50 Best passive income ideas – Forget 9-5 job, create a passive income stream
What is passive income? What are the best passive income ideas? Can you make money from passive income streams?
I will share with you how i was able to make $10,000 last month. Today I will answer all these questions. I love passive income, and today I will teach you all about the top and best passive income opportunities.
I will share with you how i was able to make $10,000 last month. Today I will answer all these questions. I love passive income, and today I will teach you all about the top and best passive income opportunities.
#1 and #2 are the best and trust me they work.
Forget
dreaming, now I will definitely start on one of these 50 best #passive
#income ideas. New goals added my bucket list. @income_boy
The
majority of my income is passive in nature. Apart from client work that
I take, my income grows itself through the various passive income
streams that I have created. All I need to do is, wake up, do my chores,
open my laptop and see money being credited to my various accounts. I
have shared few samples on my about page, do check it out. 
I hope this article on what is passive income and the best passive income ideas will help you create a great side business for yourself.
I hope this article on what is passive income and the best passive income ideas will help you create a great side business for yourself.
Ankur Aggarwalwww.incomeboy.com
Table of Content for Quick Navigation
What is Passive income? - What are Residual Income opportunities?
I love passive income, and I followed passive income dreams to create multiple passive income opportunities. Now a big chunk of my monthly revenue is driven by passive income. I have tried many passive income streams in the past; some made me money some failed.I have covered what is passive income in my about page, do check it out. Incomeboy.com About Page.
In one line, any money that you make from a source that requires your minimum participation is a passive income source.
Also
in this list of 50 best passive income ideas, there is no such thing as
the best source of passive income or best residual income
opportunities. Yes, I will be telling you which passive income method
worked for me, but it might be that some method did not work for me but
made hundreds of thousands of dollars for someone else.
#1. Start a Blog
Learning how to start a blog and then actually starting a blog was the best decision of my life.
All the money that I am making today is because I started my blog in 2010. I have learned so much during the years that all my clients, my multiple money making websites and everything was possible because of starting a blog.
I will strongly recommend you to read my About page to know how I got started and also some income proofs to get you motivated.
I have written a comprehensive, simple, and easy to understand guide on starting money making a blog, check it out by clicking the button below:
All the money that I am making today is because I started my blog in 2010. I have learned so much during the years that all my clients, my multiple money making websites and everything was possible because of starting a blog.
I will strongly recommend you to read my About page to know how I got started and also some income proofs to get you motivated.
I have written a comprehensive, simple, and easy to understand guide on starting money making a blog, check it out by clicking the button below:
#2. Affiliate Marketing
Starting
a blog is just a start. The primary way to earn money from a blog is
affiliate marketing (apart from sponsored post, consultancy, clients,
advertisements and more)
Not just through a blog, you can create your affiliate marketing empire through direct advertisements and fantastic email marketing as well.
Affiliate marketing forms a big chunk of my overall income. I only recommend products that I use personally or products that have helped me a lot. Many affiliate marketers start supporting a product that gives them the biggest commission, please don't do that. Earning your visitors trust takes time and do not break or lose that just for a few extra dollars.
Not just through a blog, you can create your affiliate marketing empire through direct advertisements and fantastic email marketing as well.
Affiliate marketing forms a big chunk of my overall income. I only recommend products that I use personally or products that have helped me a lot. Many affiliate marketers start supporting a product that gives them the biggest commission, please don't do that. Earning your visitors trust takes time and do not break or lose that just for a few extra dollars.
What is affiliate marketing?
- You sell someone's product or service to your customers and then get a commission
- .Like if I recommend you a product that I use which has worked great for me if you buy that product from my link I will get a commission
- One of the people I love and follow: Pat Flynn of Smart Passive income makes more than $100,000/month through affiliate marketing.
#3. Start a Drop Shipping Business
What is drop shipping? - Well, when you sell someone's products at a much higher price than what you brought that product for.
My views: I tried and made quite a lot of money through drop shipping in 2015. I was using Alibaba and Facebook advertisement to sell stuff that was being sourced through Alibaba. But the trend is changing;
My views: I tried and made quite a lot of money through drop shipping in 2015. I was using Alibaba and Facebook advertisement to sell stuff that was being sourced through Alibaba. But the trend is changing;
HOW Drop shipping BUSINESS WORKS:
- You handle all the marketing for your business… you set up your website with a shopping cart, do social media marketing and email marketing you contact the prospects and customers. You tell them all about the products and how it will make their lives better.
- They charge money also that is about Rs50 to 80-hanlding fees.
Many big retailers like Amazon, Flipkart has also drop shipping business.
- Store your products
- Package or ship any products
- The most important you don't have to put money to buyers to buy the product at the wholesale rate and then sell at a premium price.
Advantages
- Less Capital Is Required
- Easy to Get Started
- Low Overhead
- Flexible Location
- Wide Selection of Products
- Easy to Scale
Disadvantages
- Small Margins
- Supplier Errors
- Shipping Complexities
- Too much competition
#4. EBooks - Sell eBooks and make passive income
In
2013, I didn't have time to start a business I was looking for a
passive income source.I have many friends who were dealing in App making
on the App store, play store but they were not able to make money out
of it.
After a little bit of research, one of the friends suggested me to go online Ebook selling. Although it is very cheap and easy to sell, now since almost all people started doing that it has become difficult.
The cost of selling an E-book isn't too high, but you need a loyal audience you, love you and your content (might be YouTube videos, blog content or anything else).
After a little bit of research, one of the friends suggested me to go online Ebook selling. Although it is very cheap and easy to sell, now since almost all people started doing that it has become difficult.
The cost of selling an E-book isn't too high, but you need a loyal audience you, love you and your content (might be YouTube videos, blog content or anything else).
Note:
Please deliver high-quality value in your ebook, don't just sell crap.
Rather give useful and actionable advice in your niche to your audience
so that they are willing to pay. Never sell something that is of
inferior quality
MARKETING
- Firstly, I register myself on Amazon.in. After that, I do the marketing. After that, I tell and ask my family & friends to read and review my E-BOOK
- And 5-star honest feedback helps a book get up in the rankings.
- After that, I started promoting my E-book, and I posted to Facebook and a few websites that promoted free eBooks.
- Apart from that you can use Facebook Advertisements, Ask your email list and also your blog visitors, submit your books on relevant communities, give your books to influencers in your niche who have a big following, etc. Etc.
#5. Create a comparison site - create passive income
Nowadays
you can see that there are a lot of online stores selling similar
products at different prices. It becomes tough to find out the best
website to make your purchase. Websites like CompareRaja, PriceDekho,
Junglee are price comparison sites and help you make this decision.
My thoughts: I started a price comparison website in 2016 out of sheer curiosity and the money making potential. I thought with my digital marketing background and SEO knowledge I will easily be able to drive massive traffic and make my site the biggest price comparison site. But some bad luck later I could not build a good team with the same vision and hence ended up leaving that project.
My thoughts: I started a price comparison website in 2016 out of sheer curiosity and the money making potential. I thought with my digital marketing background and SEO knowledge I will easily be able to drive massive traffic and make my site the biggest price comparison site. But some bad luck later I could not build a good team with the same vision and hence ended up leaving that project.
If
you are targeting markets like US and UK (developed countries), then
you can make real money. For Indian markets, the affiliate commissions
are not that great. Also, this segment is getting competitive day by
day. Also, you need a good investment to start this business. But yes,
you can make money as affiliate marketing is my preferred way. You must
focus on SEO if you are going into this business.
How to make money out of these websites:
- Advertisements- Such Websites have enormous traffic potential with large traffic base, and hence you can make money off display advertisement
- Affiliate Marketing- Affiliate marketing is the key for such websites
- Marketplace- payment gateway and traffic to partner sites, start sending customer transaction orders to them, and this will keep your visitor attracted to your website
#6. Commission - Passive online income
The main points of a lead capture website that works on a commission basis:
Let
me give you an example. I am a digital marketer by profession, so
obviously I know about digital marketing. On this website incomeboy.com
start writing articles about digital marketing, now people will start
finding of these articles.
And when I get their email ids or phone number of students who might be looking for a digital marketing course, I can sell these leads to digital marketing course institutes and earn a commission.
And when I get their email ids or phone number of students who might be looking for a digital marketing course, I can sell these leads to digital marketing course institutes and earn a commission.
#8 Ad sense - an old passive income stream
What is Adsense?
Adsense provides the opportunity for bloggers and website owners make some extra cash. Relevant display advertisements are shown to your visitors according to their search history and your site content. And when people click on your ads you make money
if you're using a content management system like WordPress plenty plugins will allow you to insert Adsense quickly.
Reasons to use Adsense for Passive income
- Easy to setup & quick to getting started
- Work on this is very easy
- Large ad group for better bidding
- Adsense has targeted Ads
- Earning potential is fine for newbie bloggers
- Global traffic and trustful payment process
#9.Make passive income from IOS and Android Apps
This
passive income idea that I am going to cover today used to be an
expensive niche, but nowadays is a piece of cake for anyone.
Android apps are not very profitable one. Apple app store can fetch you a lot of money, though.
No one is telling you to go for your original idea just present something that can solve problems related to anything.
Android apps are not very profitable one. Apple app store can fetch you a lot of money, though.
No one is telling you to go for your original idea just present something that can solve problems related to anything.
In
short, you can repackage an old app. Just make a user-friendly app.
People are willing to pay a lot for these types of app. If you are
already an established player than promoting your app won't be the
problem for you.
- If you are coder then well and good, if not, then you can create an app empire by hiring from freelancer.com or Odesk.com for building your app
- Your marketing checklist must be long and must cover all the places you can market your app too. I see so many low-quality apps that are in the top position and have millions of download, just because they were first in that category.
#10. Passive income source - Vending Machines, Laundromats, ATMs, etc
In
this article, I have already shared some passive income ideas with you.
This approach is not focused in India rather for countries like the US.
Vending machines can be seen everywhere in shopping malls, petrol filling stations and in break rooms. The two most common items sold in vending machines are snacks and canned beverages.
Vending machines can be seen everywhere in shopping malls, petrol filling stations and in break rooms. The two most common items sold in vending machines are snacks and canned beverages.
A
single vending machine or ATM earns a small profit however multiple
machines or ATM's may generate a significant income. To make a profit
from ATM, you need to find an excellent location near shopping malls,
offices & business centers where ATM is not available.
- For setting up this one requires space and a small amount of money, and this would be a one-time investment apart from a little bit of wear & tear in the long run
- You can also open a self-service laundry, which is called Laundromat. It is a coin operated laundry service.
#11. Generate Passive Income from A Rental Property
Renting
a property has always been one of the best sources of creating passive
income. Buy a property at the right price, at the right time rent it
out. The rate of the asset will increase by time, and simultaneously the
rent will increase.
Now
it is one of the best sources of passive income for him as he gets
30,000rs rent for one flat which makes 1.2lakhs as his passive income
every month and he is devoting his time doing his own business. Kindly
be careful before investing in a property as there are so many builders
in the market who don't have valid licenses from the government agencies
and their projects get stuck in legal matters and the investors or the
buyers are the ones who’s hard earned money gets blocked so do your
research before investing in property.
#12. Easy Passive Income from YouTube Ads
For me watching and learning has always been appealing than reading and remembering.
One day I was thinking of how to make passive income an idea came to my mind why not make YouTube videos and earn passive income.
Ad sense forms a slight percentage of an average famous YouTube. You can use affiliate marketing to recommend products and earn a commission. In influencer marketing big brands collaborate with you so that you promote their brand to your audience. Brand collaboration makes a lot of money for You tubers.
One day I was thinking of how to make passive income an idea came to my mind why not make YouTube videos and earn passive income.
Ad sense forms a slight percentage of an average famous YouTube. You can use affiliate marketing to recommend products and earn a commission. In influencer marketing big brands collaborate with you so that you promote their brand to your audience. Brand collaboration makes a lot of money for You tubers.
- For this, you need to set up a YouTube channel and create an account. Add relevant keywords that are appropriate for your content. Always try to keep a short user name which is easy to remember. Upload high-quality content which is not very long. Use different software and editing techniques to make your content visually attractive.
- Keep uploading the content regularly to hold your audience as you require the audience to watch your ads to get benefited from them regarding making money.
- Enable monetization on YouTube channel is one of the ways to make passive income.
- Set up an Ad sense account
I was reading a story about a kid on youtube who made more than $1 million /annum. He is a toy reviewer, so he reviews kid toys and makes money through it.
YouTube
is the second biggest search engine in the world. People would like to
watch videos rather than reading an article. It is always good to have
multiple sources of income, and with YouTube, one can quickly generate
passive income by uploading good content.
#13. Revenue Stream from Reselling Online Products & Services
One
of the best passive income ideas is to make money by reselling online
products & services. To make it your passive income always buy low
and sell it at a higher price.
The Internet has made easy to buy and sell. One can purchase items from local dealers and sell them at higher rates online thus making it a passive source of income.
Buying and selling will play a significant role in making the new economy in industrialized nations like the USA, Canada that's why most of the people are choosing to be self-employed as a way to keep up with the changing times, make money and secure your future.
The Internet has made easy to buy and sell. One can purchase items from local dealers and sell them at higher rates online thus making it a passive source of income.
Buying and selling will play a significant role in making the new economy in industrialized nations like the USA, Canada that's why most of the people are choosing to be self-employed as a way to keep up with the changing times, make money and secure your future.
- Small investment: To start with, only invest the minimum amount required to start this service.
- Low financial risk: The money would be spent in buying inventory, so if you decide to quit, sell off the stock, and you can move out from this business.
- Profit earning potential is excellent
- Flexibility: Either you can work from home, or you can set up a small office.
#14. Generate passive income by Writing for Ad sense
Ad
sense is one of the most popular ways to earn passive income online. In
fact, you can make a living out of Ad Sense. It is free for publishers.
It is used by advertisers to advertise their products & services on Ad sense websites once someone clicks on their ad money are deducted from their account.
It is used by advertisers to advertise their products & services on Ad sense websites once someone clicks on their ad money are deducted from their account.
In today's world, one should have multiple streams of income, how can you achieve this by writing content for some high page rank content publishing platforms.
If you write good quality articles, you can quickly generate a decent amount of passive income. Suppose you publish good 50 articles with quality content and pick right niches you can earn approximately 200$ a month passive income online.
- Always make a content rich website
- High-Quality website which generates a lot of traffic.
- Target right keywords
- Always follow Ad sense policies
Note: This
process was making people thousands of dollars per month a few years
back. Now to make money through this technique, you need to drive a lot
of traffic and also need through knowledge of SEO to make money.
#15. Passive income strategy From Software & Web Apps
If
you know how to make an App or software you can quickly generate
passive income with little effort. Make an app and sell it on app sale
websites.
It was founded in Dec2010. Ola (app) is valued at $5 billion as of September 2015. It had recently acquired Bangalore based taxi for sure in 2014. Zomato app helps you to find best restaurants around you.
It was founded in Dec2010. Ola (app) is valued at $5 billion as of September 2015. It had recently acquired Bangalore based taxi for sure in 2014. Zomato app helps you to find best restaurants around you.
How
to make passive income by apps is to place ads inside the app. If the
app is useful, provides relevant information to the users and generates a
lot of traffic it can be your best source of passive income.
Fantastic software and web apps that I use and love: Slack, Asana, and ahrefs
#16. Make Money from Stock Photography
You
can start off by building a creative gallery of photos in whatever way
you like and live the rest of your life like King (Assuming you are not
thinking of becoming Saudi king ;))
Then how to start?
First, select the very specific ideas and stick with it
Then how to start?
First, select the very specific ideas and stick with it
This systematically organized library will ensure your valuable audience, and even marketing and SEO would be the lot easier too.
One Stock photography site gets the money from some different ways. How can you earn money? There are different ways
- Single Purchases: Each time someone buys one image from your library.
- Extended license: Each time someone purchases one extended license.
- Subscriptions: Subscribers get unlimited access to all images.
- API Usage: Then, each download you will receive the specified percentage or a commission.
- I have learned that sometimes offer for free the images but with the condition of the reference in the picture. If you want to use it without the link, you should pay a fee. Attribution is what you need to take care of.
But the most of the times they work as an Affiliate for the big one's companies. They offer for free the images as a way to get the attention of the people, but in the middle of their pictures, you can find advertising from the big one's companies. Each time someone goes to through the affiliate link to the big one company, they get a % of the sale.
#17. Passive Income with A Book Reviews Website
If
you are thinking of making passive income reviewing books is what you
can do. There are several websites which are ready to shell right amount
to review books.
For this, the first step is to read books and posts reviews on different platforms. It will enhance your book reviewing skills, and you can interact with other writers, reviewers, and readers to make contacts with them which will help you to make your audience in the long run.
For this, the first step is to read books and posts reviews on different platforms. It will enhance your book reviewing skills, and you can interact with other writers, reviewers, and readers to make contacts with them which will help you to make your audience in the long run.
Look
for opportunities how to make passive income by examining books, become
a freelancer book review expert. There are companies or authors which
pay a decent amount for positive reviews. For this, you can pitch to
different magazines, journals or newspapers.
The other ways to make money reviewing books is by creating a review blog and after considering the book, add affiliate links to buy the Books from Amazon. If your article drives a lot of traffic, then you can make money from people who purchase the books from your links.
#18. Amazon Affiliate by creating a store
This is another tactic to make money from Amazon Associate or Amazon affiliate program.
All you need to do is creating a niche based website, let's say Gardening. Then you display all gardening related posts, products, reviews and more.
When your website starts driving organic traffic from Google, and people find your site useful, they will click on affiliate links. If they make a purchase, you will earn a commission
All you need to do is creating a niche based website, let's say Gardening. Then you display all gardening related posts, products, reviews and more.
When your website starts driving organic traffic from Google, and people find your site useful, they will click on affiliate links. If they make a purchase, you will earn a commission
If you go to IncomeBoy tech then
you will see that for phone reviews instead of directly linking to the
phone or the tech on the Amazon website, i am using affiliate links. So
if someone purchases from my links, i will earn a commission.
#19. Buy and rent out equipment and tools
This
passive income idea requires a lot of initial investment, but yes the
potential is enormous, and people are making a lot of money.
A friend of mine has started a computer and Laptop rental business. He purchased a lot of computers for various configurations, and now he has set up Google Ad words and Facebook Ads to drive customers. People who cannot buy a lot of computers or laptops in bulk they can rent them out.
A friend of mine has started a computer and Laptop rental business. He purchased a lot of computers for various configurations, and now he has set up Google Ad words and Facebook Ads to drive customers. People who cannot buy a lot of computers or laptops in bulk they can rent them out.
- I have opened a new office for myself for my digital marketing firm, and even I thought of first renting the computers for my employees, but rather I decided that the ROI won't be that good and I had the initial investment to buy the Computers on my own.
But this idea is promising, and you can rent out a lot of things like party costumes, etc. etc.
#20. Passive income by becoming a Digital Publisher
Before going further let’s take a quick look at basic functionality and the central aspect of digital publishing.
There is the same procedure in both the publishing Digital and traditional. However, the main difference is delivering the methods; one uses the physical platform another uses the electronic platform. So it runs on its rule and regulation.
There is the same procedure in both the publishing Digital and traditional. However, the main difference is delivering the methods; one uses the physical platform another uses the electronic platform. So it runs on its rule and regulation.
STEP 1
Choose the correct format for publishing: It always is the dilemma of choosing publication software, when you have loads of option available online, it should be reliable, compatible and fast in loading. Here is the few example of software “Joomag,”” paper list.”STEP 2
Distribution: As it is on digital p[platform you don’t need to knock the doors of publishers and sigh the contract. In this platform, you just need to find any online store or shops, who deal in these kinds of stuff. Remember: chose the format that is most in common and compatible, because some time the deal is stuck just because of format and you were done.
Pro Tip: If you don’t want to use any of this distribution channels, you can create your own as well
Just
make a dummy sales page, add your stuff and create a prize, and send
some traffic on it from Google or Facebook. And launch the page live,
and wait for the responses. You have the ballpark figures of people who
visited your page and bought the stuff. The best software for these fake
pages is LeadPages.#21. Passive income - Rent a Room, Space, or anything else
It
is another source of passive income; it is the easiest way to earn
money on continuation basis. As the world tends more on digital media,
so now it is more facile to rent room or spaces.
There are so many companies out there who find a tenant for you on just a nominal fee.
The companies are “Airbnb,””Breather,””Regus” and much more.
There are so many companies out there who find a tenant for you on just a nominal fee.
The companies are “Airbnb,””Breather,””Regus” and much more.
The
Procedure is quite simple; you just have to click some photographs
which cover every room and posted on any of the above sites or any you
know and quote a prize you want to charge and add some description onto
it.
- Let’s take an example; You have a house of two room set, so first make a choice to whom you want to give your room as a tenant like you asked for family, or you can give each room individually to only professionals and then mention that how long the room is available and done. You start receiving the reply to the company.
#22. Lend money on Peer-To-Peer Lending platforms
I
know that sounds risky but, when a cheque is credited to your account,
the risks fade away. So it’s worth taking risks because life is all
about risks.
Peer-to-peer lending was cutting the middleman from the process. So it enables individuals to borrow and lend money directly.
A few years ago lending money was so risky, that only goons and connected peoples were doing that because they knew how to recover their money by any means.
Peer-to-peer lending was cutting the middleman from the process. So it enables individuals to borrow and lend money directly.
A few years ago lending money was so risky, that only goons and connected peoples were doing that because they knew how to recover their money by any means.
- But now things are changed due to some government rules; now there are so many things to take care of for both the parties. And if you choose a reputed bank or company, then the risks are low, and returns are high. So choose the company wisely. I mention some companies who deal in this niche, for instance, Faircent, Lebnox, Lends club and much more.
#23. Create and Sell Your product - passive income idea
If
you look back; success stories can be created by anyone, you just have
to fill the gap. You just have to find the problem seek the solution and
promote.
- Developed a product: while in developing a product always think for look, purpose, and need, and make sure to the patent your product to keep other companies from developing a similar item if your product is unique.
- Test run for the market: Once the prototype is prepared now the time is to check the product for market fit. Circulate some samples product to family, friends, and acquaintances and get their reaction, and ask for any feedback. If comments and reaction are good, then you’re ready to create or manufacture more of the product.
- Find Buyers and Distribution Methods
- Learn everything you can about the people who might be your potential targets, such as their lifestyles, buying habits and all. Now by this analysis, choose the distribution whether you want to sell online or offline. Also use some marketing tactics to promote your product.
Let’s
take the example of under armor; a football team captain is having a
sweat issues when he was playing soccer. He found the fabric that
overcomes the body odor and locks under the vest, and this all things
happened in his basement. And now this company has a turnover in
millions of dollar all over the globe.
#24. Building passive income - Buy an Existing Online Business
Buying
business has always been in fashion, Facebooks’ $1 billion acquisition
of Instagram, the $200 million deal by Zynga to acquire Draw Something
maker OMGPOP, and Twitter's purchase of Posterous.com.
Inline business is immerging, and it’s never too late to build or buy a business. Buying is always a lucrative option, because of all the paperwork; the first struggle has been done.
Inline business is immerging, and it’s never too late to build or buy a business. Buying is always a lucrative option, because of all the paperwork; the first struggle has been done.
Anyway, if you are planning to buy some online business, there are some ways to do it properly.
- Direct: If you know what you are looking for, you can approach directly to the business owner. And before that make sure to prepare the business plan, demonstrate your ability to run a successful business
- Online Marketplace: There are numerous online business market centers out there, and there is plenty of purchasers that start their search on one of these days, as it is one of the more interest spots to begin. Purchasers can take a look at accessible postings in their picked industry to locate the most viable opportunity. Buyers can likewise request extra data on any posting, which will caution the dealer of your potential interest.
- Auction sites: Auction sites are similar to the business marketplace; the main difference is buyer can bid for their business. These sites are so competitive because along with you, there are others buyers also present who might interest to your business as well. Notwithstanding, you ought to know that organizations up for sale locales haven't been checked. Along these lines, purchasers accept more hazard, as there is to a lesser extent an attention on operational and pay confirmation, and there is dependably the shot that a few postings are being distorted.
#25. Sell information to big companies
In
today’s world, people are not suffering from lack of information; they
suffer from non-accessible information. And this is the gap that you
might fill and start your passive income. There is tons of business that
need data to work. And for that, they conduct research which cost time
and money.
What if I tell you that the data stored in your in your trash folder is worth thousands, right now you won't believe but the fact is this is totally legit idea for earning some money
What if I tell you that the data stored in your in your trash folder is worth thousands, right now you won't believe but the fact is this is totally legit idea for earning some money
- For example, A masters student who is doing research for his thesis, collect some data, and then a rivalry company might interest in buying that data, and then you can quote any reasonable prize for that
#26. Make Money Franchising
It
is not that complex that it might sound; in fact, it is quite simple.
Think that way, creating online business make money from it and
franchise it.
KNOW YOURSELF: everybody has some expertise in something, just think of that, look your strengths, weaknesses and blind spots. Visit existing units of the franchises you've targeted and talk to the franchisees.
KNOW YOURSELF: everybody has some expertise in something, just think of that, look your strengths, weaknesses and blind spots. Visit existing units of the franchises you've targeted and talk to the franchisees.
Avoid Fad
Is the section you’ve picked hot or quite recently overheated? You won't profit if the business is in an area that is going to implode. Maintain a strategic distance from Franchise who worked around unique items or service that have pulled in an excessive number of copycats.So will your franchise be gainful? Nobody knows without a doubt. In any case, if you pick one that fits your identity, stay away from those where there are evident cautioning signs, you will help put the odds to support you.
#27. Passive money from Rewards Programs:
Although it is not a mind-boggling idea for passive income still you can earn good money from it if you consider it wisely.
Getting aware of the fact: In this program the quick you realize that you won’t become rich the better you perform. All these reward programs are time-consuming.
TIP: Create a new email ID for this purpose, and you will never be spammed it out. You can check it periodically maybe once a week.
Getting aware of the fact: In this program the quick you realize that you won’t become rich the better you perform. All these reward programs are time-consuming.
TIP: Create a new email ID for this purpose, and you will never be spammed it out. You can check it periodically maybe once a week.
- Never get into the trap of rewards earning scheme: Usually, an excited person like you who wants to earn money out of rewards program end up with purchasing non-essential products just to earn some rewards. Not to mention this is not the best way. Go smart!
- Be accountable for your action: Basically, you should be accountable and note down rules of the program.
- Go slow and never lose out patience!
#28. Buy overseas and sell locally on Ebay and Amazon
If you are wondering that how on earth this idea can be a source of passive income?
Then you are part of confused people. Think again.
This idea can be passive income with just a little work, and it can be a pure source of passive income if you get someone to take care of your other side, i.e., the supply of products.
Then you are part of confused people. Think again.
This idea can be passive income with just a little work, and it can be a pure source of passive income if you get someone to take care of your other side, i.e., the supply of products.
Isn't it monotonous? Yes, it is indeed.
But here the key to this passive income is to choose the right product. While choosing the right product for your business, you must consider key elements. This key element is the availability of your chosen product must be scarce in your local area and overprice products.
Still, you find it difficult to start?
You can probably start off with purchasing some product in bulk in your country and sell it globally on eBay at premium prices. You can also sell it on Amazon, or just create a website and use FB ads and other advertisement and check your ROI.
You can probably start off with purchasing some product in bulk in your country and sell it globally on eBay at premium prices. You can also sell it on Amazon, or just create a website and use FB ads and other advertisement and check your ROI.
#29. License Your Ideas
I am not sure how many of you Watch Shark Tanks if you don't I highly recommend you watching that series.
You will learn so much about business, starting a business, growing a business, business difficulties by looking at real life stories.
You will learn so much about business, starting a business, growing a business, business difficulties by looking at real life stories.
- Let's say you come with an idea with a product design of toothpaste that will drive revenue of toothpaste companies by 20%
- Now all you have to do is patent the idea and then license that idea to the toothpaste companies, and earn royalties on each toothpaste bottle that is sold.
#30. Invest in business and make money
Are you afraid of starting something of your own?
Do you also think of investing money in something which gives cash after the sale of a product is too risky in this volatile market?. Do you want to alienate yourself from this corporate world still want to be the partner of profit?
If you can relate yourself from any of these questions, then this might be the destination to invest your hard earned money.
And they will call you silent business partner!!!, Now you must be thinking that how can I be part of this fairytale business?
Do you also think of investing money in something which gives cash after the sale of a product is too risky in this volatile market?. Do you want to alienate yourself from this corporate world still want to be the partner of profit?
If you can relate yourself from any of these questions, then this might be the destination to invest your hard earned money.
And they will call you silent business partner!!!, Now you must be thinking that how can I be part of this fairytale business?
Find out the person or business who have successful and established business but unfortunately (fortunately for you) running out of some money either to expand their business or give stability to their business then you could be their savior.
#31. Passive income from Niche Group Buying Site
Have
you ever thought that your fun time groups on social sites could be
your great source of passive income? If you could have thought, then its
cool go ahead with it moreover I am going to help you further.
If you are someone who never thought it, trust me this could be an eye-opener since the idea is quite simple.
This is going to take some serious work but-but... incentive is far more lucrative...
If you are someone who never thought it, trust me this could be an eye-opener since the idea is quite simple.
This is going to take some serious work but-but... incentive is far more lucrative...
Target voracious audience who wants to have multiple products, and thus more likely they are looking for group deals.
Here's your chance.
Create the deal site and apply strategy according to your leverage. Either you can go for selling exciting products periodically let's say once/twice in a month and let group audience engaged and thrilled.
But for doing so, you must have knowledge of your audience likings pattern.
Or you can go with products offering very absorbing discounts. Now you must be wondering that how passive is this idea?
Well, here is a trick if you can settle all the deals today and pipelined them to be on your site with the course of the time or just once in a year it's passive, isn't it?
#32. Earn Money by Designing Stuff
Ever
heard or felt that the quality of a product is fine, but not so with
design or it could've been better, or if I could've got hands-on with
designing of product.
Always wanted to make the product beautiful, but never get a chance to do so? Always find difficulty in giving surprise gifts to your beloved because all available design is not at par.
Always wanted to make the product beautiful, but never get a chance to do so? Always find difficulty in giving surprise gifts to your beloved because all available design is not at par.
if you have an interest in designing? Have you got any talent in designing? Then this could be your very own idea .!
Here is a key to earning money from this idea is to start something where your heart lies i.e., do design in your domain which you know.
I've learned it from my young friend who is brilliant in making design and making hell lots of money by just designing stuff on cover pages and let me tell you he is still in school.
- To do for working on this idea can be pretty simple if you are novice you can start designing just by making some good collages from your bunch of photos and it can be done on ranging from shirts to cups etc.!
- If you are serious about it and got talent and want to be a pro, then I would recommend you to learn it from custom design software available free on the internet alternatively you can visit for sites like Zazzle that will give you productive insights.
#33. Earn income by starting A Jobs Board
Although
this idea of generating passive income is neither innovative nor easy,
it pops out in my mind when my friends after graduating from college
were looking for jobs.
Few of my friends were exhausted, and fortunately, they got a job through a platform where employers are posting jobs and meeting with suitable job seekers.
So you can also be the one to create such platforms to provide jobs by letting employers post their openings on your portal.
Few of my friends were exhausted, and fortunately, they got a job through a platform where employers are posting jobs and meeting with suitable job seekers.
So you can also be the one to create such platforms to provide jobs by letting employers post their openings on your portal.
But this is not going to be easy, but it pays off well.
You
must fair bit knowledge of programming for front-end site alternatively
you can also manage it with available templates to shape it workable.
You can buy a theme from ThemeForest and install it on WordPress
dashboard if you are comfortable with that, as that will be much easier.
- This idea is to must try since it involves very less time and money to risk.
- The marketing is the play here. Without the traffic, potential people looking for a job, you won't be able to convince the employers to sign up for your platform.
Next hurdle might be to pull the attention of employers on to your site; you can do so by making attractive and relevant contents for job seekers so that any way they visit your site and then you can show your traffic to employers and request them to post the jobs up.
#34. Earn money by Donations
This
idea is for one who is a developer ( namely popular such as WordPress )
and want to give freebies like plugins or other software tools to their
loyal followers just to make it more intensively focused and engaged
towards your updates.
The trend of asking for donations for software or extensions/add-ons appears very common nowadays. For example, the author of the chrome extension AdBlock quit his day job to work on the extension extensively.
The trend of asking for donations for software or extensions/add-ons appears very common nowadays. For example, the author of the chrome extension AdBlock quit his day job to work on the extension extensively.
This
idea can work depending completely upon the kind of value you create in
user’s lives by your freebies and still you cannot be sure about
earning some generous money by donation.
- So basically it depends on user base, larger the user base, larger the chances of people making donations and this user base can grow exponentially depending on your quality of products.
AdBlock is a great product. People use it. I myself use it. They have got Around 50M users base. Taking a simple 1% of supportive, for such productive software donating user’s results to 0.5M users. Taking just 1$ from each. Assuming that too just one time donation, to keep the guess more generous. It results to $ 0.5M.
Any doubts still left?
#35. Save money in your business - Outsourcing
This
is the kind of pseudo business which is highly popular in the developed
countries like the US and UK. You will be able to manage your business
and still generate hell lots of money.
It can be one of the craziest ideas you can think of generating money. Rather a smart idea.
It can be one of the craziest ideas you can think of generating money. Rather a smart idea.
Next question is what kind of service businesses fits into this domain? - I can assure you more than what you think!
Outsourcing: Any service for which you can hire people outside a company to perform within the company by your own employees.
Most popular outsourcing businesses are Customer support, Accounting, Tax Preparation, Web design, Computer Programming, Data entry etc.
- Customer Support
- Accounting
- Tax Preparation
- Web Design
- Data Entry
You can either select one domain where you have expertise or continue with your service oriented business (if you already have set up similar)
Target cheap outsourced workers for your work. Traditionally Asia offers much cheaper workers. Countries like India, Philippines and Romania can offer similar work at much cheaper prices and comparable quality.
I myself has started this service-oriented work and delegate my assignments to others and now I hardly spent 10 hours in a week for my own work but still could manage to deliver to my clients.
In fact, my focused work is been restricted to overview work, assigning tasks, making few calls etc.
So why they will work for you?
My suggestion is, don't be greedy and run after money rather you should offer the rates that are above the standard rate and make your business mostly passive.
P.S. All service based IT companies of US are backed up by Indian workers!
#36. Create an Online Education Site
This idea can get you million of dollars but will require a lot of hardwork and dedication.
Honestly, to make it work you will have to do many things right and it's engaging so not entirely passive. The real life example that just pops out in my mind so I can better explain what I am talking about is, Corbett Barr’s https://fizzle.co/
Honestly, to make it work you will have to do many things right and it's engaging so not entirely passive. The real life example that just pops out in my mind so I can better explain what I am talking about is, Corbett Barr’s https://fizzle.co/
- Nowadays, online education has gone beyond traditional models, and have almost substituted and replicated regular universities, where you have access to classrooms, lectures, study materials etc.
This
work is not completely passive though since larger part of work will be
done when you collect your resources, study materials, set up of such
platforms etc. and then adds a bit over the course of time with the help
of guest lectures, valuable guest posts.But still you will have to
focus on your student community or alternatively you can delegate this
daily work / week to week work to some person to make it more passive.
#37. Build an Online Community & Market Place
This idea can work for you by involving groups of keen and knowledgeable people and create content through forums, posts, valuable comments, and testimonies and sell them after repackaging into a product and related services to interested people.Even you can help your users to make their product and assist them by selling it.
Seems all right !?
This is the real passive income. If you are lucky enough to be one you can have your own such online community which you can use it for selling other products also.
Any such online community exists? The niche of guitar learning has the site https://www.justinguitar.com/ as the online community and its killing market in their niche.
Why are they successful?
Since they've got very involved and delivered insane value. The whole value system is what will help you make money online. This is what has made money for me.
Since they've got very involved and delivered insane value. The whole value system is what will help you make money online. This is what has made money for me.
#38. Make amazing guides and sources
This can be easy and also won't take any investment or money.
If you already have a website that has lot of content spread across various categories. What I mean is instead of the style of incomeboy where I write a highly comprehensive long guide covering everything about a topic; let’s say you have 10 articles just on how to make money from Facebook.
If you already have a website that has lot of content spread across various categories. What I mean is instead of the style of incomeboy where I write a highly comprehensive long guide covering everything about a topic; let’s say you have 10 articles just on how to make money from Facebook.
Now
instead of making people read all the 10 articles, just combine them in
just one guide or maybe eBook and then add more up to date relevant
content, add more value and then repackage it as a video course or
eBook. Now this highly valuable eBook that is personalized with case
studies, example, real revenue numbers, interviews etc is worth 10 times
more. Now you can sell this eBook to your audience.
#39. Affiliate - Reviewing Products & Linking To Amazon
I
got to know about the Amazon affiliate program through a friend of mine
as blogging is my hobby, I thought of earning passive income using the
Amazon affiliate program. At first, I tried both Google’s Adsense
program and Amazon's affiliate program.
The commission slab with Amazon is great as they give 4% to maximum 8% commission depending on the number of products sold through your website.
The commission slab with Amazon is great as they give 4% to maximum 8% commission depending on the number of products sold through your website.
You
must have heard about the Amazon's mega sales which are a good time to
earn good profits. On the top, it has wide range of products to choose
from which gives options to the customers so they end up purchasing more
things.
#40. Sell merchandise/products and other things on your blog
Let’s talk about another money making advice.
Have you seen people wearing t-shirts of their favorite football teams or carrying a mug of their favorite website? Yes, probably you would have..!
Have you ever thought of making it as a source of income for yourself? Yes, there's plenty of money in this.
Have you seen people wearing t-shirts of their favorite football teams or carrying a mug of their favorite website? Yes, probably you would have..!
Have you ever thought of making it as a source of income for yourself? Yes, there's plenty of money in this.
However, do remember certain points before starting your own merchandise.
- First, brand your blog in a way so that it will be fit for your merchandise.
- Be creative with your merchandise for example if you are sending a shirt use different colors different font if possible send them with a personal note thanking them for their support.
NOTE: BE FAMOUS. I know you might be thinking WTF, I can't be famous in a day. Well, this is how it works; you need an audience that loves you. If there won't be traffic on your site, there's hardly a chance that you would be able to sell merchandise your product.
Once
you generate enough traffic Merchandise is one of the best ways to
monetize your blog. There are number of websites which help you create
your own merchandise CafePress, Printfection is some of those.
#41. Domain Flipping - Make money selling keyword rich domain names
This
one might require a lot of luck and a bit of juggling with words. The
primary purpose of this article is to use a keyword specific domain.
Google will rank better a domain name keyword then a site with a just keyword. Although here we are not talking about just ranking here we are talking about generating money.
Google will rank better a domain name keyword then a site with a just keyword. Although here we are not talking about just ranking here we are talking about generating money.
- Sumome.com recently wanted to rebrand to sumo.com and hence they paid alost a million dollar to the person who owned sumo.com. See if you are lucky making money doing domain flipping will be a breeze.
Most
of them won't sell even if 10% are sold that will make up to other 90%.
Go for the keywords that might not be relevant right now but someday in
the future someone would come looking for that keyword and day will be
your day...!
Please do write to us and share your experience. This whole process is called Domain flipping, and I tried my hands on it but did not find much interest in it. Many of my college friends were doing this last year; I will try to connect with one of them and try to add more useful information on this point later.
#42. Make money by interviewing famous people
Yes, you can make money by interviewing people. Let me give you some examples:
I
will be using this method once I create a brand of myself. After
incomeboy.com grows, big people will know me and hence will be more
likely to say yes to my interview requests.
- If you know about podcasts, then many podcasts like EOfire (my favorite) brings guests who are experts on business and then he talks to them. Finds their passion, their secrets and since the advice is coming from expert’s people are more likely to believe and connect with them. EOfire is making more than $200,000/month as of now.
- You can also interview famous people and create a YouTube channel. You can earn from sponsorship and YouTube ads
#43. Other passive income ideas and streams
Making passive income has a lot of potentials, and similarly, the number of passive income ideas is also endless.There are so many other methods that I can mention, and this list will become endless. I have already crossed more than 11,000 words in this article. I don't want to overwhelm you will have information overload. So I will stop here and let you decide which method gets you excited.
Hope this article helps you out. Do let me know your experience.
No comments:
Post a Comment