Is the concept of passive income or earning money in your sleep appealing to you? Sure, we’d all like to make money without having to do any work, but the reality isn’t as straightforward and simple.
Earning a passive income takes time, hard work, perseverance, persistence, and sometimes a financial investment. It can be better described as being paid for something over and over for work you did once.
The best place to start is to think about what you love doing and how you can turn that passion into profit. Although you’ll have to put in the hours, you’ll at least be doing something you enjoy.
If you’re determined to ditch your 9-5 or you’re looking to supplement your income, here are 10 ideas for making a passive income from home.
There are many ways you can earn money through blogging. Check out this popular article, How to Really Make Money Blogging From Home.
From advertising, affiliate marketing, sponsorship, and consulting, there are plenty of diverse revenue sources with a blog.
2. Flip Websites
Website flipping is the practice of buying and selling websites. It’s becoming an increasingly popular source of income. Here are just a few website flipping platforms.
- Flippa – Flippa is the number one platform to buy and sell online businesses. If you have an existing business and you’d like to sell your website, you can have it valued first. Then you simply list it yourself or with the help of a broker and then get matched to buyers.
- Afternic – Afternic is a domain marketplace that’s sold more than one hundred thousand domains in as many countries.
- Freemarket – Buy and sell websites online, with low commissions compared with other platforms.
Related Content: The 9 Easiest Things to Flip for Profit
3. Create a Course
Creating and selling online courses is a great way to earn a passive income if done well. It will take time and effort in the creation and marketing process, but what you get out of it is what you put into it. The passive part is the automation you build into the course, such as the sales funnels, and the membership programs in which you receive revenue on autopilot. A platform such as Teachable is a useful and straightforward all-in-one tool. Need some inspiration and course ideas? Read how these experts are earning $25K a month selling online programs.
While writing an ebook takes time and talent, the bonus is that it can be sold and downloaded anytime, anywhere in the world for an indefinite period. You can generate regular sales if you market it well. Read these tips on how to promote your ebook.
5. Invest in Property
The value of a property and the rent you can charge are almost guaranteed to increase every 10 years. If you have an investment property or even a spare room in your house, you might consider becoming an Airbnb host.
6. Savings and Retirement Accounts
Look around at savings accounts that yield high interest. It won’t make you money overnight, but it’s an excellent additional passive income stream.
7. Earn Royalties
If you’re a talented singer, musician, author, or photographer, you can earn royalties from your work. Intellectual property like copyrights, patents, and trademarks is another way to earn royalties.
Have a look at these bonus passive income side hustles for writers, photographers, creatives, and designers.
8. Create a Membership Community
If you’ve proven yourself to be an authority or expert in a particular niche, you could create a community with paid memberships. It’s a platform where your members will receive high-quality content that isn’t available to non-members.
9. Get Pinning
Creating pins with affiliate links can earn you commissions over and over again with or without a blog. Affiliate marketing is essentially you earning a commission when you recommend a product. Check out this very detailed post on How to Make Money on Pinterest.
10. E-Commerce Store (with Dropshipping)
You can sell physical or digital products online by setting up a shop through an e-commerce platform such as Shopify. You don’t even need to physically stock products. Instead, you can use drop shipping, where you sell products for a company, and they do the rest of the legwork, including the shipping.
I hope you’ve found this list helpful, and it’s given you plenty of inspiration to get started. Good luck on your journey in building a passive income (or multiple streams of income). Be patient, and prepare to put the time and effort into it – success may be just around the corner!
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Kara Wilson is a magazine editor, freelance writer, and a work-at-home Australian mama to two young children. You can find a variety of her articles in publications worldwide, but her favorite topic is parenting. She has almost 20 years of professional experience in early childhood, holds a degree in Psychology, is a trained sleep specialist, and has completed a plethora of courses and workshops surrounding early childhood development and health. Aside from her family and writing, her other biggest loves are cooking, nutrition, traveling, and of course, reading. You can check out her portfolio at Kara-Wilson.com, read her tips for raising adventurous eaters on Instagram at Little Foodie Guide or join her closed Facebook support group for mamas called Solids and Sleep.
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