We are all going through some tough times, right now. The COVID-19 has not only claimed so many lives across the world but has destroyed the livelihood of millions. Many people worldwide have lost their jobs and it is estimated to be approximately 150 million in number. It is also expected that this number may even reach up to 250 million by the end of this year.
Miguel Cervantes has once said that – “Don’t put all your eggs in one basket”, but I heard this quote for the first time around five years back from my brother and I had never realized the importance of this quote up until recently. So, I believe that its high time for every person to think very seriously about passive income.
While writing this post, I took a great assistance from Grammarly, which helped with all the corrections with respect to the plagiarism, grammar, Spell-Checks and even the proof-reading. A special thanks to Grammarly. It is worth giving a try to check your content as well. Moreover, it’s free of cost. Grammarly is available for even smartphones as well, both Android and iOS.
The purpose of this post is to share some of the best ideas about passive income, which can be started with the passion and determination to achieve more (or earn more).
01. Affiliate Marketing
Affiliate marketing is the process of selling another person or company’s products through your channels, which may be your website or Facebook page or even your YouTube channel, and earning a small commission for every sale you make.
Pros of Affiliate Marketing:
- Low investment costs
- Multi-billion-dollar market.
- No or less experience needed.
- Flexible working hours
- Recurring income
- Readily available marketing resources
- Your income is based on your performance.
Cons of Affiliate Marketing:
- No control over the affiliate program
- Too many competitors
- Delays in payment.
02. YouTube Channel
Another fast-growing mode of passive income is by posting quality content on your YouTube channel. Most of the famous YouTubers make their money by posting quality videos and some ads and sponsorships. It is also advised to combine the affiliate marketing on YouTube to increase the traffic and boost up your income.
Pros of starting a YouTube Channel:
- No requirements of any sort of minimum educational qualification.
- Any sort of video content can be uploaded.
- Provide backlinks to your website and its contents.
- It is free of cost to start a YouTube channel.
- Contents that you share can be easily embedded in other platforms.
Cons of starting a YouTube Channel:
- Need to be consistent in drawing the attention of the viewers.
- Your concepts and ideas can be easily recreated/copied by others.
- It takes a lot of views to earn some decent income.
03. Posting Ads
If you own a website, none of the best ideas is to rent out some spaces on your pages for posting advertisements. Google Adsense is a good medium to start with for any beginners since they are not much bothered about the traffic coming to your site. Once you start getting some decent amount of traffic to your site, you can register with Clickbank, ShareaSale, Commission Junction, etc..
Pros of Posting Ads on your site:
- The cost of these is either free or very cheap, based on the ads site you approach.
- Easy to track and analyze what is working and what’s not.
- Easy to implement and instant visibility on the site.
- Readily available marketing resources like banners, links, etc.
- Continuous exposure – Live always until you decide to change or remove the link.
Cons of Posting Ads on your site:
- Too many ads on your site can irritate the site visitor.
- Lots of choices will confuse the products to choose from.
- Commission rates are less comparatively.
04. Selling eBooks
Writing some quality books and selling them as eBooks on the e-commerce platforms is another source of income where you must put the initial efforts in writing some quality content and publish them through platforms like Amazon Kindle Direct Publishing (KDP), CreateSpace, iBooks, and others.
Pros of Online book publishing:
- High royalty figures
- Quick launch to market
- Access to global markets and more selling opportunities.
- No revising costs.
- No hassles of marketing.
- No issues with the printing and logistics involved.
Cons of Online book publishing:
- Must give up the exclusive rights to the seller platform.
- No/limited sharing of your content free of cost after publishing.
- Leaving the platform will result in leaving the reviews as well.
05. Selling Online Courses
Creating some engaging, interactive, and quality courses and selling them through various LMS websites such as Udemy, Thinkific, Teachable, TutorialsPoint, Spayee etc.is always a profitable source of income. The choice/s of the LMS websites will make or break your journey. It’s a tricky situation. If you are comfortable and confident about taking care of the marketing part and manage to invest a moderate amount of money, then you can launch your own LMS website.
Pros of Selling Online Courses:
- Good margins of sales belong to you.
- You can decide the price of your product.
- High chances of up-selling courses.
- Any topic is suitable for creating online courses.
- Lots of platforms available to sell your products.
Cons of Selling Online Courses:
- Slow starter as a source of income.
- Need exceptional skills in marketing to penetrate the market.
- Need initial audience and reviews to attract more customers.
06. Content Writing
If you feel you have the ability to write some quality content about any topics but have no publishing platform of your own, you can still publish your articles or content through some third-party platforms such as EZINE, MEDIUM, SCOOP.IT, etc. You will have all the freedom to write any content of your choice and pour down all the creativity in your heart and soul.
Pros of Content Writing:
- Free of cost to write anything, except for a few stationaries.
- Complete freedom for your creativity.
- No age limitation or no need for any educational qualifications.
- Boosts your brand awareness and gains customer loyalty.
- Full authoritarian control over your content.
Cons of Content writing:
- Fear of rejection.
- Too much time-consuming.
- Difficulty in deciding the topic to write.
- Self-marketing. Yourself must promote and sell your content.
- Writer’s block.
Podcasting is a powerful medium in these modern days, where you can propel your voice of opinions to the larger masses. But, how can it be used for earning some smart money? Podcasting is like starting a YouTube channel, except that, in the YouTube channels, Ads are visible to your visitors, however in podcasting, you have to go the extra mile to announce and explain the products orally. Once you reach a stage where you have lots of followers for your podcast, you can open your doors for sponsors for marketing their products.
Pros of Podcasting:
- Easily to create quality content.
- Anyone who can speak can do it.
- Reachable and scalable.
- Increases your company brand.
- It is an emerging and vastly un-tapped territory.
Cons of Podcasting:
- Need to be precise and accurate on the topic of choice for podcasting.
- May take some considerable time before you start seeing any money.
If you enjoy taking some breathtaking photos and photography is your favorite hobby, then why not let it earn some extra money for you. You will find a lot of websites where you can upload your amazing work and earn a decent commission for every download. Some of the sites, worth giving a try are Shutterstock, FOCA Stock, Reshot, Flickr, Unsplash, etc..
Pros of Photography:
- Freedom and flexibility, of course.
- You are earning from something which you love doing.
- Huge market and potential to earn some decent money.
- Opportunity to capture beautiful moments in time.
- The privilege of showing the unseen beauty in the outer world.
Cons of Photography:
- Good cameras and equipment are costly.
- Need to be extremely picky about the photos you take.
- Less recognition, Maximum credit of a good photos will be given to the camera rather than the person took that shot.
09. Freelancing / Consulting
If you have accumulated years of knowledge and expertise over a niche and would like to offer your services by taking some quick small projects and earn some quick money, then you can publish your profiles in some of the skills sharing platforms such as Fiverr, Freelancer, Upwork, Truelancer, Outsourcely, etc. You can showcase your projects on these platforms and grab the attention of the service seekers.
Pros of Freelancing:
- Freedom of scheduling and self-performance.
- Easier to find some work at-least.
- No taxes are taken out of your payments.
- You get to keep all the money you earn.
- You can fix your price for your service.
Cons of Freelancing:
- No guarantee of minimum wages.
- No additional benefits which you get as an employee of an organization.
- Payments can be sometimes irregular.
- Not a long road to travel.
Drop-Shipping is another mode of passive income where you must put some extra efforts compared to all the other means of income discussed here. To begin with, anyone can start with Oberlo, Shopify, or even Amazon drop-shipping. Unlike manufacturing and marketing, you need not worry about the logistics, inventory management, and other expenses, but just focus on the selling part.
Pros of Drop-Shipping:
- Faster setup to start with.
- Easily scalable to the next level.
- Less risk in selling and testing more products.
- Less overhead cost.
- Low order fulfillment and inventory costs.
Cons of Drop-Shipping:
- Low ROI for the effort put in the drop-shipping.
- No or limited control over the supply chain and inventory.
- Less margin of profits.
- Huge competition and difficulty in building a loyal brand.
Though there are many other options to earn some passive income, the purpose of this list is to share the list of only those options, which should be easy to start, less investment, and most importantly, you should enjoy doing it.
I will try to expand and try to dig deeper into this list with more details in future posts. So, keep following this website for more such information.
I would be more than happy to listen and read your comments with any suggestions or ideas or feedback. So, please drop your comments below, and to receive more such interesting topics to your email ID, subscribe to our list.