07 PASSIVE INCOME BUSINESS IDEAS

Being an entrepreneur I’m very passionate about passive income or streams of income, where we work smarter instead of just harder that we figure out how we can earn more while working less. Passive income is not directly tied to our time. Let’s learn 07 passive income business ideas with detail and easily.

The other thing with passive income is that it generally requires an extremely lengthy investment to get moving. It is hard to get started, don’t expect to be hitting those sorts of numbers when you first get started. There is no other method to make money without doing anything at all.

 But the passive income, mean is the only way to make money is to provide value. Values in a way that is not directly tied to your time. So, let’s dialogue about the 07 different ways that you could provide value and earn passive income.

01. Investing in Stocks

Providing money and investing in service is in a way giving a form of value same as when we give our money to a company in the form of purchasing their stocks, it’s a good idea that we would get some sort of return for that investment. 

We’re starting with this because investing in stocks is the easiest way to make passive income. If you have much money and they’re sitting in a bank account, earning 0.01% interest, they’re not doing well for you. While assuming if you put this money in stocks, you might be bringing in passive income from the money that is generally staying there. 

But the thing that I recommend for most beginners is that before investing your money you should learn about it, learn from the internet, experts and as well from books. Here you can find the answers to the question of what is the most profitable passive income? Every richest or billionaire in this world necessarily invests in stocks.

02. YouTube channel

Today is something that you might already be familiar with and that is to start a YouTube channel. It is extremely simple to start a YouTube channel. You just go to youtube.com. You click to create a channel and you can upload videos by just filming with your phone and uploading it. 

But it’s a lot harder to make good videos, and making good videos is how you grow on YouTube. First of all, to be eligible for monetization on YouTube, you need a thousand subscribers and 4,000 hours of watch time. It’s a great skill set. You get to communicate with millions of people all over the world through the internet and learn about filming and editing videos. 

YouTube shares a massive portion of income with influencers which they earn from advertisements, this is one part of income but you can earn more from it through other sources like the brand deal, sponsorship, affiliate marketing, etc. After starting this business, exactly, you can be self-made.

03. Start a podcast. 

This is very easy than starting a YouTube channel. Although growing a podcast is a lot harder than growing a YouTube channel because podcasts themselves don’t have an algorithm that’s helping them to grow. Many podcasts grow by sharing its link on YouTube channels, which is kind of weird. 

You can go on anchor.FM Apple Podcasts, Spotify, Google Podcasts, Stitcher, and TuneIn, and you can literally use your phone and you could pass your phone around between you and your friends and you can start a podcast. You can use a website called riverside.

FM Riverside makes it very easy to record remote podcast interviews. It’s very easy to start a podcast. There is no YouTube AdSense for podcasts, so you need sponsorship or a brand deal to make money for your podcast, generally speaking.

04. Affiliate marketing

Affiliate marketing means that you are selling other’s products but you’re getting a portion of the sale as commission. presently, 48% of affiliate marketers all around the world earn $20,000 a year which is $1,660 a month. 

You can only sign up for any affiliate program like Amazon Associates. Amazon affiliate program is probably the biggest in the world. Then you have your links that you can post on your website or Twitter or social media or whatever. If people buy the product through your link or buy any product on Amazon through your link you’ll get like some tiny percentage of the sales. 

if someone clicks on your link but they don’t buy the product you recommend but any time in the next 24 hours they go back to Amazon and they buy anything, you will still get paid an affiliate commission for those products even if it other things that you recommended.

05. Selling digital products

Digital products that you create once, like an eBook, an app, a game, Canva Templates, Notion Templates, Website Templates, Presets Stock Photos For Those who are passionate With Photography or Editing Skills, Planners, Software Plugins, And  Digital Artwork, or something like that. 

You produce any digital product only one time and then you can sell it many times on different markets places because during the sale a little cost or sometimes no cost is charged by markets places. Anyone can create these types of things and earn passive income.

06. Create an online course.

Now online course’s sort of like a digital products but generally online courses are in video format. Create your side hustle in your spare time without quitting your job and so it’s a lot easier than having to make your website and create your own courses platform and all that kind of stuff. 

Courses are one of the easiest, and best ways of making passive income, because it’s fun to create a course, you can teach stuff, and you don’t need that technical skills. You can sell your course on a website like Udemy, or Skillshare. 

People can take your course and learn on the internet. You need to get the reviews on your course you need to get your course to rank well and include relating keywords in the course content that people are looking for, which is generally called SEO nowadays.

07. Subscription service

For generating passive income is to build an app or a website or some kind of software product that you can offer either as a one-off or more likely these days, as a subscription service. This whole category is called SAS (Software as a service). 

If you look at the website, indiehackers.com there are like literally hundreds of examples of people who have built software businesses that are making passive income, they share their revenue and they tell you how they got started and they give you their tips. People can access some part of the content freely as a taste but if they need it’s right for them then they need to pay a monthly subscription fee to access all content. 

It’s depending on what your membership site is about and what it offers to its members and how premium the content is. You’ll be able to charge different amounts the cheapest to the most expensive. You need more users to make more dollars. 

The fantastic thing about a membership site is that does create recurring revenue every month and you don’t have to necessarily do anything to maintain it. You should continue to add new content to engage your audience continuously.

I hope you enjoyed this post and found it helpful because we discussed, how do millionaires make passive income?  Here we are regularly sharing information all about entrepreneurship, success, and personal development. If you read every post on this platform, it changes your habits and you get success.