You may not believe me, but many people are quitting and replacing their full-time job with passive income.
If you too wish the same but have no idea where to start –Don’t worry.
Below I have given you 15 specific ideas with which you can start generating your passive income.
1Rent Out a Property
Renting a house is one of the best ways to generate passive income.
Though many peoples are also making six figures, just renting their house.
Suppose you are going on vacations & there’s is nobody in your house, so why don’t you let your house to make some good money for you. The best method to Rent your house to someone is using Airbnb — it is an online community that allows to rent/sell place of residence.
Since this concept is only been around for a few years, but it has exploded around the globe.
Airbnb allows people to travel all around the world and to stay in accommodations that are a lot less expensive than traditional hotels.
By participating in Airbnb, you can use your residence to accommodate guests and earn extra money just for renting out space in your home.
How much you make depends upon the size and condition of your home and your location.
if your home is located in a high-cost city, or close to a popular resort, your income will be much higher.
It’s the Best way of generating passive income on space in your home that might just be sitting empty otherwise.
In Affiliate marketing, you get a commission when some sale is made through your referral link. The commission will vary from $1 – $1000 depending on the product you’re promoting.
Signing up for affiliate account is free for almost any company as they get free promotion of their product and in return, they give you a good commission.
They also give you a dashboard to track the number of sales you made and check other analytics.
Some of the popular Affiliate marketplaces are Clickbank, CJ, and ShareASale where you can find almost any product in any niche.
Peer to Peer lending is a new and profitable investment opportunity — But to profit from this investment, you must have your financial package and thought processes established first.
How much money you make from P2P lending depends on how much you invest and the type of loan.
Borrowers that are considered less risky qualify for lower interest rates than an applicant with a history of missed payments.
If you invest in bonds, you have the option to invest in AAA borrowers with good credit or “junk bonds” that lend to borrowers that are more likely to default. You have a higher yield with junk bonds.
However, there is also a much higher probability that the borrower will miss payments and you will lose the money you invested.
4Create/sell an online course
If you love sharing your knowledge with others then this can be one of the best ways for you to make money online. All you need to do is to choose the topic which you can explain in brief. Do some research, create a plan and start recording – it’s that simple!
Teachable, Udemy & Skillshare is some of the best platforms you can use to host your online courses. Udemy is one of the most popular websites of a kind where you can easily become an instructor and sell courses for free.
5Sell an ebook
If you are interested in writing books – then this idea is Gold for you. There are many authors who make MILLIONS just selling their ebooks on the internet.
One of the best platforms to sell your ebook is amazon kindle, where you can easily publish your e-book.
Must Read: How To make money with amazon kindle in 2018
Amazon pays out a royalty of 70% on all Kindle titles priced between $2.99 to $9.99. For eBooks priced below $2.99 and above $9.99, Amazon pays out only 35%.
6Start a youtube channel
If you are interested in making videos, knowledgeable, funny or any other kind of video or if you think that you have a talent that people will love to watch– Then you must have to start a youtube channel, Millions of people are making handsome amount of money from youtube. Here’s how you can start –
- Set up your channel.
- Upload content.
- Gain an audience.
- Enable monetization in the Video Manager.
- Accrue 4000 hours of watch time and 1000 subscribers.
- Set up Google AdSense.
- Market your videos elsewhere.
- Become a YouTube partner.
Drop shipping is a supply chain management method in which you will promote others product in your own website or on social media accounts. The best thing about Drop-shipping is you don’t need to invest in products or take care of manufacturing or shipping.
You can start your own dropshipping website using Shopify with Oberlo and it’ll take no longer than 60 minutes to set up. Oberlo will allow you to sell thousands of products on your website, so you are only left with promotion work which you can do by running Facebook Ad Campaign.
8Buy a profitable app
buying an app from Flippa can be profitable only in some cases.
Before buying an application you should do some research on some aspects like daily active users, daily income, paid promotions done by the previous owner, current active users etc
9Buy a profitable website
Buying a website is another best way to generate passive income — If you don’t want to create a website & start everything from scratch then you can buy a site which is already generating monthly income. Below are some of the most popular places to find websites for sale:
- Website brokers (FlippingEnterprises.com, Wesellyoursite.com, etc.)
- Forum marketplaces ( Warriorforum.com “websites for sale” section, Digital Point forums, etc.)
- Website marketplaces (Flippa.com, Bizbuysell.com, WebsiteBroker.com, etc.)
Amazon made over $100 billion in sales in 2017 and about 50 percent of sales are attributed to third-party sellers. That means around $50 billion in sales are going to outside merchants.
You don’t need to start your own website or eCommerce store to sell your products. Amazon is giving you this huge opportunity, as people are ready with their cards to hit the BUY button on products listed on Amazon.
JungleScout will help you to find the best product which is having low competition and high monthly sales. This is the best Product Research tool for Amazon I’ve come across.
I would recommend taking a course on Becoming Amazon Seller, otherwise, you can lose all the money you invested in products.
11Develop WordPress Themes for ThemeForest
As if someone is starting a blog or any other website — then probably there are chances that they are going to use a WordPress.
If you do have a knowledge about Developing a WordPress theme then you can literally make a handsome amount of money.
Now you might be thinking that which place will be the best to sell a theme — so your answer is the Envato marketplace.
Thousands of people every day turn to the Envato Market’s ThemeForest to get one. The top theme developers have made millions of dollars through Envato.
Now definitely you are now going to make millions overnight — but working consistently you’ll definitely make some pretty amount of money in less time.
12Create & sell other products on Envato market
WordPress themes aren’t the only thing which you can sell into Envato market.
Envato market provides different places to sell different things such as — Images, videos, Sound Clips, Graphics & 3D elements etc.
Even if you think that you have the skills to develop any one of them — don’t worry, Envato Tuts+ has a number of courses which can help you to learn how to develop a WordPress theme or any other skills from scratch.
13Design T-Shirts and Other Apparel
Another way which I recommend every one to start is a T-shirt design.
If you think you’re creative enough, then you can also have a runaway hit.
Even if your first 14 T-shirts don’t sell more than a few copies, your 15th might make up for everything.
For designing a t-shirt you can either do it by yourself, purchase stock images from sites like stock photos or you can hire someone to do it for you.
Once you designed the t-shirt, now what?
For a marketplace, you can try sites like Cafepress.
In return for a decent cut. it will handle all your sales, printing t-shirt as well as fulfillment.
For the marketplace, you can then use something like CafePress that, in return for a decent cut, will handle sales, printing, and fulfillment. You never have to touch a T-shirt.
14Invest with a robot-advisor
Putting money into an account and letting an algorithm manage your investment is an another best way to generate passive income.
Some Robo-advisors like Betterment & Blooom allows you to set your willingness for risk in the market.
You Just have to sit back & let the computer think for you.
The another best part of robot-advisor is that — fees are much lower than what you’d pay a human account manager.
15Rent Your Stuff
Craigslist is one of the great places to advertise your items for rent.
Here are some ideas of products that you could rent out– extension ladders, party tents, tables and chairs, utility trailers, log splitters, snowmobiles, and ATV’s.
Even you can also rent out your car when you are not using it with a company like Turo.
So these are some of the best ways to generate passive income — however, Like every other business you aren’t gonna make a lot of money overnight, But with consistency & hard work sooner or later you will start making your passive income.
Believe in yourself, and the rest will fall into place. Have faith in your own abilities, work hard, and there is nothing you cannot accomplish.