Sure, it can be easy to say that making money online is comparatively simpler. But the truth is, creating a successful passive income stream online does require hard work, consistency, and dedication.
Yet, whether you’re planning to start a business or already own one, there are passive income streams you can hop in right away. And the best thing is you can reap lucrative benefits from these passive income methods.
In light of this, we’re going to talk about some of the best ways to generate a good income stream that you may not have thought about before. So, let’s begin!
Making Real Estate Investments
Investing in properties is a great way to gradually build a hefty income stream, and it’s also considered one of the oldest.
If you have an adequate sum of money, you can at least buy an apartment or a small commercial property. This will help you generate rental income by leasing them.
However, keep in mind that once you become a landlord, you’ll need to adapt to a more active lifestyle. For example, you are going to have to regularly inspect your properties, manage tenants, etc. But you can also choose to hire independent real estate managers when you start to accumulate a good monthly income.
One of the best things about real estate investment is that you stand a good chance of getting a great offer when the housing/property market appreciates.
Becoming a Copywriter or Blogger
Sure, blogging can be a bit of a challenge, and starting can be tricky. However, it is hard to deny the fact that blogging is considered a powerful way to earn passive income.
But the thing is, you can combine blogging or copywriting with other strategies. For example, you can use Honeygain and get paid for sharing your unused internet bandwidth.
Another thing that’s great about blogging is that you don’t have to be well-known or well-established. All you need is creative writing skills, an understanding of your target audience, and staying relevant.
There are plenty of viable platforms you can blog for and earn commissions via affiliate marketing. You can also develop your blog site and grow your subscribers. Once your website becomes popular, you can offer ad space to different brands and earn money.
Selling Digital Art and Creative Design Online
There are a lot of websites where you can easily sell your creative digital designs and earn a decent payout.
Whether you’re a graphic designer, photographer, or logo/web theme designer, you can sell your works of art to a massive market that’s always looking for trendy and modern digital designs.
Plus, you’ll be pleasantly surprised to know that the US graphic design industry has surpassed the $13 billion mark and continues growing. And getting in on the action is relatively easier than many other things.
For example, if you wish to sell your designs on a website like ThemeForest, you will need to set up an account and wait for it to get approved.
After approval, you’ll have access to a dearth of features you can use to build your online storefront and display your designs.
Build a Dropshipping Site
One of the best things about starting a dropshipping business is that you can generate a sweet passive income sitting at home. Plus, you don’t need a lot of cash flow to start the operation.
Although many dropshippers claim that they make profits of up to $100,000 per year, it is vital to understand that it isn’t a quick cash business. It may take a bit of time and a lot of consistency to set up a dropshipping operation.
The model primarily involves building an online store where consumers can look for and potentially buy products. But what’s different about dropshipping is that you aren’t required to manage anything you sell.
The responsibility falls on the supplier. Your supplier will manage all the logistical aspects of the business, such as packing, labeling, and shipping the products.
In addition, you will only be required to pay the supplier once your customer makes a purchase. So, it’s safe to say that dropshipping is a potentially risk-averse business model.
Making Gradual Investments in REITs
Real estate investment trusts are another great option for individuals that don’t have enough capital to buy an entire apartment or any other property.
REITs encourage people to start investing a minimum amount of capital ($500-$1,000). The trust acts as an investment vehicle, further injecting your capital into different real estate projects. In turn, they offer yearly profits to investors as a form of passive income.
And depending on how much the property market appreciates, you stand to consistently make higher profits.
REITs are excellent for non-high-income individuals, and they pool a lumpsum of different investments in a variety of projects smaller investors can’t afford.
What’s more, research indicates that REITs can offer up to 9.5% in annual returns.
Completing Small Online Tasks
Completing small online tasks can be an easy way to earn extra money, especially for those who don’t want to make a significant investment.
While it may not make you rich, doing micro jobs such as completing surveys, watching ads, and other small tasks can add up over time and provide a steady income stream.
In combination with other passive income strategies mentioned in the article, such as investing in REITs or selling digital art, completing online tasks can help diversify your income streams and provide better financial stability.
So there you have it. Some pretty exciting ways you can choose to generate a consistent stream of passive income. Combining a few strategies might yield promising results in the long run.