Times are tough, and most people are finding themselves stuck in a world where they are living from one paycheck to another. If you want to leave your nine to five rat race and build a financial future for yourself, passive income is the answer A passive income is one that is received on a pretty regular basis, but one that is not going to require as much effort in order to maintain it. If you too want to know how to earn passive income, this post is for you!
Passive income is hard to generate. But, many people think that passive incomes just involve a few hours of work and this is enough for them to start making millions. This is where they are going to fail and run into issues because they are not prepared for all the hard work. If you’re the kind of person who’s willing to put in the effort, then passive income may be the right choice for you!
So, here are some of the ways to earn passive income
1. Affiliate Marketing
If you’re looking to earn passive income online, then affiliate marketing is undoubtedly the best option. It has become so important in the last few years that in many industries it has predominantly replaced offline marketing.
But, what does affiliate marketing involve? In affiliate marketing, you sell products for a commission. You’ll have to find products online and promote them using your own affiliate link. If someone clicks on your link and buys the product, you’ll get a commission.
As an affiliate marketer, you do not need to invest any time or energy in creating a product or service to sell. Once you have a platform to sell a product or service, you can start selling them. Moreover, there is no risk involved for you because you’re not creating the product and there’s nothing for you to ship or store. You get to choose what you want to promote, how you want to promote and, ultimately, you can set your own working hours.
2. Network Marketing
Also known as Multi-Level Marketing, network marketing is a great opportunity to create passive income. In network marketing, you need to form a partnership with a company that provides a product or service along with administrative and marketing support. You earn from selling products or services, and from recruiting others to sell these products or services.
The most attractive thing about network marketing is that it costs almost nothing to start. Building a network marketing business requires low capital or low entry cost. If you go on to successfully develop your network marketing business, the return on such a low initial capital investment can be significant. In the network marketing business there is 300% more chance that you’ll become a millionaire than in any other business.
Many companies such as Avon, Amway, Beyuna and Tupperware operate under this model. Donald Trump, Robert Kiyosaki and Bill Gates support network marketing.
Dropshipping is one of the most lucrative options to create passive income. In dropshipping, manufacturers and wholesalers offer to distribute their products. It is a retail fulfillment method where a store does not keep the products it sells in stock. Instead, the store purchases the item from a third party (a manufacturer or a wholesaler) and ships it directly to the customer. As a result, the retailer or the store never sees or handles the product.
The biggest advantage to dropshipping is that you can launch an e-commerce store without having to invest thousands of dollars in inventory up front. Moreover, you don’t have to worry about managing a warehouse, packing and shipping order, tracking inventory and, handling returns. You can run your dropshipping business from just about anywhere as long as you can communicate with suppliers and customers easily.
There are many sales channels such as Shopify, eBay, Amazon, etc. from where you can start your dropshipping business.
4. Publish eBooks
Publishing eBooks is one of the streams of passive income. Ebooks are cheap to produce and release. Also, it’s possible to release large quantities in a relatively short amount of time if you’re willing to put in the work. There’s almost no need for huge publishing companies at all and anybody can publish an E-Book with little to no cost.
There are various platforms such as Amazon’s Kindle Store, Apple iBooks, etc., to publish an E-Book for the sake of earning passive income.
5. Start a blog
Starting a blog is another cheap and highly scalable option to earn passive income. Create a blog that targets your niche and allows for monetization through affiliate programs, advertising, and promoting your other products and services. In this article I wrote why and how to start a blog.
6. Posting advertisements
To post advertisements, you need to own a website where interesting stories, pictures, and other information is posted. If you have a large enough following, other businesses may pay you to put an advertisement about them up. You will have to keep up the content of your website, but you will not be doing any work on the advertisements.
As you can see, you are still going to need to put in quite a bit of work in order to earn passive income. It is a great way to make money and be your own boss. But, it is not always that easy. You will have to have the right mindset, be willing to take some risks and be ready to put in the hard work to see success. What are you going to do to create passive income?