Everyone already has access to the internet, and we pay internet bills monthly. It would be better -and everyone dreams of it if money can be earned online -without adding any task to the already tight daily schedules. This is why people seek extra income ideas -you should too.
By the end of this write-up, you would have got to see various extra income ideas to earn passive income from. These are ‘high income’ passive income1 ideas. For some, you may not have known they could earn you a lot.
What is Passive income
Passive income is the income earned by a person, in which this person puts in little to no effort to ensuring the income continues to flow in. For instance, I built a website, and add content, and added a product, let’s say that took me two months to do. Then, from the third month, that website starts giving me $1000 every month, without me actively attending to it -that is passive income.
The amount earned from passive income sources is not proportional to the time it takes to acquire or develop them.
Active income on the other hand is a direct exchange of time and skills for money, this is typical of your normal day or part-time job, which you have to resume in the morning and close in the evening.
With passive income, you can earn money while you sleep. What you’re involved with at a time doesn’t affect the money you are making, so you may be sleeping or enjoying your vacation on the beach, but still making money.
Passive income is in high demand and is often misunderstood. Because the idea of passive income is appealing, everyone wants an additional income source, without spending any more time at it.
However, it requires an upfront investment (of capital and time) and a certain level of understanding of the idea before you can hope to achieve good results. After putting the required time and hard work in the early days, these sources of extra income will begin to bring in money and can then be maintained so that a constant income can continue coming in with minimal effort.
How do I generate passive income?
To generate passive income, you have to find or do something that can and will yield you money in the long run without you actively present. In this article, I have listed the 7 streams of income you can adopt to generate passive income.
From my experience, if you add a passive source of income, it will increase your earnings and will significantly speed up how quickly you achieve your financial goals.
But let’s get one thing clear: most passive income methods take work to establish. There are very few ways to earn a lot of money with little effort. With the right knowledge and dedication, these are ways to make a lot of money for a long time by putting in an initial work and the business continues bringing in money for you.
Yes, it takes initial effort and some money to start building a passive income. Investment of money, investment of time, and for most passive income streams, both! Over time though, as you stack up multiple passive streams, your income starts snowballing. With each new investment, you’ll see more money coming in every month.
Eventually, your passive income streams bring in enough money to cover your expenses. At that point, you’ve reached financial independence: you are no longer dependent on your 9-5 job to live. You can retire in your 30s or wait until your 80s.
How to use the extra income ideas to have passive income
For starters, I prefer investing in something I have power and control over. Then when I start getting money that feels ‘easier’ for me, I can invest in stocks, bonds, etc. Because you can only speculate those, it is someone else who does the work and it is what they do that determines the profit margin -if any at all. So, what I advise beginners is the same thing I do. I tell them, for a start, invest in something you can control, then when you start making money from two or three of these sources, you can always go the traditional way.
So, what are the extra income ideas which can earn you lots of returns with little to no effort -in the future? What online businesses should you invest your time in that would yield more returns without your involvement?
In this article, I have listed the top 7 passive income ideas you can invest in to start earning a lot in the nearest future. The following extra income ideas range from easy to difficult, low risk to high risk, and also, from low return to high return. So, in this article, I will show you 7 streams of income you can start earning from once you decide.
Depending on your choice, you may pick two or three that appeal to you. Do not attempt to be involved in too much at a time (at least not now that you are just starting). This is because most of these passive income strategies need to be learned and understood. So, if you take on more than you can handle at once, you may end up not achieving the level of success you desire. So, What are the 7 streams of income? find them in no particular order below.
Extra income ideas to earn passive income online
Sell digital information
One of the most popular extra income ideas of earning passive income is to sell an information product. These may be in the form of an e-book, an audio material, or a video course.
If you are an expert in a field, you can share your knowledge through this means and start earning from it. This could be anything. You may be a professional fitness instructor, or if you know how to cook well, that is enough skill to sell. Packaging it as a course to sell can earn you a lot of passive income.
There are various platforms through which you can sell your course after you have created them. For instance, you may decide to sell your video course on Coursera or Udemy.
You may not know much about fitness topics, not all of us can be a fitness coach. If you studied music, or you can sing well, why not develop a music course? Do you know maths well? Or you are good at coding websites or mobile apps, these are good things you can create a course around.
You can basically, create a course on anything you feel people will want to pay to learn. Do not waste any more time, get started today.
Create a subscription website
This is one of our best extra income ideas. You can earn money by owning a subscription website. It could be a website on anything from dating sites, mentorship sites, or even a community website. There is no restriction on the kind of site you can accept subscription fees from. If you have an idea of interesting content you want to teach people, and you feel it will be interesting enough to ask them to pay before accessing the content, then create a subscription website.
If you charge 5000 members, 10 dollars monthly, that’s 50,000 dollars. You only have to create the content once. And you can sell the content over and over again.
While you may think this is a difficult idea, it is not as difficult as you think. Today, anyone could create websites, even without a knowledge of coding or programming a website. All you have to do is to register a domain name from Namecheap and get web hosting from providers like Siteground. (I use siteground to host my websites, you can’t go wrong with them. For my domain names, I register them with Namecheap, I love their free whois guard, and also, domain names are cheaper with them on the long run)
Once your domain and hosting have been provisioned by your hosting provider, you will need to install WordPress as well as a theme for the website. Themes are ready-made templates and designs for your website, and you can get thousands of them on sites like Envato market. Just pick a theme that suits your Membership site. Next is to install a membership plugin.
It is the membership plugin that will ensure your website visitors pay before they are allowed to access certain areas of your website. And to do that, you may use the Memberpress plugin. The Memberpress plugin can accept monthly recurring payments on your behalf, and that’s it, you’ll be paid monthly by people who want to be a member of your site
Yes, if you are not tech-savvy, you may struggle with some aspects of running or setting up your website, but don’t forget there are Google and YouTube, with thousands of tutorials and videos to put you through. You may also hire me to help you do the job for you for a tiny fee.
Do Affiliate marketing
Affiliate marketing is simply promoting and selling products for the real owners, and getting a commission from each sale you make. It could be a service or a physical or digital product. When you successfully help the owner of the product in making a sale, you will earn a commission which could be anywhere from 1-70%, depending on the product -it works on a revenue-sharing basis.
This is a good way to earn steady and recurring passive income online. It does not involve you buying to resell the products, neither do you have to stock or take inventory. Your only work is to promote these offers and earn as sales are made through you. There are many affiliate platforms and they are all on the revenue sharing basis. As you may have known, revenue sharing is the best way to create and earn passive income.
There are various ways to start. You may contact a company that offers affiliate opportunities or you may signup on an affiliate network. It is better you sign up on an affiliate network because the offers are grouped and you can get your links in one place. You also get the statistics of your performance, which can help you measure how well or poorly your marketing strategies are performing.
Most affiliate networks are free to join, and some of our best networks include Awin, Clickbank, Amazon partners, Rakuten, etc.
One of the common ways of doing affiliate marketing is by promoting your offers or products on blogs. Although a blog makes affiliate marketing more effective, you don’t need to have a website before you can succeed in affiliate marketing. You may promote your products on YouTube. For instance, you may make a video where you review various products, and then include or review the product you are promoting. Most times, affiliate marketers compare two or more products they are promoting, listing out the pros and cons of each product. This enables buyers to understand these products and make a choice on which to buy.
You may also promote them on social media or through email marketing. To collect leads for your email marketing, you may use software like Clickfunnels, Leadpages, etc. these are good software to create your mailing list. They are of great importance to creating a mailing list without struggles or knowledge of coding. If what you seek is extra income ideas that can earn you thousands on auto pilot, then affiliate marketing is it.
If you want to learn affiliate marketing properly, I can teach you -contact me here.
Make videos on Youtube
It is an open secret that YouTube can help you earn thousands of Euros monthly, from the comfort of your homes. Some YouTubers earn in millions. If you do not believe, just google ‘do people make money on youtube?’, I can assure you, doing so will amaze you.
You too can join those who are making money on youtube, simply by creating amazing videos. I understand not all of us are comedians who can get people laughing at their hilarious videos. But you can be a YouTuber, and make videos on anything you feel like.
You could start making videos on anything. For instance, if you love traveling, you could start a travel vlog, if you know how to cook, why not start teaching us how to cook sumptuous means via YouTube? Then if you are good at doing makeup, you can create a beauty channel. You earn money as people view your videos.
The best way to do this is to mix it with affiliate marketing. This way, you’ll be able to promote whatever you want, like amazon affiliate products, Courses on Udemy, or even Airbnb. When you do this, you will not rely on the commissions you earn on video views alone.
I know a lot of people may not like the YouTube idea because they do not like standing in front of the camera, or they are just shy about the public, this shouldn’t be a problem at all. There are many ways to be a vlogger without showing your face in videos. You could make animated videos on product reviews; If you do this, your face would not have to be shown to your audience.
You may also hire someone on Fiverr to make the video for you. There are lots of people who earn thousands of euros without actually making a video themselves.
Many people think bloggers write simply because they love writing. Well, that’s not always the case. It may interest you to know that some bloggers earn a living simply blogging. And yes, some bloggers even earn millions from it.
There are various ways you can earn money from your blog. And they are all easy to implement if you know what you are doing. We will list a few of those methods here.
One of the ways you can earn on your blog is through advertising. This could be through advertising networks (using the cost per click method) or by you negotiating directly with advertisers.
There are many advertising platforms on the internet, the most common of them is Google AdSense. If you apply to and are approved by AdSense, you will be given a small HTML code. You will have to place this code on your website. After that, adverts from Google will start displaying on your site, depending on the content on your site. When people click on the ad, you will earn a commission. You need lots of page views to earn a huge income from this.
On the other hand, you may be contacted by business owners to help them promote their business. If after discussing the terms, they are pleased to go on, they will pay you, and then you publish their advert banner on your website. You may charge them by impression, or by the number of days the ads will be on your site.
Once you start your blog, it is expected you start collecting emails immediately. If you start collecting email leads immediately, you will have lots of email subscribers very soon, and these are people who love reading your content.
You can contact your email subscribers subsequently to promote products to them. But you have to be careful while doing this.
Ensure you share very helpful content with your subscribers frequently to avoid being seen as irrelevant. Once your subscribers think emails from you are only promotional emails, they may get irritated. If they do, they can easily unsubscribe, and this would negatively affect your marketing business. You need lots of email subscribers to do well in email marketing.
It is very easy to write an eBook. If you have any idea whatsoever, and you think it is enough to be a book, you can write it out and explain it through an eBook. What next? You can sell this eBook on your website. If anyone visits and is interested in the book, they buy it.
After writing your eBook, you need to contact a graphic designer to design an eBook cover, and maybe a banner with which you can promote the book. You may also sell your eBook on amazon if it is accepted and that can be another source of regular passive income.
We already discussed affiliate marketing, and if you recall, I told you that affiliate marketing is more effective if you have and promote your offers through a blog. So, this is it again. If you have a blog, you can integrate affiliate marketing to increase how much you earn.
You can create a blog on any topic that interests you. It could be a travel blog, a technology blog, a blog on camping or backpacking, or anything you are comfortable with. But ensure you carry out your research to ensure it is profitable.
Starting a blog is very simple. First, you need to register a domain name and a web host. After that, you will have to install WordPress on your server. After installing WordPress, you will have to install a theme on the blog. A theme is a template, which will give your website the structure it will have. There are many sites you can get premium and quality themes -and the Envato market is a good example.
While WordPress is a very good option, you may need to go through a small learning curve to understand it well. So, if you do not want to spend time learning WordPress, you may start your site on Wix. Another option is blogging on Medium. You can start posting on Medium and start generating income from affiliate commissions and views once you get started.Like the next item on this list, blogging is one of the most scalable extra income ideas.
Do you want to learn to blog and earn from home as I do? Send me a message, lets get started.
Dropshipping has been a one of the most popular extra income ideas to earn passive income online. And it has been existing for some years now.
Dropshipping involves the sale of products for manufacturers or large vendors without you having to stock up the product. It is similar to affiliate marketing, but in this case, you are selling for manufacturers or vendors, who may not have the product either. Once a potential buyer places an order through you, the manufacturer makes the product or the larger vendor buys from the manufacturer and ships it to the buyer.
The good thing is that you charge the buyer whatever you want. Then you pay the manufacturer or vendor what their price is, then you can keep the excess. Unlike affiliate marketing, you handle the payment processing and customer service. So, you have to ensure the manufacturer or dealer is trustworthy.
Dropshipping is one of the most scalable extra income ideas, and many businesses have been able to generate billions from this business model.
You can get started with your dropshipping business as quickly as possible by building a store on Wix, Shopify, WordPress + Ecommerce, etc.
Create an app
We all use smartphones today, and there are lots of apps on our devices. Apps can generate lots of money for their developers.
There is an app for lots of purposes on the internet, and that should inspire you. Find a purpose for which there is no app yet, and develop an app for it.
I know this may require some good amount of capital to start, but the profit is worth it.
You can create an app on new or old ideas. Be it an app to keep your old school or classmates together, or an app to share pictures or keep track of tasks, you can create an app around anything.
The knowledge to set up the app may be a challenge. Some tools can help you, even if you do not have any idea of coding. Appypie is a software that may be of help. But if you have a big project, you may hire an app developer.
These are nice extra income ideas you can utilize to generate lots of passive income for yourself while you live your life, doing the things you love.