10 Best Passive Income Ideas To Make More Money Fast
Thanks to the evolution of technology, it's easier than ever to create new passive income ideas and make more money from the comfort of your home. Nowadays we have access to all the information we need and it's much easier to make money online than it was a few years back. If you have an Internet connection and a laptop you can open your own brand, online shop, Youtube channel, and a lot more business that can generate you 6-7 figures a month. Of course, it can be difficult in the beginning, especially if you don't have any experience in making money online. For that, I will give you the 10 best passive income ideas you can choose to make more money from your home.
Best Passive Income Ideas
First of all, you have to understand what makes an idea good and what makes it worse. When you decide what type of business you could choose, the most important thing is to find something that you are passionate about, because if you don't like what you do, you will see your passive income idea as work, so you won't enjoy it so much and probably you will quit after few days or weeks. One of the reasons people fail to make money online is that they think is easy and everybody can do that, but you have to understand even from the beginning that making money online is not so simple as all those people are saying, it's like any other business, it requires time and a lot of hard work in order to see your first results. So, let's get started with our list.
1. Affiliate Marketing
This one is one of my favorite methods to make money online because you don't any money in the beginning and it takes only 1 day to get started. If you don't know what affiliate marketing is, let me give you more details. As an affiliate marketer, you have to find a good company and partner with them. Then you will have to promote their products and for every sale you make, you will get a commission depending on every company but usually, the commission can vary between 30$ - 75%. I like this business model because it's very easy to scale up and also you can work from everywhere in the world, also as an affiliate marketer you can choose any product or company you like, you don't need to worry about shipping times, logistics or other stuff that is time-consuming.
This is my second favorite method to make money online because in just one day you can set up your store and also get your first money by promoting your shop using Facebook ads. If you didn't hear about dropshipping until now, let me give your more details. Dropshipping is a business model that exploded in the last few years because it's very profitable and you don't need too much stuff to get started. You don't need a warehouse, shipping, and all the logistics is made by the supplier because when a customer buys a product from your store, you will order the product on your customer's behalf from the supplier and he will send the product directly to your customer.
If you want to get started with this side hustle you can choose Shopify that is a very popular e-commerce solution. You have 14 days free trial and then you will have to pay $29 per month. However, there are ways cheaper if you want to start your own website, by choosing Bluehost which is one of the biggest hosting companies in the world. By choosing Bluehost you will have to use WordPress + Woocommerce for your store.
3. Create your own Youtube channel
The third method in our passive income ideas list is creating a Youtube channel. As you know, Youtube channels are very profitable and you can make a lot of money if you are consistent and also offer value to your customers. If you enjoy a certain niche or you have a lot of experience in a particular domain you can start create video content and help other people understand better what you already know.
Once you get started you have to be consistent and upload new videos weekly because in the beginning, it will be harder to get views and subscribers in order to pass the Youtube requirements. If you want to monetize your Youtube channel you will need 4000 watched hours and 1000 subscribers. Once you get all these subscribers and views you can start earning money from Youtube ads. Anyway, besides Youtube ads, there are lot more methods you can choose from and make even more money such as:
- Affiliate marketing - just find a company you like and start promoting their products in your video description.
- Paid sponsorship - there are a lot of brands that are looking for Youtube channels to promote their products and offers.
- Sell your own products
- Promote your dropshipping products in your videos
4. Start your own blog
One of the easiest and profitable methods to make money online in our best passive income ideas list is to create your own blog. If you really enjoy a niche or you have high experience in a certain field, then creating your first blog is probably one of the best choices you can make because you will enjoy writing content and for sure you will provide value to your visitors. I know it might sound intimidating to create your first blog but believe me, it's easier than ever to own a website. The easiest way to create a brand new blog is to in Bluehost and select the cheapest plan they have. Once you submitted your payment details, your blog is almost ready. For a step-by-step tutorial on how to create a blog and make your first money check this pdf file.
5. Learn online marketing
Due to the Coronavirus pandemic a lot of people moved their businesses online, so more and more people needs online marketing services. There are a lot of people who started this type of business and make a lot of money because the demand is very high. Even if this business is very profitable you will have to learn new skills if you really want to start this type of business. First of all, you will have to access Facebook Blueprint and start learning for free using Facebook courses. Once you understand how to create a campaign, set a budget, and create multiple ad sets you can start looking for your first clients. To find clients you can post your services on Fiverr, also a good place to start are sites like upwork.com and freelancer.com.
6. Sell Online Courses
This method is very profitable and you can earn money from the first day (once you have your course ready) but it's more difficult than other methods from this passive income ideas because you really need to have high experience in a particular field if you want to make a lot of money from your course. When it comes to creating an online course you have to understand that you need to create a course that people really need. Before starting your online course you will need to make some market research and find out if your market is big enough and also you need to think about how much money your audience have, this way you will find you how much your course will costs. Once you decided about what your online course will be about, create the course and upload it on platforms like udemy.com. Also, you will need some money for marketing because your course can be the best on the market but if your audience doesn't know about it, nobody will buy it, so pay attention to your marketing campaigns.
7. Sell stock photos
Even if this method won't make you rich overnight, it's a good way to make extra money so it needs to be added to our passive income ideas list. If you travel a lot, enjoy taking pictures or maybe you are a passionate photographer this method will fit you the best. There are websites like shutterstock.com where you can create a free account and get a commission for every picture you sell. You don't have to worry about getting clients to your photos or spend money on an ads campaign because Shutterstock already has a lot of customers that buy photos every month. If you check this website you will see that Shutterstock has more than 74 million visitors every month. If you want to make big money using this website you will have to play the numbers game, meaning that the more photos you upload, the more money you will earn.
8. Invest in the stock market
Investing in the stock market can be very profitable if you decide to invest some of your free time in analyzing the market, learning strategies, and find out how to read a chart. Nowadays is easier than ever to invest in the stock market because there are a lot of tutorials on Google and mobile apps that can help you to get started. One of the easiest apps I use to invest in the stock market is called eToro and it's very user-friendly. You don't need to know anything about the stock market when you get started because you will have a virtual budget that you can use until you understand how the app actually works.
9. Make money testing websites
Every day 547200 new websites are created globally, so just imagine how much money is made every day in this industry. However, you can take a piece of the pie by taking tests for website owners. There are a lot of websites out there that will pay you to complete different tests, and they will pay you between $10-$20 for every test, usually, a test can take 10 to 15 minutes. The most popular websites are the following:
- Usertesting - this website is one of the best, it will pay you $10-$15 for 20 minutes of work
- TryMyU - this website pays you $10 for 15 minutes of work but you will have to complete a test before starting making money.
- UserFeel - the single thing you need to do here is to complete the sample test in the beginning, then get $10 for every test you complete.
- Userlytics - the same as the above websites, this website will pay you $10 once you complete your assignment.
10. Write a kindle ebook
Writing a kindle ebook can be very profitable because you will have a lot of potential customers without spending any money on marketing. As you know Kindle is a part of Amazon so you can take advantage of all clients that comes daily on Amazon. So, after you publish you kindle ebook you will get a commission for every sale you make, the prices looks like this:
- Ebooks priced from $0.99 to $2.98 - you receive a 35% royalty on each sale.
- Ebooks priced from $2.99 to $9.99 - you receive a 70% royalty on each sale.
- Ebooks priced above $9.99 - you receive a 35% royalty on each sale.
As you can see in this passive income ideas list, there are a lot of methods you can use to create multiple streams of income. The hard part when it comes to making money online is that you need to work hard in the beginning if you want to start earning some money. Making money online is like any other business, you will have to be consistent and also provide real value to your customers if you want to succeed. Let me know in the comments section what method worked the best for you.