Automated income has long been the holy grail of entrepreneurs looking to free up their time. Detaching the cord of daily responsibilities and duties from the potential to generate passive income .
While the importance of passive income is not often questioned, the difficulty of generating a recurring source of profit is often a barrier for entrepreneurs.
Obviously, it’s difficult to get passive income . It requires an initial investment of a significant portion of our time, usually with little to no return over long periods of time.
You can go months and even years without a single dollar produced by passive income activities. As a result, even the most astute and valiant entrepreneur can experience frustration.
Time is more valuable than money . While money are often spent and earned, time can only be spent once. As we get older, we understand the importance of time and being able to freely choose what to do with those precious moments we have in our lives.
WHAT IS PASSIVE INCOME?
Before you go through the 8 best passive income ideas that you can use to automate your income, it’s important to understand precisely what the concept means and what it doesn’t. You will probably find countless publications on the web with dozens of passive income ideas.
When a source of income is passive, it means that it requires little or no maintenance for the passive money to keep flowing. Now, that doesn’t mean that it should be completely ignored or forgotten. Quite the contrary. It’s important to track every passive income stream and watch over it like a hawk, no matter its automation system.
1. CREATE A BLOG
The most effective method of generating passive income online is to start a blog. Blogging can generate a huge amount of income , but it takes a while. If you are planning on starting a passive blog, know that it is going to take a lot of your time and energy to be successful.
No matter what your niche, as long as you have a clear understanding of things like search engine optimization, social media marketing, and the ability to write high value content, you will be successful with a blog.
Once your blog becomes popular, it provides you with the platform and audience to get multiple streams of income by marketing relevant products and services to your visitors.
2. CREATE AN ONLINE COURSE
Do you have technical skills in a field? Do you want to pass these skills on to people while generating a passive and healthy source of income? Creating a web course on Udemy may be a good way to automate a number of your income .
However, like any other passive income stream online , it does take a lot of effort up front.
There is so much that can be taught through an online course …
You can make the selection to show technical skills , like the way to become an internet developer or learn program optimization. But you’ll also prefer to teach other skills like playing an instrument, learning a replacement language, becoming a photographer, etc. And so on.
3. PRODUCE AN AUDIOBOOK
Take advantage of Audible’s ACX platform to stream your audiobooks to the world’s most robust platforms like Audible and iTunes.
If you have specialist knowledge or advanced skills in certain areas, you may choose to teach them through audiobooks.
However, you have to share a huge amount of value and make sure you have high quality output. Always choose quality over quantity. Otherwise, you’ll not be ready to generate real passive income.
4. BECOME AN AFFILIATE RESELLER
Affiliate marketing is probably one of the most powerful ways to generate multiple passive income streams .
However, it is not easy that easy to get out of it. To be successful in affiliate marketing, you need a large number of visitors. In other words, you need a big platform and a big audience.
When you don’t have a platform or audience, you have to run ads, which can get expensive. If you know what you are doing and are an expert in web marketing, you will be successful. But it takes time to learn the ropes.
Nonetheless, it’s a great way to sell products and services that you don’t own, becoming like a broker while earning a passive income stream and affiliate marketing is best option to earn money online.
5. WRITE AND PUBLISH AN EBOOK
Another great method of generating an amount of passive income is to write and publish an ebook . EBooks that educate your audience on topics like online marketing, business, or other self-help fields, will sell much better than fiction books.
Obviously, fiction can generate huge revenues, but there is also a lot of competition. Hard to find your place if you’re not an established writer with an existing audience.
Use the Amazon Kindle Direct Publishing Platform and publish eBooks that will fill a need that exists in popular niches where you have some level of expertise.
6. BUILD A SALES FUNNEL
Anyone within the marketing business understands the concept of a sales funnel . Sales funnels conceptualize the process of moving from the prospect to the buyer.
However, building a proper sales funnel is not an easy task. This requires a big initial investment of some time , but also an initial source of normal traffic.
In order to build your sales funnel, you need to offer something in exchange for your visitor’s email address . Sign up for a system like Getresponse or MailChimp and work on creating your funnel.
Create a free offer and create a series of automated emails that will push your prospects up the value ladder of the products you sell.
7. DEVELOP A SMARTPHONE APPLICATION
Okay, I know it’s not easy to develop a smartphone application . You need tons of skills or a touch little bit of money to urge someone to form your vision a reality, but you’ll always roll in the hay .
Although the app gold rush is over, you can still earn a comfortable income if you develop the right app.
If you’ll create subsequent Uber, then great. Otherwise, you’ll choose a distinct segment app which will assist you solve a drag or fill a requirement that hasn’t been offered yet.
Do you think you can do it? Why not try ? If you are skilled in the art and understand the dynamics of business apps and smartphones, this is definitely worth it.
8. EARN RENTAL INCOME FROM REAL ESTATE
Real estate has long been the primary source of passive income . Investors and homeowners have chosen to rent houses, apartments and offices to generate passive income.
Obviously, real estate is a great source to generate income automatically , but it also requires a large initial investment.
If you have cash flow or aren’t afraid of borrowing, you can certainly choose to invest in some real estate.
You can buy real estate for long-term rental or try your hand at vacation rentals through a site like AirBnB.
Either way, it’s a great idea for passive income if you have the money to invest.
CONCLUSION ON PASSIVE INCOME
As you have understood, generating passive income is not something easy to set up. In addition, it requires a lot of time and investment.
However, once you get there, it’s arguably the foremost rewarding income system and one that gives the foremost freedom!
If I can offer you some advice, choose passive income that intentionally doesn’t represent a chore for you.
Indeed, you’ll invest yourself to realize your ends. It is necessary that the path which leads you to success can be pleasant.
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