- Passive Income Strategies that require an investment in time and money
Passive Income Strategies that require an investment in time and money
The next part of passive income strategies requires a long-term investment. Instead of investing money, you must contribute your sweat equity to achieve these goals.
Most of these suggestions need creating a web-based blog. However, the best part about it is that it’s very inexpensive to set up. We suggest using Bluehost for your first step. It comes with a free domain name and hosting for only $2.95 per month. This is something you won’t find elsewhere! It’s affordable to get started on building a steady income.
1. Make money selling an eBook Online
Self-publishing is now a common practice. If you buy an ebook on Amazon there’s a good chance that you’re buying the book yourself. Self-publishing can be extremely simple. I attempted it a few years ago and was stunned by how simple it was.
In order to self-publish your book, you’ll have to edit and write it and then design a cover and then upload it to an Amazon-powered program like Kindle Direct Publishing. Don’t expect immediate success, however. It will take lots of initial marketing before you can make this an income stream that is passive.
2. Create an online course on Udemy
Udemy allows users learn through video lessons across a range of topics. Instead of just being a customer on Udemy you can become a creator, and develop your own course and let users to buy the course. This is a great option for those who are skilled in a particular subject area. It is also an ideal way to turn traditional tutoring into an income stream that is passive!
3. Selling Stock Photos
Have you ever wondered where your favourite blogs, websites or even magazines get their images? They are usually purchased from stock photo sites. If you love photography, you may submit your pictures to stock photo websites and earn a fee each when someone buys any of these.
One of the most popular platforms that sell stock images can be found at DepositPhotos. Upload your images and earn money each time they are used by someone else.
4. Licensing Music
Like stock images, you can also license your music and earn a royalties off of the music when you decide to make use of it. Music is typically licensed for commercials, YouTube videos and much more.
With the volume of YouTube podcasts and videos being produced there’s more demand than ever before for music, and people are willing to pay for it.
The most effective way to do it is to place your music listed in an online library that users can browse.
5. Create an app
If you have an Android or a tablet, it’s likely that you’ve got a number of apps installed. Have you ever thought of an incredible idea for an application? If yes, think about hiring a programmer to build the app for you. It is possible to sell it through the App store to earn a residual income.
Look at the history of Wordle! The app was developed by a man over the course of a weekend and then began sharing it with friends and family . And it was then purchased from The New York Times.
6. Affiliate Marketing
affiliate marketing refers to the act of partnering with an organization (becoming an affiliate) to earn a commission on the sale of a product. This method of earning income is most effective for people who have websites and blogs. It takes time to grow before it becomes inactive.
7. Network Marketing
Multi-level, or network marketing, is increasing. Businesses like Young Living Oils, Avon, Pampered Chef, and AdvoCare are all multi-level marketing businesses. It is possible to earn an income from network marketing by creating an under-you team (often called a downline.) When you’ve built a big group, you are able to earn commissions on the sales of your team without having to perform any work.
8. T-Shirts with designs
Websites such as Cafe Press allow users to customize items such as T-shirts. If your design gets popular and sells, you’ll be able to collect royalty.
Even Amazon has entered the business. Amazon has launched a new service, called Amazon Merch which lets you upload your images and Amazon will take care of the remainder (making it, packaging it and shipping it).
9. Offer Digital files for sale on Etsy
I’ve been a fan of decorating my home lately, and I was forced to use Etsy to see precisely what I was looking for. I ended up buying digital copies of the art I wanted to print out! The seller had created many wall art that was digitized and then listed the artwork for sale on Etsy to download immediately. There are many more popular digital files available on Etsy too, including monthly planners. If you’re interested in graphic design, this could be a great passive income option for you.