How to Create a Passive Income?
As an entrepreneur, your income can be very unpredictable. However, in the wake of a global crisis like the COVID-19 pandemic, uncertainty surrounds businesses and consumers all around the world. That’s why it’s important to always have a plan B that includes some additional passive income ideas.
The best part about passive income is that while some ideas might require a bit of effort to get up and running, such as affiliate programs, but once they are set up they require little or no daily effort to maintain.
Create membership sites
A simple way to earn an extra income every month is through membership sites. With this passive income idea, you can create valuable content that readers will be willing to pay for.
You could offer content like video conferences, member only discounts, courses and premium products.
Create and sell audiobooks
With your book already published, an audiobook is a natural progression. Many consumers prefer to take in their information in this format, with one in five Americans saying they read audiobooks. And while they’re still not as popular as eBooks, this is a time with a lot of room for growth.
Create and sell eBooks
Due to a variety of affordable and accessible digital technologies, creating and selling eBooks has never been easier than now. If you already have a blog, one strategy is to turn related blog posts into eBooks. You can also leverage your expertise in your niche to create an eBook your audience will find valuable.
Develop online courses
You might’ve heard about other entrepreneurs who are using their business expertise to create courses on Udemy, Teachable and similar sites. You can do exactly the same. Not everyone will make it big, but some course developers report six-figure incomes every year.
And with more people indoors at the moment due to the Covid-19 worldwide epidemic, now could be the time to launch your course.
Join affiliate programs
Joining an affiliate programs are a proven passive income idea. Affiliate marketing is where you act as reseller. You share or write about someone else’s product or service and if a reader clicks on the link and purchases it, you make a commission on the sale. You can even start your own affiliate program, although that will require a bit more time and effort.
Provide digital downloads
Creating digital downloads, such as blueprints, plans, templates, planners, printable, patterns or illustrations could be a great way to build a passive income. You can sell these on your own website or via other online platforms.
Start a blog
Blogging is an affordable way to start making some passive income and one that’s suitable for just about any industry. Aside from promoting your own products and services on a blog, you can earn money from affiliate products and from sponsored reviews.
Sell photos online
Photographers can earn extra income through photo sites like Shutterstock, Dreamstime and Fotolia. On these sites, you’ll earn a commission for each download you sell. Some say making money this way isn’t as easy as it used to be due to the increased volume of photographs, but it’s still possible to make money from selling your photos online.
Some Passive income ideas
Arts and entertainment
Creators in the arts and entertainment sector can build a passive income through products like downloadable short videos, animations and images.
Create eBooks that offer tips on topics like tires, such as knowing when to replace them or choosing the right ones for a specific vehicle. You could also set up a membership site and share premium content.
Beauty and spa services
Beauty channels are extremely popular on YouTube, so why not consider setting up your own? You could share beauty tips, styling, and pampering ideas.
Education and sports
Courses may be the ideal fit if you work in education. For sports, downloadable nutrition plans or a YouTube channel can work well.
Educational courses that focus on various areas of the health sector may prove popular. For instance, on Udemy there are courses like Fundamentals of Healthcare Communication. Alternatively, you could focus on job seekers with courses on how to improve your LinkedIn profile for the health sector, or how to write a resume.
If you run a service business like gardening or cleaning, an eBook can work well. In your eBook, you can share tips and advice with readers. Make it available as a download from your site or sell it on Kindle for a commission.
Hotels and lodging
Many hotels run a successful blog to engage readers and encourage visitors. Ideas for content include behind-the-scenes posts, FAQs, customer reviews, and interviews with key staff. You can then monetize it with affiliate links.
Turn your love of animals into a side business. You can share tips via your blog, and then add links to affiliate products.
Restaurants and bars
Recipe books/cocktail recipes are popular with consumers. Or share tips on running a restaurant, a bar, or home dining. You can make this available in an eBook format or through courses.
As an entrepreneur, you have a lot of valuable experience and information about your industry and others are willing to pay you to dispense this knowledge. There are numerous ways you can use this to build your own passive income and further increase the visibility of your company. In the long run, this can allow you to develop a passive income stream that could help substantially during uncertain times.