Most of the wealthiest people have several income streams.To be financially free you will need at least one source of passive income .So here are 14 ways to make passive Income.
# 1 Start An E-Commerce Store
The First thing you need to decide is what products to sell.If you want to private label a product with drop shipping,you can use Shopify since they have build in drop shipping system with Oberlo and Aliexpress.This should be your go to platform for drop shipping.
If you want to buy in bulk/wholesale another brand’s product,you can use Woocommerce from WordPress to build an online store that have all the build in features that you need, plus is way less expensive than Shopify .
# 2 Youtube Channel
Building a Youtube channel is one of the most profitable business in this era because first, you’rebuilding a brand which is an asset.Second,your videos will continue to make you money with affiliate sales or monetizing ads revenue while you sleep.
# 3 Selling Digital Products
Selling digital products is a great way to make passive income because there’s no shipping and you can easily automate all the process of selling digital products.Here are a couple platforms you can sell digital products. Amazon,Etsy,Red bubble,Printful.
# 4 Building A Personal Brand
Building a personal brand might not make you money on the short term but it’s one of the most scalable business of all time.
# 5 Affiliate Marketing
Affiliate marketing is today’s telemarketing or phone sale. Selling a product has never been this easy. You can set up a Facebook ads in less than 10 Minute selling someone else’s product and get a commission from it, however running a profitable Ad takes a lot of trial and error to figure it out. This free ebook by Russel Brunson 108 Split Test is a must read for anything that is getting into affiliate marketing or running ads.
Tip: Use email marketing Tools Like Convert kit to pitch your audience in an email funnel to get the most out of your audiences.
# 6 Invest In Stock
Join Robinhood Right Now and Get A Free Stock Like Apple,Ford Or Sprint
# 7 Write A eBook on Kindle
You can self publish your own ebooks on Amazon For Free and It only takes a couple minutes to set it up.Plus you can earn up to 70% royalty on sales to customers in the US, Canada, UK, Germany, India, France, Italy, Spain, Japan, Brazil, Mexico, Australia and more. Enroll in KDP Select and earn more money through Kindle Unlimited and the Kindle Owners’ Lending Library.
# 8 Make Designs For Print On Demand Site
Print on demand sites like Printful and Red bubble allow you to upload your own design and have them print on physical products like T shirts,mugs,sweater,etc.The awesome things about print on demand sites are no starting fee,no investment needed and it’s fully automatic after you upload the designs.
# 9 Sell Photos Online
Are you someone who is sitting on a lot of awesome photos?Sell them on Shutterstock.
# 10 Put Your Saves On a 3% Return Bank Account WTF?
You heard it right,Robinhood recently announces their 3% saving&checking account. Robinhood’s checking and savings accounts have no account minimums, no monthly fees, no overdraft fees and no foreign transaction fees. The new Mastercard debit card can be used for free at 75,000 ATMs around the country, and Robinhood will start shipping the cards to customers in January. Cash in the [accounts] is insured up to $250,000 by SIPC, according to a Robinhood spokesperson.”
# 11 Sell Digital Downloads On Etsy
Sell your designs on Etsy with full automation.
# 12 Flip Domain Names
As of right now Godaddy is having a promotion which you can buy a domain for 0.99$ a year,typically a domain name would cost 8-10$,now is a great time to stack up some good domains.You can list your go domains for sale in your Godaddy dashboard.
# 13 Selling A Online Course
If you have a Skill that is worth people spending money to learn put it on Udemy,its the best platform for selling online courses but putting the course on the shelf doesn’t mean it will start selling,you will have to market your course someway or another.
# 14 Run Ads For Business
Every business needs marketing and no business would say no to more sales. Running Facebook & Instagram Ads for your local small business is a great way to make passive income. You can charge business a monthly retainer for ad management. Once you set up everything, there’s nothing you have to do.
Getting Your First 20 Clients would take sometime.I suggest you to cold call your locate clients and drive them into a funnel where you can explain to them step by step on how you can help them get more sales,this way you don’t have to do a sales pitch every time.