passive income. It’s the dream, isn’t it? We all want to find a way to make money while we sleep, travel, or spend time with our families. But what are the best ways to do that? In this blog post, we will explore 7 passive income ideas that are easy to start and maintain. Keep in mind that not all of these will work for everyone – you need to find something that fits your skills and interests. But hopefully, this list will give you some inspiration!
I wrote about the top 4 passive income streams for 2022: How hard they are to get started, Make $100 a month, and Maintain. Today, I’ll talk about the next 3 passive income streams that you should look into.
Selling Digital Products
If you’re looking for a passive income stream, selling digital products is a great option. You can start with just a few products and build up your inventory over time. And, if you price your products correctly, you can easily earn $20 or more per sale.
Of course, starting any new business venture requires some effort. But once you get the hang of things, selling digital products can be a breeze. The first step is to create your product. This can be an ebook, a course, or anything else that you think people would be willing to pay for. Once you have your product created, you need to set up a sales page and start promoting it. There are a number of ways to do this, but social media is a great place to start. You can also use paid advertising to reach a larger audience.
Once you start making sales, it’s important to deliver on your promises and provide great customer service. But other than that, there’s not much work required to maintain this passive income stream. And best of all, you can make money while you sleep!
Creating an Online Course/ ebook/ app
Another great passive income option is creating an online course. This can be a video-based course or a more traditional text-based course. The key is to create something that people will actually want to buy and that will teach them something they don’t already know.
Like selling digital products, creating an online course does require some initial effort. But once you create the course, it can be easily promoted and sold over and over again. And, if you price your course correctly, it can generate a passive income for years to come.
To get started, choose a topic that you’re passionate about and that you know people are interested in learning more about. Then, create your course content and put it all together in an easy-to-follow format. Once your course is complete, set up a sales page and start promoting it to your target audience. You can begin by selling your course on Gumroad. You can literally sell any digital product on this website without any upfront cost.
And that’s it! Once you’ve created your course, there’s not much else to do except deliver great customer service and make sure people are happy with their purchase. After that, you can sit back and watch the passive income roll in.
I personally know someone who created an iOS icon set and sold them for $25. They ended up making $200,000 in just a few weeks. I’m not saying you will make that much, but it’s possible to make a passive income by creating digital products.
Difficulty to start: ⭐⭐⭐⭐
Maintaining your passive income stream: ⭐⭐
Anyone can create an ebook but has to provide value. It is quite difficult if you do not have much experience in this field.
Passive income is a great way to make money, but it can be tough to get people to actually buy your digital products. The key is to create something that solves a problem that people have and then charge money for it. There are a lot of ebooks and courses out there on passive income, but not all of them are created equal. The best way to stand out from the crowd is to create something that is truly helpful and that people will be willing to pay for. If you can do that, you’ll be well on your way to generating passive income.
Membership or Community Website
Another great passive income option is to create a membership or community website. This can be a website where people pay to access exclusive content or a website where people can pay to receive personalized advice or coaching. The key is to create a website that provides value and that people will be willing to pay for.
Again, starting a membership website does require some initial effort. But once you get the website up and running, it can be easily maintained with very little work required. And best of all, you can make passive income from your memberships month after month.
To get started, choose a niche that you’re passionate about and that you know people are interested in learning more about. Then, create exclusive content for your members and set up a payment system so people can access your content. Once your website is up and running, start promoting it to your target audience. You can promote your website through social media, email marketing, or by creating content that ranks well in search engines.
And that’s it! Once you’ve created your membership website, there’s not much else to do except deliver great content and provide outstanding customer service. After that, you can sit back and watch the passive income roll in.
Difficulty to start: ⭐⭐⭐⭐⭐
Maintaining your passive income stream: ⭐⭐⭐
Starting this is generally a bad idea unless you have an existing audience. It is quite difficult to generate awareness and get people to join your website. Starting fresh is quite difficult because it is quite easy to get people to sign up for a free trial but then they do not convert into paid members. It can be tough to get people to actually pay for your content, but if you can provide value, then they will be more likely to do so. The key is to create something that solves a problem that people have and then charge money for it. There are a lot of membership websites out there, but not all of them are created equal. The best way to stand out from the crowd is to create something that is truly helpful and that people will be willing to pay for. If you can do that, you’ll be well on your way to generating passive income.
If you are interested in this, you can start with websites like Patreon.
Selling Physical Products Online
If you’re looking for a passive income option that doesn’t require you to create any digital products, then creating a business that sells physical products online might be the perfect option for you. You can easily automate or delegate the major aspects of this business. For example, you can use a dropshipping service to handle the fulfillment of your orders. And once you get your business up and running, there’s very little work required on your part to maintain it.
Of course, starting an online business does require some initial effort. But once you get everything set up, you can sit back and watch as your passive income grows.
Difficulty to start: ⭐⭐⭐
Maintaining your passive income stream: ⭐⭐
Starting an online business can be a bit tricky because you have to find a niche that is not too competitive but also has enough demand. Once you have found a niche, you need to create a website and start promoting your products. You can promote your products through social media or by creating content that ranks well in search engines. The key is to drive traffic to your website and then convert that traffic into sales. If you can do that, you’ll be well on your way to generating passive income from your online business.
Once you have made a decision on the product, then you’ll need to search for a manufacturer or distributor that can deliver the product at the cheapest price. Often people look to suppliers in china for cheap manufacturing. But it’ll totally depend on the product that you want to sell. You can negotiate a price with the supplier and they will ship the product directly to your customers when they place an order. This business model is called Dropshipping. In this model, the products are shipped directly to the customers without ever being sent to you. You stay away from the hassle of managing inventory.
After that, you’ll need to create your website (Shopify Store) or sell directly on Amazon, and start promoting your products. You can use social media or Google AdWords to drive traffic to your website. Once people are on your website, you’ll need to have a good sales process in place to convert them into customers. You can easily automate the whole process of accepting the order and sending the order to the supplier using Automation tools such as Zapier.
There you have it! These are seven passive income ideas that are easy to start and maintain. So what are you waiting for? Start generating some passive income today!