Salaries can barely get us by month to month sometimes. As an adult, there are a lot of responsibilities like paying your bills, subscriptions, medical insurances, and other things where money seemingly begins to float away. In these cases, where salaries are not sufficient enough to let us live a financially secure life, the idea of passive income becomes very intriguing.
Passive income has been in the headlines for quite some time now. Who could ever reject a steady additional cash flow? What’s more, a passive income can make your otherwise “barely scraping by” days into a life of much more possibilities. There is a thin line between making ends meet and living with decent cash flow, and it looks like passive income ideas can make the line disappear.
But, it is generally not that easy to come across ideas that allow you to have a decent cash income from passive income generating sources. Therefore, to make it easier for you to find out how you can earn some extra cash income we’ve compiled a list of 6 passive income ideas for entrepreneurs.
Build an app
Have an inclination towards web development and app development? Then you can generate some passive income from building a smartphone app. There are currently a plethora of apps in the digital world, but a good vision or idea always has a place that it can fill and become popular.
For smartphone building ideas, look for holes and gaps in existing apps, or fill in voids that are not yet filled by existing apps. If you focus time and effort you will have a blueprint. Then build the app yourself or hire someone to do it for you!
Cryptocurrency, PoS, IPoS
Digital currency is on the rise now. Cryptocurrency is a nonconventional currency can be bought and sold on the internet. And you can earn profits in the process. Further PoS (Proof of Stake) provides an additional edge, wherewith more Bitcoin or Altcoin owned, more power of mining you have. IPOs can be similarly lucrative. But if you are not sure about how to further benefit from your cryptocurrency stakes, you should read up about MyCointainer.
MyCointainer is an easy solution to managing your cryptocurrency assets and has tons of beneficiary service. The services they provide help ease out the staking process for you so that you can get the maximum out of your investments.
There are more than a few ways to make use of your skill for writing. Firstly, you can begin with a blog. Find something that you are passionate about and can write about every day.
Remember that it will take some time for you to find a dedicated reader base that will regularly tune in to read what you have to share. With dedication, passion, and patience, your blog may be able to generate some passive income for you.
Start freelancing. All you will have to do is find a site or company that hires freelancers, and you can submit your writings and get money for it. If you are a student, you can benefit from this too. As you come across new topics along your academic journey, write all that you can gather about them, and sell them online. Hence, you can earn money along while revising your syllabus!
You can also write an ebook. At most, for a thoroughly researched topic, you would need about a month to complete a 200-page book. You can then upload it to any ebook site like Kindle and earn a passive income for years to come!
Do you have expert knowledge about certain topics? Then tutoring should be your go-to passive income idea. First, focus on topics that you are most passionate about and are sure you could teach to other people.
You have two options for the tutoring job. First, you can find students that want an online tutor. Choose this option if you have some free time every day and can spend that time tutoring.
The second option would be to make an online course. Prepare for all the topics that you can provide courses on and then upload it to any good online tutoring site. As students and enthusiasts listen to your online courses over the years, a steady income will keep on flowing towards you!
Start a YouTube channel!
Find something exciting to share with your viewers, and you will see your channel skyrocketing. All you need to do is find something to share. It can be a skill, a talent, something that you are passionate about, something you do daily like cooking, styling your hair, etc. Monetize your channel, find time to create quality content, and you have a passive income source for years to come.
Sell on Etsy!
If you have a skill or talent producing handmade goods, you have quite a medium of earning a passive income. If you have some time free after work or studying, indulge in your hobby and sell the products on Etsy. Also, if you have some authentic vintage goods lying around, you can quickly get some good cash for it.
You can also sell digital products on Etsy like digital prints of paintings, digital art, merch designs, etc. You can also photocopy your best arts onto good quality art sheets and then sell them on Etsy. Hence, you can sell as many copies of a single art piece as you want!
Passive income is an easy way of making your financial life a bit easier and tension free. Though it will require some extra hustle from your side, as you establish your name in the industry you choose with time, the passive income will only increase. So, begin getting the bread now!