The concept of passive income seems too good to be true. The ability to make money while doing absolutely nothing? That can’t be right? Well, yes and no. Once a passive income stream has been established, you can just sit back and let the money roll in.
However, you will need to establish the income stream in the first place, and this will require some time and investment, in most cases at least. Some passive income streams are available because those at the helm only require start-up capital. As always, you need to be wary of deals which sound too good to be true; there are lots of people out there trying to peddle scams.
There are many legitimate opportunities out there as well, for anyone who wants to take advantage of them. As is usually the case with possible investments, you will want to make sure that you research as much as you can beforehand and that you enter into the final deal with both eyes wide open.
Generating a passive income is something that, frankly, all of us would love to be able to do. Generating a small passive income is relatively easy but generating anything approaching an actual wage on a purely passive basis is much more challenging. Achievable, yes, but still difficult.
While it is hard to establish significant passive revenue streams, the time and money you need to invest are well worth it. Often, passive business ventures represent an excellent return on your investment, especially if you are able to sustain them over the long term.
The following passive income streams are among the most secure, the most tried and tested methods out there.
What is Passive Income?
Before we discuss the specific passive income streams you can set up, let’s first define exactly what we consider to be a passive income stream. Essentially, a passive income stream is an automatic source of regular income that is generated with little or no input from the user. There are many different ways of setting up a passive income stream. The concept has gained popularity significantly in recent times thanks to the arrival of the internet.
There are endless guides out there on the web, which will advise you on the specifics of setting up each type of income stream. This guide will focus on which ideas are worth pursuing. These ideas, once established, will run themselves with little to no intervention from the user. Note that this doesn’t mean that you can forget about them entirely; you should still check in on their health now and then.
Start a Blog
Blogging remains one of the most popular ways of starting a new passive revenue stream. There are blogs out there that cater to every conceivable taste and interest, so whatever you are passionate about you can blog about. Starting a blog should be an enjoyable exercise for you, as well as a potential source of income. Your blog will be much more engaging and more readable if you are writing about subjects that elicit a genuine feeling of passion and happiness inside. When a blog is being written half-heartedly and purely for profit, then it shows to the reader. You want to avoid this at all costs so that your blog remains organic and inviting to the average viewer.
Initially, you will want to focus on getting your visitor numbers up. Your blog needs to be able to generate a reasonable amount of traffic before you can start making much money. The easiest way of generating more interest in your blog is simply to keep producing engaging content. If you can engage with your readers through the comments section as well, then you will gain a loyal following.
While your visitor numbers are rising and your readership increasing, you should busy yourself reading up on what SEO is, how you can leverage social media marketing, and how Google’s AdSense works. Once your blog is attracting enough traffic, you can begin to look at placing adverts on your page that will pay out depending on how many clicks they receive.
Write an eBook
The concept of self-publishing has been radically transformed by the advent of the eBook. Even before this, the internet itself had changed the way that we thought about publishing. The ease with which anyone can now publish a book in Kindle format and sell it through the Amazon store is astonishing. This has opened the door for a new generation of writers to emerge and to make it on their own steam and their own terms.
As with the blog, you can write an eBook on any subject you like, but if you choose something that you are passionate about, it will be much easier to be engaging and interesting. Writing fiction eBooks is the hardest route to go down, but who wouldn’t love to make their money by writing stories?
On the other hand, if you have any specialist knowledge that you think others would be interested in learning and which can be taught in the format of an eBook, you could produce a non-fiction book. Subjects that prove particularly popular with eBook audiences include finance, self-help, and online marketing. If you have experience and knowledge in any of these areas, then you might want to consider producing an eBook on the subject.
Invest in an App
If you have the skills necessary to design and build an app yourself, this creates many possibilities for creating passive revenue streams. Apps offer endless scope for providing services and functions that users will happily pay for. If you can sell your app on a subscription basis, you will have a constant source of income.
Of course, it doesn’t have to be an app that you invest in. You should see this page from Bonsai Finance about Quick Credits. These are a potentially very useful financial tool for any budding entrepreneur who needs a little start-up money, so they can begin investing.
Generating a reliable passive income is a dream for many people, but it is one that is perfectly achievable. The above ideas are just a small selection of the many ways of setting up a passive revenue stream.