Are you looking for some new and innovative ways to make some passive income while you sleep? If so, here are 10 passive income ideas guaranteed to make you money!
Top 10 Passive Income Ideas:
- Write an eBook
- Affiliate Marketing
- Create a course
- Create an app
- Invest in a High-Yield Savings or CD Account
- Create a blog or Youtube channel
- Sell stock photos
- Publish Instagram-sponsored post
- Advertise on your car
Keep reading to find out more about these ideas and what they have to offer so you can decide which one is best for you.
1. Write an eBook
Median annual salary according to indeed.com: $41,260.
If you have a flair for English and creativity then this could be the perfect passive income option for you! Publishing an ebook online has never been easier with sites like Amazon where millions of people have access to your uploaded book at the click of a button. That said, you’ll want to make sure that you market your eBook successfully so that you don’t waste your time and effort publishing a book that nobody knows about.
It’s also a good idea to design the book using an online platform and test different designs and prices to see which options sell the best.
Insider tip: Writing an eBook can also be used for other purposes, such as a lead magnet or offering for another product and service. If your eBook doesn’t sell well on Amazon, you can always use your ebook for these purposes so your time and efforts didn’t go to waste!
So, It’s always a good idea to connect your ebook to a bigger concept and utilize Facebook advertising to create awareness and ensure that your ebook is well-worth your time and effort
2. Affiliate Marketing
Median annual salary according to indeed.com: $29 660,
Affiliate marketing is yet another way that you can make passive income from the comfort of your own home and there are plenty of ways you can do this!
Firstly, affiliate marketing involves promoting a third-party product, brand, or service on your website, blog, social page, etc, and earning a commission off every sale that came from your platform. The customer simply needs to click on your unique affiliate link and the commission is yours.
Amazon, Tiktok, and Instagram are all prime examples of affiliate marketing platforms, and you can leverage these to make some cash. You may want to use blogging, email marketing, and other ways to draw traffic through to your platform so you can make those sales.
Just bear in mind that you’ll need time and patience while you wait for your content to gain clicks and draw traffic. You won’t earn a cent if nobody is attracted to your page, as they won’t see the affiliate links nor will they click on it.
Setting up your own blog with videos, articles and other popular, unique content can take months, but your work will reward you if you put in the effort!
3. Create a Course
According to forbes.com, you can make $100,000+ per year.
Creating an online course is an ingenious way to make some extra money, and the options are limitless when it comes to topics and content!
Udemy is a very popular platform to use for this, but there are plenty of others such as Learndash, Skillshare, and Coursera.
Selling a course will involve some decent effort in terms of building a website, advertising, as well as the actual design itself. However, once everything is set up you can enjoy a passive income from the sales of the course with minimal effort!
Audio and video tutorials are excellent ways to spruce up your course, and you can try searching up similar courses to see which ones are successful so you can learn from what they got right and do the same.
You can also try a freemium model whereby the content you offer is completely free, but the customer is required to pay an additional to fee to access more detailed information (this may be a good option for beginners who are still getting their name out there).
4. Create an App
Median annual salary according to indeed.com: $84,292
Creating your very own app is an incredible way to make some passive income, all you need to do is put in the work upfront to reap the benefits for years to come! The key here is to develop an app that helps solve a common problem and will make people’s lives easier in the long-run.
Some great examples of apps that have helped people are:
- Fitness apps
- Restaurant POS systems
- Augmented reality apps for home design
- Voice translation apps
If your app is successful you will need to keep up with regular updates and features to keep it relevant and beat competition, but this is minimal input compared to the incredible benefits you can enjoy from creating your own app.
5. Invest in a high-yield CD or savings account
Average percentage yield per year according to time.com: 2%.
If you invest some money into a savings or CD account you can sit back and enjoy a passive income off the interests. That said, it’s a good idea to research your country’s top CD rates and savings account to see which offers the best interest.
It’s also preferable to choose an online bank over a regular local one as you can choose premium interests rates nationally. You can stand to make around a quarter of a million dollars in interest is your chosen bank is supported by the FDIC, so you’ll also want to bear this in mind.
While investing may not be for everyone, it’s a great option for many people and a far better way to use your money rather than keeping it in a non-interests bearing checking account!
6. Create a blog or Youtube channel
Median annual salary according to indeed.com: $39,186 per year.
Professional Youtubers and bloggers can make a whole lot of passive income while also doing what they love! The key here is to find a niche that you are passionate about and educate others on it. Whether it’s gaming, motorsports, makeup, fashion, or fitness, you can leverage your talents online to make some passine income.
You’ll want to start by setting up your own WordPress site or Youtube channel and posting regular, important information on your niche that will educate and engage viewers or readers.
It’s really important that you choose a niche that truly inspires and excites you, otherwise you may lose momentum to post regularly and this is absolutely key to drawing and keeping an audience
7. Sell stock photos
Median annual salary according to ziprecruiter.com: $38533 a year.
If you have a flair for photography then selling stock photos is a great way to earn some passine income! You can partner up with GettyImages, Pixabay, or Shuttershock to help get your images online and make some income. Shots with models, nature, animals, and creative landscape images are very popular, but you’ll also need to put in the time to guage what consumers are looking for to sell more photos.
The great thing about selling stock photos is that you can easily scale your efforts and sell hundreds of images online, with the ability to sell the same one multiple times. All you need is approval from a well-known platform so you can license your images and you’re set to go! That said, you will need a high-quality camera to ensure that your photos are up to standard.
Unfortunately, you can’t expect to make a fortune off a few photos so you’ll need to bear in mind that you may lose valuable time creating the shots with little to show for it unless you really make a name for yourself and put in the time and effort. That said, this is a risk you will need to take for any business venture!
8. Publish Instagram-sponsored posts
According to startup.info, you can make $10 for 1,000 followers
If you have a large instagram following why not leverage this to make some money? Many companies and brands are willing to pay you to advertise their products on their page, and the more followers you have the more you stand to profit from this.
You’ll also need to post regular content that draws in followers and keeps them engaged, so you will need to get creative with this to stand out. This will draw more clicks to your prodife and allow you to make money off sponsored posts from companies that resonate with your followers.
Just bear in mind that you will need to put in the time to gain a decent following and create the content before acquiring sponsors, and this can take a fair amount of time. But, the rewards can be worth it!
9. Advertise on your car
According to wellkeptwallet.com drivers earn an average of $250 per month.
If you’re willing to give your car a little makeover then keep reading! Many companies are wiling to pay you to drive your car around town with their branding on your vehicle. They will simply wrap your car with the logo and information and you will be remunerated depending on how much you drive. That said, if you already use your car a lot then this is an excellent way to make money while you go about your every day life.
Just make sure your car is in good condition and that you have a good driving record, as these can be dealbreakers. You’ll also want to make sure that the company you choose is reputable, as scams are common!
Median annual salary according to ziprecruiter.com: $58536 a year
If you watch movies or videos, you’ve probably noticed the subtitles at the bottom of the screen. The people who type those texts are called transcribers.
Transcription is an in-demand skill that has become very prevalent during 2020 due to the pandemic. The need for transcription services has grown since the start of 2020 due to the advent of virtual classrooms, meetings and a changing medical industry.
Companies across the globe are looking for dependable and proficient transcribers to assist with transforming audio into text. Physician’s offices, clinics, government agencies, law offices, insurance companies, hospitals, and colleges across the globe now depend on transcriptionists each day, making this another excellent work-from-home choice for moms.
When you become a transcriber, you can choose the hours that you would like to work. Transcribers are not micromanaged, meaning that they are responsible for the work that they submit at the end of the week.
In terms of earnings, you can expect to make $3.00 to $11.00 an hour. That said, an experienced transcriber can make considerably more, with the average being $20 per hour.
If you’re looking for a job that will guarantee you a stable income with the right training and support, then TypeWhizz’s transcription course is one of the most reliable options you can choose!
With an up-to-date job board and 24/hour support, you’ve got all the tools you need to make transcription a viable source of income as a stay-at-home mom.
Check them out here.