If you are an entrepreneur or are looking to become one, you know what passive income is. However, I'd like to take a moment to explain it briefly for those who don't know that this great thing is.
Passive income is an income received on a regular basis, with little effort required to maintain it.
Sounds good but it's better than you think. Passive income is the dream, being able to live the life a good income allows you to have, without having to work the 9 to 5 we are all running from. Nevertheless is hard to obtain a good passive income source that really fulfills your needs, as everything in life, right? So if you want to do this, be prepared to spend massive time on it.
I will go ahead and share with you a list of what I believe "The best passive income streams" Feel free to comment and share.
1. Writing an eBook.
Simple and becoming very popular. You don't have to be a professional writer to write your own piece and it can even become a best seller. You only need to actually know something about an specific topic and find a passionate way to write it down. If a kid is able to sell US$1000 monthly with a novel about ninjas and dragons, why can't you?
2. Sell an Online course
This actually takes a lot of time but if done correctly, can make you rich. I repeat, you need to dedicate so many hours to work, is not even funny.
One of my goals is to have an online course, I already know what is it about and I have a plan map. In time it'll come. What about you?
Do you know how play guitar, make a dog poop outside, drum? All of those are online courses. What do you know?
3. Sell stock photos
If you are a good photographer and by that I mean, you have a camera powerful enough to take pictures that can make a good wallpaper. Then you can consider doing this.
I would even take it to the next step. I would create a membership based website for photographers to upload their pictures for free and receive revenue per download.
Think big
4. Design t-shirts
A couple of years I was into this. If you are able to design some artistic, clever t-shirts, you can either sell the shirt or sell the design.
5. Sell goods on a blog
I've seen people that have a great, engaged community and they sell cups, Frisbee, watches and all kinds of stuff. That can provide good revenue.
You can start a blog to sell merchandise on it, but I wouldn't recommend building your business around it because unless you have a very, very, very huge and active community, sells don't come that easy.
6. Create a brand, outsource manufacturing and sell online.
This is great and I'm inside this business.
There's is something called FBA, Fulfillment by Amazon, that allows you to create a brand and send the products directly to amazon warehouses and they do the shipping, handling and customer support for you. You can create your own brand and hire a private label manufacturer in china to develop the product for you and use your brand.
Next thing, you have your own brand on amazon and you are making thousands.
This is very hard to start to be honest. Is easy to get wrong and get lost.
If you have questions about this type of business, feel free to contact me.
7. Affiliate Marketing
Is the practice of partnering with a company (becoming their affiliate) to receive a commission on a product. This works amazingly for people with blogs and websites. It can be very lucrative but takes time to build so it becomes a passive income. Click here to access a list of affiliate marketing programs.
8. Create a mobile APP
Aren't we tired of listening in the news about a kid that launched and app and is suddenly the next millionaire? I'm not.
That next millionaire could be you.
Some say that creating an APP is a lottery and that's why it isn't worth the time and effort. I disagree, it is a lottery like almost everything in regards that "You may get lucky" if you have a not so good app and you hit the jackpot for some reason. But if you create a very good app and do your homework with investors or provide a solution for the masses, you are destined for greatness.
9. Rental Income
We are getting to the big sharks area. One of the most successful passive income streams and one of my favorites for sure. As with every possible income stream, there are risks and the possibility to fail on this type of business, but also the possibility to live one of the best lives passive income can buy.
This is not about buying a property and putting it for rent, it is way more complex than that. You need to study how this business works in order to jump in. If possible even get a mentor, someone that has done it already.
10. Fund Startups
For an entrepreneur that is committed with the evolution of their country, the world or entrepreneurship itself, this is the business they long for.
To become an Angel Investor.
You have the opportunity to choose from thousands of startups that may have a great idea but require funding. You can sponsor and grow your wealth. Because angel investors are wealthy already.
There are many other options and ideas to create your own passive income, but I wanted to make a top 10 of the ones that are trending at the moment and creating great revenue.
Feedback is welcomed.
GM
Passive income is an income received on a regular basis, with little effort required to maintain it.
Sounds good but it's better than you think. Passive income is the dream, being able to live the life a good income allows you to have, without having to work the 9 to 5 we are all running from. Nevertheless is hard to obtain a good passive income source that really fulfills your needs, as everything in life, right? So if you want to do this, be prepared to spend massive time on it.
I will go ahead and share with you a list of what I believe "The best passive income streams" Feel free to comment and share.
1. Writing an eBook.
Simple and becoming very popular. You don't have to be a professional writer to write your own piece and it can even become a best seller. You only need to actually know something about an specific topic and find a passionate way to write it down. If a kid is able to sell US$1000 monthly with a novel about ninjas and dragons, why can't you?
2. Sell an Online course
This actually takes a lot of time but if done correctly, can make you rich. I repeat, you need to dedicate so many hours to work, is not even funny.
One of my goals is to have an online course, I already know what is it about and I have a plan map. In time it'll come. What about you?
Do you know how play guitar, make a dog poop outside, drum? All of those are online courses. What do you know?
3. Sell stock photos
If you are a good photographer and by that I mean, you have a camera powerful enough to take pictures that can make a good wallpaper. Then you can consider doing this.
I would even take it to the next step. I would create a membership based website for photographers to upload their pictures for free and receive revenue per download.
Think big
4. Design t-shirts
A couple of years I was into this. If you are able to design some artistic, clever t-shirts, you can either sell the shirt or sell the design.
5. Sell goods on a blog
I've seen people that have a great, engaged community and they sell cups, Frisbee, watches and all kinds of stuff. That can provide good revenue.
You can start a blog to sell merchandise on it, but I wouldn't recommend building your business around it because unless you have a very, very, very huge and active community, sells don't come that easy.
6. Create a brand, outsource manufacturing and sell online.
This is great and I'm inside this business.
There's is something called FBA, Fulfillment by Amazon, that allows you to create a brand and send the products directly to amazon warehouses and they do the shipping, handling and customer support for you. You can create your own brand and hire a private label manufacturer in china to develop the product for you and use your brand.
Next thing, you have your own brand on amazon and you are making thousands.
This is very hard to start to be honest. Is easy to get wrong and get lost.
If you have questions about this type of business, feel free to contact me.
7. Affiliate Marketing
Is the practice of partnering with a company (becoming their affiliate) to receive a commission on a product. This works amazingly for people with blogs and websites. It can be very lucrative but takes time to build so it becomes a passive income. Click here to access a list of affiliate marketing programs.
8. Create a mobile APP
Aren't we tired of listening in the news about a kid that launched and app and is suddenly the next millionaire? I'm not.
That next millionaire could be you.
Some say that creating an APP is a lottery and that's why it isn't worth the time and effort. I disagree, it is a lottery like almost everything in regards that "You may get lucky" if you have a not so good app and you hit the jackpot for some reason. But if you create a very good app and do your homework with investors or provide a solution for the masses, you are destined for greatness.
9. Rental Income
We are getting to the big sharks area. One of the most successful passive income streams and one of my favorites for sure. As with every possible income stream, there are risks and the possibility to fail on this type of business, but also the possibility to live one of the best lives passive income can buy.
This is not about buying a property and putting it for rent, it is way more complex than that. You need to study how this business works in order to jump in. If possible even get a mentor, someone that has done it already.
10. Fund Startups
For an entrepreneur that is committed with the evolution of their country, the world or entrepreneurship itself, this is the business they long for.
To become an Angel Investor.
You have the opportunity to choose from thousands of startups that may have a great idea but require funding. You can sponsor and grow your wealth. Because angel investors are wealthy already.
There are many other options and ideas to create your own passive income, but I wanted to make a top 10 of the ones that are trending at the moment and creating great revenue.
Feedback is welcomed.
GM