Looking for passive income opportunities? Or the best ways to make passive income online? Here, we reviewed the best passive income ideas & opportunities online.
Before covering some of the best passive income ideas and opportunities that you can utilize to automate your revenue, it is very important to understand specifically what the concept “passive income opportunities” actually means as well as what it doesn’t. You will likely find numerous posts on the online covering a lot of passive income opportunities, whether online or off-line.
When we say an income stream is passive, it means that it requires little to even no maintenance to keep the money coming. Note, that doesn’t mean it can just be completely ignored or forgotten about. No. Quite the opposite. It is very important to track every passive income opportunity and observe it like a dog, no matter how automated it may be.
Passive income is all about having residual income, investing in things that will keep your cash flowing after a long run. When you make the right as partakes to things you invest in, you end up providing more time for yourself. You can refer to passive income as a way to create your own time instead of having to work for someone and be placed on salary.
Network marketing provides numerous legitways to make passive income. Best way to earn here is to concentrate on anyone you have passion for and you are skilled at.
Some of the best passive income ideas & opportunies online includes:
.Taking Paid Surveys
Taking paid surveys online is one of the best ways to earn passive income. Here you do not have to spend a dime before you get started. And the earning is enough to set you up for any other business you are interested in. We have seen people making over $800 every month taking online surveys. The trick here is that you must join a lot of legitimate paid survey sites and also promote their referral programs.
- Real Estate Investment.
Real estate investment is one of the best passive income opportunities. You stand to own a property with as low as $500 when you make use of real estate investment trusts like Fundrise. Because acquiring a home on your own costs quite a fortune, these crowdfunding platforms like fundrise helps to make it cheap and less expensive to acquire one. Also, majority of people have problem dealing with the responsibilities of maintaining a property, this is where the REIT services comes in, with REITs like Fundrise, you don’t have need to worry. The responsibilities of owning the property will be handled by them.
Another crowdfunding platform you may want to consider is the Reality Shares. They are among the top and biggest crowdfunding platforms in the world today. You may need up to $5000 to close deals in other platforms but with reality shares, you can invest in properties with as low as $1000. The next best thing about reality shares is that you are free to make a choice based on the property you wish to invest in, be it hotel or an apartment, you can always choose.
As good as reality shares and real estate investment sounds promising and interesting, there are however some risks that may be attached to it from time to time. So, it is better to establish an affiliate relationship with them.
- Earning through Dividends
Earn via dividends is another passive income opportunity. Dividends can be referred to as money received by an individual as his/her share in an investment. For examples, the profit made by a company you purchased a share in can be shared among its shareholders that you are part of. These dividends may be paid into your bank account as you so wish. You get to enjoy dividend-paying shares if you want to rely on it as a source of passive income, then be prepared to keep your income coming in every yearly or quarterly as the case may be. From history, you can even see that Warren Buffet has strong admiration for dividend-paying shares.
Before embarking on this journey of buying shares, it is important that you make serious enquires and acquire enough knowledge, so that you will end up with good shares that will produce good returns as the years go by.
There are investment accounts like the Ally invest which offers trades that can be as low as $3.95 unlike majority of brokers who charge up to $10 on stock trade. You are free to try them out if you don’t have any.
- Lending Money
This appears to be amongst the most ancient method used by people to create passive income for themselves. This can also be known as peer-to-peer lending which involves lending out money inform of loan in agreement that they pay it back with a certain interest. There are other ways to earn more interest and one of the ways is to invest your money through companies such as Lending Club. With this Lending Club, you stand a chance to earn up to 6-10% on interest rate which can be seen as a higher interest as to when compared to ordinary savings account.
That’s not all, another good side to this Lending Club is that you get to also win award miles as you invest. You can earn awards at the rate of one mile per $1 once you have up to $100,000 invested with them. The united Airlines Mileage also offers these services.
- Getting out of debt
When you pay creditors lesser money in interest rate, then it can only keep enriching your pocket on monthly basis. This is one of the easiest means of obtaining passive income. You have to get out of that debt to be able to have higher increment of income. This is simply because there’s no interest paid to anyone again.
Platforms like credible will enable you to pay higher interest debts at low interest having the interest rate to be low up to 4.99%. This allows you to gently have a refund on your credit card debt. There are other added bonuses you can gain from this platform and this includes the $50 received upon acceptance.
- Starting a high-yield account
Online banks such as CIT banks which help you receive up to 22x more when compared to normal conventional banks is a good way to make passive income investments with lower risk.
In as much as having a yield-account with them gives you better option, you really have to consider them because there’s also the FDIC insurance attached to it. This is one of the ways to keep your money safer with little risk but don’t to be entirely rich with this means only.
- Write and publish your books
Once you have successfully written your book and published, you can try making a fortune out of it by uploading them to sites like Amazon. This is a great marketing strategy that can yield you serious income as well as high passive income. I receive about 10% royalty anytime my book (you can retire early) is sold.
The more you market it, the more you earn from it.
- Renting Part of your Apartment
You can turn to sites like Airbnb to rent out your spare room for a short while to visitors on vacation or holidays. This is one of the great ways to earn residual income and at the same time, providing assistance to a guest. Most times you earn more when the guest has to stay for several months.
They may be some effort needed to be applied to keep things in order and as such, you may not fully refer to this as a residual income. Nevertheless, you end up with a greater income with up to $1000 on monthly basis for renting your spare room. To reduce your time consumption, you may request the services of a maid in order to make your job easier.
Being affiliated to sites like Amazon or eBay can generate good returns for you. This task will be easier if you have an already active site. With affiliate marketing, you may earn as high as $50,000 on monthly basis. Nevertheless, there are sites like Bluehost that help beginners start up their website with capital as low as $3.
The idea of affiliate marketing is quite enriching as you get to receive a reasonable passive income as time goes. For it to work, you just have to advertise those buying/selling sites on your website. Once someone makes a purchase on their site through your website, you get some percentage commission off their purchase. I had a friend who once made over $12,000 commission in one sale.
Cash Back Shopping
There are sites that help you get back some percentage of purchases when you buy through them. Sites like Ebates offer these services with additional $10 bonus when you register with them free of charge.
They also have a double cash back special which enables you double your income once you buy the right items. Do not go out of your way to make purchases in these shopping sites, just do your shopping like you would normally do on a normal day.
Using Drop Shipping Technique
As the world of e-commerce booms daily, the idea of drop shipping is now on the rise.
Creating drop shipping is quite simple and here are few easy steps to it;
-First of all, construct your own website that will specialize of a particular manufacturer’s products online.
-Your website now sends a signal to the company containing the customers’ order immediately an order is made
-Then, the company will now have the customers’ order shipped to the customers’ doorstep.
As simple as that, and the good thing about this method is that there’s no order inventory needed. You simply act as a middle man and collect your profit while the company makes their sale. To do this, you made need the help of some platform such as shopify to create your store online.
They are among the best for this kind of services and also will provide you with their 14-day free trial version once you sign with them.
Building Courses Online
With online courses, one can make a fortune actively and passively but most advised for passive income outcome. These online courses may fully be loaded with exciting things like e-books, videos, emails with educative and informative tools. Once a customer shows interest for that course, your system notifies you and sends out a pack containing all these things once they make the purchase. There are sites such as Teachable which may assist you and you earn you income by the end of the transaction.
This is also one of the lucrative businesses suitable for passive incomes. Once you have large number of subscribers and viewer s, this would become easy. This is because you will keep earning once people watch your videos and ads attached to them.
Starting this may not be so easy as it requires a lot of patience and sacrifice but you will surely enjoy your income once the traffic is generated to your website. Also note that you need numerous videos in its hundreds to be able to earn meaningfully from it.
Owning a business managed by another person
This is also another way to earn residual account. Once your business is being managed properly by trusted and capable individuals, you are good to go. You can either buy the ownership of an existing business or by creating your own business. Also, having excellent business ideas can be the key to the success of your business. You can get some business ideas on how to grow your business from as low as $100 to a six figure by reading books such as the $100 startup authored by Chris Guillebeau.
Vending Machine Business
You may wish to consider this an option too when thinking of passive income. Things to consider when thinking of this business include;
-Location – you may want to have your vending machine at a location containing some number of people (about 100 persons) in the building.
-Choice of goods – do a survey and find out what will be of utmost important to them and have those goods stocked in your vending machine.
Then, you may hire someone to temporary help in stocking the machine so as to create enough time for yourself.
This can also come in handy when you want to make residual income, earning money for taking good photographs.
With sites like Shutterstock, you can snap and upload pictures to them, once the picture gets accepted, you will earn a royalty whenever the picture is downloaded by anyone from their site.
Building Mobile App
This can be one of the best ways to earn passive income, once you are equal to the task. This will require a bit of technicality and creativity to be able to provide people with apps that can make their lives easier. You these apps used on mobile devices is a source of passive income for certain individuals somewhere. Apps like iFartwas able to more than a million dollars for Joel Comm (the founder).All this app act like great source of income to their founders.
Providing car rentals for Ad Space
This is also another great opportunity to earn money by simply renting out your car to be used as an advertising tool. All you have to do is to allow companies place their adverts on you window and have you drive it around. By doing this, you get to earn few bucks from them sometimes on monthly basis.
Platforms such as Carvertise can help you with the information on how to turn your car into your business commodity.
Purchase of an online Business which already exists.
Since starting a fresh online business takes a lot of energy and time, you may want to consider going for an already existing business. One major advantage of this online business is that it always allows you to work anywhere irrespective of your location. If you need help with the sites to buy, then sites like Biz Buy Sell is for you. From their site, you can view available online businesses that are out for purchase and make your choice. To make it a lot easier for you, you may consider choosing a business that has relationship with your passion. Also, these businesses are available with different price range.
Own a Laundromat
Just like other businesses, you can purchase existing Laundromats and have it generate residual income for you. Simply buy, hire a manger for the daily activities and then the profit is all yours. It is very expensive to want to start it from the scratch and you already know that commercial dryers are not any less expensive. So an already existing business is all the best.
Launch a batting cage
In as much as baseball seems to be the most played game by the American kids, with respect to your location, batting cage seems very hard to come by. Starting up a batting cage will cost quite a fortune but will generate a reasonable income on the long run. Be sure to know enough about this before investing in it.
Designing of Products
This may seem easier to accomplish. With sites like Red Bubble, you get to design your own products such as T-shirts, tea cups, wall papers, laptop covers and so on, then by uploading them and getting them purchased by other individuals earns you some percentage of the profit by Red bubble.
Although, this may not be completely passed as a source of passive income, it is still one of the ways to earn income by literally doing nothing. All you have to do is to live and watch over other people’s house/pet while they are on vacation or holiday. You get paid to just stay in the house and look after it with no extra home maintenance expectation. This provides you with excess time as you end up not having any work to them.
Sites like Craigslist are quite popular for renting individual properties and therefore can be considered as a place to place your adverts of property you wish to rent. Properties like extension ladders, party tents, tables and chairs, ATV’s,utility trailers, log splitters, chainsaws and snowmobiles can be rented using this platform. Also, sites like Turo can also help you to rent properties like your car when you are not making use of it. To start renting out properties, always ensure that there is a written agreement that covers the both parties in question. Have a thorough investigation as to the identity and address of the person renting your property or sometimes you can induce security payment for security purposes. Never forget to ensure that you received your payment before you rent out your property.
When we talk of Bond Laddering, we are referring to the ownership of several certificates of deposits which in return earns you profits in terms of cash yearly or as at when due.
When compared to the peer-to-peer lending, CDs Laddering will generate lower income but at the same, there is little or no risk attached to it.
With this options enumerated here, you can always choose the best suitable passive income opportunities to generate passive income for yourself. Make more money while on your bed, this all about the concept of residual/passive income online.