it. Some say Kindle publishing is saturated, but then again, there are no opportunities without competition.
Pros: Noobie friendly; minimal investment; can earn you thousands.
Cons: Difficult to scale to large amounts.
I talk about how I make money with Kindle here: Make Money Online – the Story of How I Made My First Cents Online
2. Merch by Amazon
Merch by Amazon, as you can see from the name, also takes part on the Amazon platform. It’s an on-demand t-shirt sale platform.
Merch by Amazon passive income idea is truly one of a kind. Why? Because it will cost you absolutely NOTHING to get started, but can earn you thousands as well. What’s the downside? You have to wait to get accepted onto the platform (1-6 months usually) and you have to learn to create your own t-shirt designs (or pay someone to do it).
Pros: Absolutely free for you, but can earn you thousands.
Cons: Waiting time to get accepted; difficult to scale to very large amounts; Photoshop or Gimp skills needed.
You might want to check out this course on how to get started selling with Merch by Amazon.
3. Amazon FBA
The third passive income idea is called Amazon FBA. This is once again about the (God bless) Amazon platform. Amazon FBA means selling physical products through Amazon that Amazon would then fulfill for you. This means that you don’t have to keep stock at your house, no handling of returns and no customer support from your side. All you have to do is purchase goods and ship them to Amazon.
Pros: A real scalable business that can earn you hundreds of thousands.
Cons: Will require a decent starting capital; can be quite difficult to begin with, especially if you have no prior experience with selling online.
4. Affiliate Marketing
The fourth passive income idea is affiliate marketing.
While affiliate marketing is a totally legit way of making passive income, you will need to spend a lot of time getting there. Affiliate marketing is basically advertising anything you like, and then earning a commission from the sales you make. It’s as simple as that.
However, as you can imagine, you need someone to advertise to. If you have a following, you make money, and if you don’t have a following, you don’t make money. But the way you create a following is up to you. You can do it through social media or by any other means, just as long as you have a place to talk about the product or service you are advertising.
Pros: Requires little/no capital; easy to get started with.
Cons: Can take long before you start earning anything; not necessarily something that can make you very rich.
5. Rental property
This passive income idea has been around for very long. It is, therefore, one of the most known as well. All you have to do is find an apartment or house to buy, and then rent it out to others.
Pros: Is stable; can make you a relatively high income monthly.
Cons: Requires knowledge of the rental market in order to make educated decisions; a lot of money to start with.
6. Create an online course
The sixth passive income idea requires you to create an online course. If done correctly, it can not only make you good money, but can also educate others (lol).
However, I personally think that you shouldn’t make an online course just because you can. I think you should make an online course only when you really have a good amount of knowledge on some topic that you are ready to share with the world. There is a gazillion of crappy courses out there already. Don’t create the gazillion and first. 🙂
Pros: Can make you money rather quickly; it is when you can share something you love and get paid to do it, passively; sometimes requires no cost for you.
Cons: You need to know the subject; won’t make you too rich.
7. Create an online course with a monthly membership fee
This passive income idea is similar to the previous one, but with a few major differences.
Usually, membership courses are not hosted on any particular online course website. They are more like a real business, in which you have your own website/platform to hold the course, customer support, and you have to constantly be there to create new content and help your clients.
While this sounds like a lot of work, it is only so in the beginning. Once the core of the course is created, you have a website and have hired someone to help you, you can expect a lot of passive income. If your course is really good and you update it regularly, you will have people paying for it monthly.
Pros: Can make you a lot of money; it is when you can share something you love and get paid to do it, on a regular basis; can be rather cheap to arrange (only website costs).
Cons: You need to know the subject; you may have to spend a lot of time advertising your course; you will need to put out new content regularly; you will most likely need to have customer support.
8. Make a YouTube channel
If you are not afraid to put yourself out there and enjoy being on camera, then this passive income idea is for you. Of course, do not forget that it takes a lot of time to become popular on YouTube, and not everyone has the right kind of content idea for it.
Despite YouTube today being very unpredictable with how it pays content creators, you can still earn a decent income by having sponsorships.
Pros: If you love being on camera, you will love this; you can start with no/minimal investment.
Cons: You need to make new content regularly; the income is not stable; be ready to face keyboard warriors, sofa experts and haters of the comment section. 🙂
9. Sell your photographs
This passive income idea is one of the most creative, and you don’t need to show yourself to the people.
There are a bunch of websites that can sell your photographs to people. If you do this as a hobby, why not ask money for it? This is maybe not something that can replace a well-paying job (unless you are a professional full-time photographer), but it nevertheless will generate you passive income. I think that this is a perfect “side hustle” if photography is your hobby.
Pros: If you loved photography before, then this will feel like a walk in the park; allows you to be creative.
Cons: Will require an expensive camera; will not necessarily make you a lot of money; fluctuating income.
10. Build a website and do whatever with it
In passive income idea 4, I mentioned affiliate marketing. Well, you don’t necessarily need to count only on affiliate marketing if you have your own website or blog.
Take any topic or niche that you are passionate about, whether it is “journalism” or “animal care”, and create a blog around it. With time, you will attract visitors to it. From then on, it is up to you what you want to do with that blog/website. You can have Google Adsense connected to it to generate you income, or you can even sell your own products through it. It’s all up to you and your imagination.
Pros: Cheap to start with; can be a hobby turned into a lifestyle; can earn you thousands and replace your day job eventually.
Cons: A lot of hard work and time needed with no visible results at first; you may lose interest in it with time.
Make sure to check out: How to Start a Blog and Why It’s One of the Best Things That I Have Ever Done
As you see, all of the mentioned points are not 100% passive, at least not in the beginning. But that’s ok, because the goal is not to become totally work free, but rather to have a lifestyle in which you don’t have to sit in the cubicle from 9 to 5 and live off a set salary from month to month.
And remember, passive income is totally real and can be achieved by anyone, including YOU. The only question is then, are you willing to put in the necessary work to get there?
Thank you for stopping by and good luck! Feel free to write your comments below.