With jobless at an all-time high, building passive income streams are more important than ever. Many people have already discovered this and many of them have made this their primary source of income.
A passive income is a self-sustained activity that generates an income. You either have to put in no effort or very little effort into it.
Investments have such options in the form of rental income, dividends, annuities. They require very little upkeep and can generate a lot of value. You should look at such investments along with your direct stocks and ETF as they help weather you through some of the stock market correction periods. You can also download my excel tracker for passive income streams to keep track, plan and grow here
The above options require to invest money to make money. if you want to also diversify by investing time over money then here is a list of 7 options you can try
1- Write an eBook
Do you have a story that you want to tell or a step by step guide to get something done? This is the most effective way to do it apart from a blog. This is possibly the easiest way to generate a passive income. Sam from the Financial Samurai generates about $4200 from his eBook “Engineer your layoff” every month.
If you run a blog then you can also take all the articles of a particular theme and put them together as an eBook.
Book covers can be created using Photoshop our outsourced
Publishing a book is a simple as generating a PDF with Adobe Acrobat DC or you can upload to Kindle Direct Publishing
Writing the eBook is only half the battle the other half is marketing it. You need to use a range of digital marketing tools to increase awareness interest and desire and create a sense of value that users will pay for
2- Create an online course
Maybe you are more inclined towards visual content. Well then dust off your presentation skills and get set. With so many online classroom options available today it’s only limited by your imagination. the pandemic has created a whole new focus on online engagement.
You can repurpose material from your bogs, your eBooks, your podcasts, and make money on the same content in different formats.
You can register or sites like Udemy. They provide you the tools to create and market your course. they also have a set of customers that might be interested they also have tools to help you choose a topic based on keyword search.
You don’t need any prior experience just an interesting top. Remember to keep prices low to make it more accessible and keep each video short to match the attention space of the online audience.
3 – Stock photography
Running with the visual theme there is a lot of o money to be made in stock photography. With the increasing amount of content that is being generated online, the right picture can make or break an article.
Businesses, personal blogs, adverts, catalogs. Visual images are across all forms of media and commutation. Companies can save thousands in buying a stock photograph as opposed to hiring a photographer Shutterstock is expected to grow 6% with a revenue of $665 million in 2020. Don’t you want a piece of that action?
You can also upload to Foap or create your WordPress site with WooCommerce and sell the images on your site. In this case, you would need to set aside a budget to market your site.
You might have a Nikon D90 lying around the house unused as I do. Jump on to a quick course of photography and find you are the next Henri Cartier-Bresson
4 – Create and market an app
Consumers are spending more and more time online these days. They are being inundated by information with so many brands vying for their attention. If you think that you can solve a problem that is currently out there then this is the best way to do it.
The best apps are free with an in-app purchase element. You need to provide a basic level solution for free and then charge if they want to do more. Consumers’ spending on apps is expected to reach $156B by 2023. this is still a high untapped market that you can capitalize on.
There are only 2 major platforms Android and IOS. You can also convert sites into an app using sites like GoNative. It allows you to fully customize your site and will send it to you via email. It takes just 2 minutes
5 – Rent out an extra room
Have some extra space in your house. Make them generate cash by renting them out. Although Airbnb or VRBO would be the perfect choice you would need to register your apartment / Villa with the tourism board to list it there. Instead, opt for the local classifieds Dubizzle and look for the Rooms for rent(Flatmates) section. Upload some photos and a description. I would leave out any sleepwalking habits or that pesky spirit that wants you to follow it to the basement. Let that be part of their journey of discovery
6 – Rent out your car
If you have a car that’s not being used much you can use it to generate some income. Sites such as FriendlyCar connects owners and borrowers over their platform. You will have to list your car providing all the details including a copy of your car’s registration, photos, and the price. People in need will then seek you out and agree to meet you. You hand over the keys and that’s it. I’ve listed my F150 on it and have received many requests already.
I would not list my Maserati on it through – there is a reason they have a Nissan Tida in the picture
7 – License you mix
Music is another important component of content creation. If you are musically inclined you one of the many tools like Soundation to create a mix. They have a free tier that allows you 10 solo projects. These tracks can be used in vlogs, adverts, and social media videos. People are on the hunt for the next catchy beat and yours could be the next sample at the next Carl Cox session You can upload your music on AudioJungle or Pond5
These are just a few of the things that you can do to generate a passive income. They require little to no monetary investment – just your time. so, if you are serious about building an alternative income then – just get started.
