Making passive money is not as simple as your imagination as many try, but few succeed and the reason behind it is that people invest poorly and make the wrong decisions.
If you have that dream of making passive income, here’s a ranking of the best passive income streams you can take up:
Affiliate Marketing
Affiliate marketing is an alternative that has gained importance in recent years for generating passive income and is also expected to reach $8.2 billion market by 2022.
Related: Affiliate Marketing Hacks For Beginners
The concept is simple where you sign up for affiliate programs offered by major brands.
Then, you receive affiliate links that you can distribute to a large number of internet users like on social media, emails, or even your website.
After that, when someone interacts with those links or makes purchases from those links, you get a percentage of the sales.
Related: Best Affiliate Marketing Strategies To Earn More Money
There are several affiliate marketing platforms that offer a wide range of products that you can refer to the users, these platforms include Amazon Associates, vCommission, CJ Affiliate.
Domain Name Buying and Selling
Domain name buying and selling is an excellent way of earning passive income. In this practice, you need to find trending and potential domain names, and later you can sell them for a higher amount. Also, it is expected that the domain name market will reach $6.5 billion by 2021.
Let’s say you purchased a domain name for $9 then after a year or two, you sold that domain name for a higher price, let’s say $100 or more.
Related: Best Domain Name Providers
But for this income stream, you need to have good knowledge of markets, like you must be aware of what is trending in the world so that you purchase the perfect domains.
Google Trends is a great tool that shows what’s trending in the world.
Moreover, you can also purchase old domains and can resell them at higher amounts (but it costs thousands of dollars as old domains are a premium range of domains).
Blogging
Starting a blog remains one of the most popular sources of passive income. Blogging offers extensive possibilities for raising money, all you need is hard work and patience.
Related: Top Benefits of Blogging
Nonetheless, it takes time for a blog to gain success as you first need to put in some effort before getting its benefits. However, blogging is a safe and reliable source of passive income that will surely pay you off sooner or later.
In a blog, there are various ways of generating income:
- Adding ads in your blog by using services like Google AdSense and Media.net.
- Promoting products and services (affiliate marketing).
- Adding sponsored posts and paid product reviews.
- Offering consulting services.
Dropshipping
Dropshipping is a passive income stream method that involves selling products and goods to customers without you having to worry about stock or shipping the products to customers.
Basically, you sell the goods from the suppliers, but they are the ones who deliver them to the customers and store them. In return, you receive a percentage of the sales.
Related: What is Dropshipping? How Does it Work?
Dropshipping is achieved by opening an online store. Here, you enter into a contract with suppliers and you play the role of the service provider who will boost their turnover or sales.
The best thing about Dropshipping is that you don’t have to invest a large amount of money, since you don’t stock any physical products.
YouTube Channel
The idea of creating a YouTube channel is to earn money from sources like ads and affiliate marketing.
Related: How To Start A YouTube Channel
You need to work on the content and quality of the videos you upload on your YouTube channel so that you can generate more audience views and get more revenue.
Related: Best YouTube Tools To Boost Views
You can aim for any specific niche like online marketing or home cleaning to get easy views on your videos.
Instagram Sponsored Posts
Social networks are also a great alternative to create passive sources of income. For example, Instagram lets you create content on any topic, whether it’s fashion, decor, or beauty.
In order to gain the maximum audience, you need to create content that is relevant to the topic and post regularly so that you don’t get forgotten by the audience. As audiences become more interested in your account or content, sponsored post submissions will start coming to you and you will start to make money.
Related: Highest Paid Instagram Influencers
You can start creating content on any topic that is trending and has potential, for example, “Pets”. It’s an extremely popular topic that people love to talk about and read about. By creating content on a regular basis, people trust your account and interact with your content.
Related: Best Time To Post On Instagram
Once your content will get a decent reach, you can start getting sponsored posts requests from businesses. Here is an example of how this Instagram account is asking for the sponsored posts:
Related: Top Instagram Marketing Stats
Website Flipping
Similar to domain dame buying and selling, you can also start website flipping in which you create a site or purchase an old one and then rank it on Google and sell the website for a higher amount.
For example, let’s say you started a site on “backpacks” and your site starts earning $250 per month, so you can easily flip your website for 25x to 35x, or even more. In our example, the site can sell for an amount of $8750 or even more.
Related: Best Side Hustle Ideas to Make More Money Online
There are several platforms where you can sell your websites including Flippa and Empire Flippers.
Photo Selling
Photography is, above all, a story of passion. If you have it in you, you can very well harness it and turn it into a source of passive income. To do this, take different daily photos, highlights, idyllic landscapes, and more.
Then sell them to image banks, magazines, or printing companies to earn money. The benefits may not be substantial at first, but you will become more famous over time depending on the quality of your shots.
There are many platforms where you can sell photos such as Shutterstock.
Digital Product Subscription
Use your acquired skills to turn them into passive income on the internet. For example, if you are a computer programmer, you can start some online courses like JAVA or C++ courses.
Kajabi, Thinkific, and Teachable are the software designed to help you set up your online course or digital products. These online teaching platforms can make your job easier and automate most of the work.
Stock Investing
Stocks and bonds are financial products that allow you to earn passive income. It is necessary to seek professional advice to get the maximum benefit from this type of income stream.
The stock market is a big industry with many things to learn, it’s not like that you just go and buy any stock of any brand, you need to do lots of research before investing in stocks as it involves lots of money.
Conclusion
The possibilities for generating passive income are as numerous as your imagination allows. The above passive income ideas are only samples but are the best alternatives if you are looking for additional income.
