Who would say no to a passive income? If you had the chance to make some additional money and you didn’t have to do much work to get it, you would likely agree, as would almost everyone else. Yet what you might not realize is that you do have this chance.
There are all kinds of ways you can have a passive income, and although they will all require a fair amount (or even a lot) of work to begin with, once everything is set up, you should be able to sit back and watch the money roll in. Or trickle in. It will depend on the kind of business you set up and how successful it is, of course, and that part is entirely down to you to decide.
If you like the idea of earning money while you sleep or while you’re on vacation, here are some ways to do it. Remember, you’ll need to work at them to get them to the passive point, but it will be worth it!
Open an Online Store
Selling items online through an e-commerce store is a great way to make a passive income. Of course, you’ll need to monitor the site and read through the orders, but once you have the website as you want it and it runs smoothly, all you’ll need to do is pick the orders and send them out. If you run a dropshipping business, you don’t even have to do that.
Of course, although this sounds wonderful and it can indeed provide you with a passive income, the fact that there will be a lot of competition because starting an e-commerce store is an easy process means you could find it’s hard to attract customers. This is why hiring a fashion e-commerce agency to help you with your marketing and branding can be money well spent. Once people know about your store, you can leave it be and enjoy the money.
Make YouTube Videos
Making money from YouTube videos isn’t one hundred percent passive, that’s true, but once you have made the video and posted it online, it will stay there until you decide to take it down. If you have any advertising revenue tied up in it, you’ll receive money every time you reach a certain number of subscribers or views.
To make money from YouTube, you need to have racked up one thousand hours of views on at least one video, and you need to have one thousand subscribers. This can take some time, but once you reach that level, you’ll receive a passive income from the advertising that goes along with being famous on this social media channel.
Create an App
Apps are growing in popularity, and thousands are downloaded to smartphones every day. Some of the most popular apps have created a passive income for their designers that sits somewhere in the millions of dollars.
Firstly, you’ll need to have a good idea. What do you wish you could do with your phone that you currently can’t do? Or perhaps there is a game idea that you think other people would like. After that, you can either design the app yourself if you have the coding skills, or you can hire someone to do it for you. If the app is popular enough, you can enjoy a great passive income from it for many years. Create more than one popular app, and you are set for life.