Do you want to know the exact step to building passive income and build passive income?
Do you want to be an Entrepreneur, want to become your boss, and build passive income right from your own?
If so, this post is for you. Trust me!
Build Passive Income
Let’s learn some methods to build passive income by getting started with a basic question about ethical business:
what is ethical business?
Well, an Ethical business is the kind of business where certain ethics either applied or professional are incorporated to keep a check on the problems that arise in any business environment. The entire organization and individuals fall under the ethics that are set for a company or an organization.
Now for an ethical business that is fueled by the passive income you should carry on and read this article.
This article will cover different ways through which you can earn passive income by spending some upfront money or time.
Sounds fine? Let’s get started now. Here are some strategies you may want to apply while building passive income!
What is passive income?
Take a look at this Picture carefully:
Even what is called “Passive Income” requires an upfront hard work and time from you in the beginning before it actually becomes Passive income streams. You will have to do a lot of fostering in the beginning.
After a considerable time and hard labor, these revenue streams start to shape and are able to uphold themselves, bringing you steady revenue without much struggle on your part.
Here are ten ways for you to get started and build passive income, from today!
- Put your photography online
- Write an eBook
- Trade your products online
- Invest in real estate rentals
- Create YouTube videos
- Build an app
- Sell digital files on Etsy
- Create an online course
- Affiliate marketing
- Create a blog
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Put your photography online:
Do you have a passion for photography?
If yes, then this could be the best source of your passive income.
There are many online websites such as iStockphoto and Shutterstock that are willing to provide you with a platform where you can sell your photos. This site may offer you either a flat fee or some percentage on each photo that is sold to clients on the site.
Putting your photography online on different websites can be the best way to create a cash flow, as you generate revenue on a single photo each time it is bought by a client.
All you need to do is create photo portfolio and put it on different online platforms and then sit back and watch passive income coming in.
All the technical drudgery of the photos and its sale is handled by the website. This is one of the best ethical business that is fueled by passive income. All you would have to do is to be creative with your eyes and professional with your lens.
Write an eBook:
You can either write an eBook yourself or pay someone to write a professional looking book for you.
First of all, you have to browse through the bestsellers of Kindle or any website you are planning to sell your eBook on and find the bestselling niche. You should also go through the reviews from readers so that you know what the readers want.
Once you have the idea of the bestselling niche and the public demand you can easily build an outline around which you will create your eBook.
You can use other tools like scrivener formatting your eBook. This app will easily compile your text into any format that you want. Scrivener is recommended for Mac users only. You can also take help from another tool, like PlagiarismSoftwar.net, for free to check your work and make sure you won’t be uploading anything plagiarized.
Now for selling your eBook, you can either upload and sell it on your own website or blog or offer it under an affiliate agreement on other websites. Both the processes will earn you passive income, but it is better suggested to offer it as an affiliate arrangement on other websites if your own website has low traffic.
You should watch Pat’s video on How to Write a Book – The Secret to a Super Fast First Draft:
Also, if you need any sorta help in creating your first E-book, you must take help from one of my friends, Ryan Biddulph of BloggingFromParadise. You can reach to Ryan either from Twitter or Facebook.
Trade your products online:
The Internet has become a hub of opportunities for creating, purchasing, and selling anything you are passionate about. You can sell whatsoever service or product that you are good at. Your product can be a handcraft or a digital production such as an app, DVD, or even an instructional video.
You can either create a website dedicated to a product or post it on your already existing blog.
Apart from this, you can also sell this product as an affiliate product either by directly offering it to blogs and websites related to your product or by selling them through other platforms such as Etsy, Amazon, DaWanda, ClickBank and many others where the websites deduct some percentage on each sale you make in return you get to earn revenue on your product for as long as it is selling.
It is important to remember here that you will have to constantly keep a check on the status of your product selling and provide an update if needed, for better earning.
There are many platforms that teach you how to sell products online and generate revenue. Although this process can’t be termed ass entirely passive but still sure is much better than getting ready early in the morning and spending your entire day in a small cubicle.
Invest in real estate rentals:
Although many people term direct real estate capitalizing as a passive stream of income, where you buy some property and resale it for a higher income. No doubt that reselling property this way is extremely profitable but isn’t passive at all. On the other hand, we have a rental real estate, where no doubt you work a little hard in the beginning to make your own property portfolio but once you establish your portfolio all you have to do is sit back and go through reports that are brought to you and keep the cash flowing in.
You can either rent commercial or residential properties. While buying a rental property you must check for the kind of profit it will generate. It is better recommended that you buy property in the socio-economic neighborhood so that your one-time investment can generate consistent passive income for you.
It is possible that you may not be able to invest enough money in creating an effective rental portfolio but you can always bring in “money” partner to provide the necessary amount needed. Although this seems like a good option but isn’t recommended for newbies in this field, once you get settled, know the business, and have created links; only then you can consider this option.
Income revenue can be fairly low in the beginning but will grow significantly once you enhance your portfolio and pay down your mortgages. Before jumping into the rental real estate for passive income it is suggested that you do your background research.
Create YouTube videos:
YouTube is filled with tons of opportunities. Once you’ve understood how to monetize your channel all you have to do is keep uploading videos, attract traffic for your channel and start generating revenue.
It’s as easy as this.
There are many YouTubers who are earning in millions, for instance, there is BlueXephos who has 2.4 billion views and is earning 6.7 million dollars per year, JeenaMarles with 1.4 billion views and is earning 4.3 million dollars per year, and these are just two, there are much more.
All you have to do is make any sort of video (make sure it’s informative or attractive), upload it and start earning.
Also, you have to share your videos on as many social media forums like Facebook, Twitter, Pinterest, Instagram, and so on. Your aim is to get your videos go viral.
You have to devote some of your time to your channel and upload videos regularly.
Yeah, it would demand some of your time but once you get a hold of it, you can even hire people to make videos for you and in return, you will be generating passive income for as long as your videos are being watched.
Once your channel is monetized, each 1,000 views can earn you around $1, which may seem a little amount but as the number of your subscriber grows, so does your revenue.
You can also attach advertisements to your videos which will not only increase your income nut, as well as help you avoid paying any charges that might be imposed if you fail to generate enough revenue.
It is endorsed that you do your own research before creating a YouTube channel for passive income.
If you need any help on YouTube, then you must follow Ileane Smith. She has been publishing her videos since a long time. Feel free to follow Ileane at Twitter or Facebook. You can also subscribe her channel for amazing tips on YouTube:
You may want to check her website as well, i.e. BasicBlogTips.
Build an app:
Think about the number of peoples who are currently using smartphones and the number is increasing with every passing moment. Now think about the enormous amount of income you can generate by building a simple app.
The best thing about apps is that they make your life a lot easier. An App can be for anything, either for putting your pictures together at one place, a fun game or an app that keeps helps you in studies.
Although it is a fact that there are already a lot of apps in the market but a fresh and creative idea are always welcomed. Do not worry if you have an idea for an app but don’t know how to create an app as you can always hire a developer to build an app based on your idea. Hiring a developer might be expensive but it can yield a professional looking app which in return can generate a lucrative amount of income.
Sell Digital Files on Etsy:
You can design your own wallpapers, monthly planners,etc. and upload them on Etsy for instant download and can earn a lot with just a little hard work. This is possible only if you are into graphic designing, and this can be the best passive income idea for you.
Create an online course:
If you are good at something why not create an online course, where you can teach it to others as well as benefit from your passion about it. There are many people who are earning passive income by creating online courses. You can take an idea from Udemy.com and even use it for your courses.
Udemy has about eight million students and it can be a great platform to put your content in front of a large audience for their recommendations and contemplation.
You can add a lot of stuff in your online courses. You can add video lessons, articles related to the course, a checklist for effective learning, small eBooks (if you use your own book it would be a further addition to your passive income) used as supplement for the considerably large lessons, audio files can also be a good addition for those who can’t watch videos, and in the same way, you can add anything that you feel will add value to your online course.
Now for effective income, you can divide your course into several packages where each package has a different price and different materials to offer.
This can be a rewarding source of income if done properly, really!
If you have a blog or a website, affiliate marketing can be the best source of passive income for you. All you will have to do is sign up and promote certain services or products on your website or blog for which you can either get a percentage or flat fee of the sale that is made through your recommendation or promotion.
This may sound difficult but isn’t, in fact as there are many companies that want to sell their products at as many places as possible.
Affiliate marketing is best for you if your blog or website is about product reviews or related to the niche of the service or product that you will be promoting.
For instance, if your blog is about commercial drones you can use affiliate linking to Amazon for best drones that Amazon has.
Zac Johnson has been blogging for last 18+ years, and thus having so many experience on Affiliate Marketing, feel free to follow him on Facebook and Twitter. You may want to check his websites as well, ZacJohnson.com (his personal blog) and Bloggingtips.com. If you’ve any question from him, shoot him a tweet at @Zacjohnson
Start a blog:
You can either purchase an already existing blog or create a new one from a scratch. You can earn passive income from your blog in many ways.
here are many bloggers who use Google AdSense which provides monthly revenue on the ads that are being placed on your blog by Google.
Now with your own blog, you have endless opportunities to earn passive income and Google AdSense is just one of them as above we have discussed affiliate marketing that earns you a good enough passive income. There are also affiliate programs that can generate additional income.
In simple words, your blog can be the best way to earning passive income if you manage to bring considerable traffic to your blog and succeed in turning your traffic into potential buyers.
Here are some Amazing bloggers you must follow in order to build your blog making money blog:
3 – Harsh Agrawal of shoutmeloud.com
4 – Ryan Biddulph of bloggingfromparadise.com
5 – Donna Merrill of donnamerrilltribe.com
6 – Lorraine Reguly of wordingwell.com
You may want to check: 10 Online Marketers to Follow for Inspiration and Growth
Although we have tried to cover as much platforms and means of generating passive income, thechre are a great many other ways through which you can create your own business that generates passive income.
Which one of these tips you’re going to implement first? let me know in the comment section below.
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