It seems like everyone has a side hustle these days. But on top of a day job, housework, caring for loved ones, and catching up on a hyped TV show, who has the time? Well, you do. A passive income website can change your finances and your thoughts about earning money. These passive income business ideas are great for creating revenue streams you can set and forget.
What is Passive Income?
Passive income is money you earn through a business that mostly runs itself. While you’ll spend time setting up the business and creating the product, an excellent passive income business requires minimal upkeep and continually brings in money. Unlike a typical job, passive income doesn’t require active involvement on your part. So there’s no showing up for 40 hours a week.
Instead, passive income is something people can typically do on the side of their regular job. They aren’t getting rich quick schemes. In many cases, a passive income business earns money steadily and slowly. But over time, that passive income can make a huge difference in the business owner’s life.
Benefits of Passive Income
Anyone with an internet connection can implement most passive income business ideas. There are many benefits to starting a passive income business, not just how easy it is to start.
Passive income benefits include:
- Stability. Passive income means more stability because you’re earning more money than just your standard paycheck. That extra cash can make it easier to weather hardships and unexpected emergencies.
- Security. Earning more money can pull you out of the paycheck-to-paycheck lifestyle. Passive income can be the difference between pinching pennies and knowing your bills are comfortably covered.
- Financial Freedom. When you rely on one source of income to cover your bills and lifestyle, you don’t have as much freedom to invest in the things that matter to you. But passive income can give you the freedom to pursue your passions or even leave a job you don’t love.
- Achieve Your Goals. It doesn’t matter if your goals are to pay off debt, save for retirement, or treat yourself to a night out whenever you feel like it. Passive income can help you reach those goals faster than just working a typical day job.
- Pursue Your Passions. If you’ve always wanted to quit your job, travel the world, or even create an art studio in your home, passive income can help. The extra money can help you pursue the things you care about faster than you could otherwise.
Passive Income Business Ideas
Passive income is a positive thing. Here are some passive income business ideas you can start today.
1. Start a Dropshipping Store
Selling physical products can be intimidating. There are the overhead costs of keeping the stock, and the rates for shipping products can be astronomical. But with dropshipping, you can set up a store that sells physical products without those worries. To start a dropshipping store, you must build a website, choose a niche, find a supplier, and set your prices. Customers place orders on your site, and the suppliers ship the orders for you. This process means you don’t have to worry about keeping stock or shipping orders.
2. Create a Blog
If you like writing, blogging is a great way to earn some money. Blogging can be a lot of work upfront, but it can also lead to multiple passive income streams.
To start a blog:
- Find a topic you can write about for years
- Register a domain name
- Plan out your editorial calendar
- Research keywords to target in your content
- Get to posting
Some of the most common ways to monetize a blog are through affiliate links and sponsored content. With affiliate links, you earn a commission when people click on links in your content. You can find sponsored post opportunities by joining ad and influencer networks, which typically involve earning money to post about specific products.
It’s worth noting that blogging can be a great backbone for other passive income ideas. Building an online platform in the form of a blog can bring traffic to your site through your posts. It will enable you to monetize content and make people aware of your dropshipping products or some of the digital products mentioned later.
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3. Create and Sell Online Courses
Do you have some expertise to sell? Creating an online course is a great way to get paid to share your information. And if you already have a blog on that topic, then you will have an audience primed and ready to buy the course. You can choose to build your courses on your website or through a third-party platform. If you create a course on your site, you won’t have to worry about paying the fees that course platforms charge.
4. Publish Sponsored Posts on Instagram
If you love posting to Instagram and already have a following, sponsored posts may be a great way to earn money. Sponsored posts usually involve creating a photo or video about a specific product. The sponsoring company will compensate you for making that content and, in many cases, will share that content with their followers too.
If you’d like to get some sponsored content opportunities for your Instagram account, make sure your posts are consistent and your photos are good. Brands typically prefer to work with accounts that stick to their niche and create content around a specific topic.
5. Sell Digital Art
You can sell your art digitally online, whether you’re a graphic artist, illustrator, animator, or photographer. All you have to do is create the art once and sell it repeatedly. People can purchase your work to make things like posters, stickers, event invitations, video content, or even print and hang in their homes. Sites like Etsy and CreativeMarket are great places to sell digital files, but creating your own online store will give you the most control of how your products sell, and you won’t have to pay transaction fees to a large company.
6. Print-On-Demand Products
If you have some clever ideas for novelty coffee mugs or sassy T-shirts, creating print-on-demand products might be the passive income business idea for you. To start a print-on-demand business, create some designs and find a print-on-demand company you’d like to work with, like Printful or Printify. Then, choose what kind of products you’d like to sell. You can put your designs on shirts, canvas bags, or even phone cases. And the best part is you don’t need to learn screenprinting to make this idea work. The print-on-demand company will handle it all for you.
When selling products, it’s a good idea to choose a niche and make products that fit into that particular niche. And blogging about that niche is a great way to bring potential customers to your site.
7. Write an eBook
Do you have a topic you know a lot about but don’t feel like it would make a good course? Try writing an eBook. To start, outline your topic and set a writing schedule. From there, it’s about writing it all out or hiring a ghostwriter. When the book is finished and edited, you can sell it as a PDF download from your site or even upload it to Amazon where it will be available through their Kindle Direct Publishing program.
Are You Ready to Start a Passive Income Website?
Building the website is one of the first steps in creating the passive income business of your dreams. No matter what route you choose for your passive income business, your website is a crucial component.
And even though you know starting a passive income business means upfront work, you don’t have to go it alone. Managed hosting makes running an ecommerce site just that much easier. You don’t need to worry about updates and backups. If you need it, excellent support is available 24/7/365.
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