Passive Income Ideas To Make $50,000 A Year
In this article, we will talk about 8 passive income ideas you can choose from and start building your online business. Nowadays, developing multiple sources of income is everyone's dream, and there are more and more methods you can do that, thanks to technological progress, making money online is easier than before because you have access to all the information you need, the only thing you need to do is to want to become rich. Even if it's easier to make money than it was a few years back, due to their mindset, a lot of people don't succeed in making money online business, so when you get started with any side hustle make sure you work at your mindset too.
Passive Income Ideas
As billionaire investor Warren Buffett says "If you don’t find a way to make money while you sleep, you will work until you die.", starting a side hustle is one of the best choices you can make because even if you want to keep your daily job, the money will come from multiple directions. One of the best things about passive income is that your income isn't tied up to the number of hours you work as the normal job is.
So let's get started with out passive income ideas:
1. Start a dropshipping business
Dropshipping was one of the most profitable businesses models, but once Coronavirus pandemic started this busniess model exploded because a lot of people have started to make their shopping online in order to avoid crowded shops but in the same time it's more convenient to order from an online store.
One of the best things about dropshipping is that you don't need to have a deposit, don't need to take care of shipping, the only thing you need to focus on is how to get new customers. To understand better how this business model works, check the below image:
There are a lot of ways you can start your own e-commerce website with just a few clicks.
2. Invest in stocks
The second method in our passive income ideas list is to invest in stocks. I know it might sound intimidating but investing in stocks it's easier than ever. If you have a smartphone and internet connection you can buy and sell stocks from anywhere in the world. Also if you are a complete beginner there is a virtual budget you can use until you understand how the application works. You can create a free account here and get started completely free. This doesn't mean you don't have to make your research on the companies you want to invest in.
3. Start your own blog
Blogging is a low-cost and low-risk side hustle that can generate a lot of money for you. If you want to start your online business but don't know what type of business you would like to have, then starting a blog it's the best choice for you. In order to start your blog you have to choose a niche you would like to write about, this is the main topic your blog will focus on. Having a clearly defined niche will give you clarity and guide the direction for your future posts.
Once you decided your niche, it's time to get your domain and hosting for your blog. One of the best web hosting company in the world is Bluehost, also known as the official hosting company for WordPress, offer domain, SSL and hosting for just $2.95 per month. They also have a nice tool that will install WordPress CMS with just a few clicks. Once you started to create content and drive traffic to your website you can start to monetize using methods like Google Adsense, sponsored posts, selling digital products or services, affiliate marketing.
4. Sell online course
If you are an expert in a particular domain you can create your own course and help other people who haven't so much experience, to understand your niche better. The best thing about an online course is that you create it once and then you can sell it over and over again. This strategy can work even better if you already have a blog and an audience to sell the course to.
5. Buy a business
If you want to buy a business, maybe this is the perfect time because a lot of businesses struggle due to the Coronavirus pandemic so maybe you can get a good price. People sell their businesses daily and also there is a website called Bizzbuysell where you can check for the perfect business for you. They have a lot of categories you can choose from: Agriculture, Automotive & Boat, Beauty & Personal Care, Building & Construction, Communication & Media, Education & Children, Entertainment & Recreation, Financial Services, Health Care & Fitness, Manufacturing, Non-Classifiable Establishments, Online & Technology, Pet Services, Restaurants & Food, Retail, Service Businesses, Transportation & Storage, Travel, Wholesale & Distributors.
Note that you need to know about the business you want to buy and also you need some experience in this field in order to run a successful business.
6. Sell Stock Photos
If you like to take photos, you can make a passive income from this, especially in this period because due to the Coronavirus pandemic a lot of people started to buy photos online instead of doing in-person photo shoots.
If you are a passionate photographer you can make earn some money selling stock photos using sites like Shutterstock.
7. Affiliate marketing
This one is one of my favorites ways to make money from our passive income ideas list because you need no money to start and you can set everything up in less than a day. If you don't know how affiliate marketing works, let me give you more details. As an affiliate marketer, you have to find a good company and partner with. In order to make money, you will have to promote their products and you will get a commission for every sale you make. Usually, the commission can vary from 30% to 75%. One of the best affiliate training programs and also a good company to promote their products is Legendary Marketer, you can read a full review here. In their training program, 15-days Business Builder Challenge will teach you everything you need to know to get started with affiliate marketing.
8. Create a mobile app
If you have a creative idea for an application or one that can solve a problem, provide entertainment, or social status, you probably have a winner app. There is a huge demand for mobile applications and you will be paid every time somebody downloads your application. With a little ingenuity and persistence, you could make an app that consistently generates passive income.
Any method you choose from this passive income ideas list make sure you are consistent with it and also provide value to your customers, this is the only way you can make money online.