Since the rise of the internet, just within the last two or three decades, more and more people have begun exploring how money can be made online. Of course, there are the more traditional means of earning via the internet, such as online shops and offering online services, but making money online is by no means limited to these options.
Passive income is a relatively new and increasingly popular option for those wanting to earn their living online. But what does it mean? Put simply, passive income is a regular income which requires little or no effort or work. All passive income streams do take a lot of work in the beginning stages, though, but the bulk of the workload is time invested at the commencement of any project.
Of course, passive income streams are not limited to the internet, but the online world has made earning a passive income more accessible, offering many more options.
Here we’ll be taking you through five different passive income streams, all of which are Internet-based. As you’ll see, some require more work than others, and some require a financial investment, but each of the five options is a viable and proven way to begin generating passive income.
Most lucrative and easiest passive income streams
1. Blog Advertisements
One of the simplest ways to create a passive income is through setting up a blog and using AdSense. AdSense places advertisements on your blog page, and every time those adverts are either viewed or clicked on, you get paid.
With this particular passive income stream, the work comes with the setting up and populating of the blog. Once the blog is well and truly up and running, you need to get people visiting it, which takes time, commitment and know-how. However, once you have a successful, populated blog that’s bringing in daily views, you can start earning on ads. The only upkeep this will need is to ensure that your blog remains busy.
2. Information Products
Writing or producing and selling information products online is a great idea if you have a particular skill or are passionate about a particular field or area. For example, if you’re a social media guru, you might write a short but content-filled ebook on how to make the most of social media, or how to use social media to increase one’s business prospects. Having written the ebook, you can then sell it on your website, blog, or even on Amazon or eBay.
Creating and selling services is one of the lowest-maintenance options when it comes to generating a passive income. However, the actual development and production stage does require a lot of time and work, which is why we suggest using your natural skills and any established expertise. E-books aren’t the only option; podcasts and online courses work well, too.
3. Affiliate Marketing
Affiliate marketing certainly sounds like the most complicated option when it comes to passive revenue streams, but we’ve chosen it as one of our top five options because it’s actually fairly simple. Affiliate marketing is, very basically, linking to other websites within content on your own website or blog. With affiliate marketing, you get paid every time someone clicks on a link from your blog to someone else’s blog, website or what have you.
The great thing about affiliate marketing is that you can capitalize on the success and popularity of others. If that person or company is willing to pay you to link to them, you’re not only earning money but creating interest on your own blog by association. The hard work here comes with establishing your blog or website, just as with blog advertisements, and finding the right affiliates.
If you really want the best, and want faster learning about this amazing online business, here is the best affiliate marketing training you can find online.
4. Build an App
Much like with information products, building and selling an app is a great way to create a very passive income. As with developing information products, producing an app takes a significant amount of work, and you may find you have to pay for it to be built. In this way, building an app does take both time and monetary investment.
Whilst building an app does take a lot of work, the rewards can be huge. A number of start-up companies have earned a great deal of money, just through developing and selling one or two apps. If you’ve noticed a gap in the app marketplace, it might be wise to swoop in and capitalize on it.
5. Outsource Online Services
An increasing number of people are earning a living by freelancing online. Popular fields include writing, design, bookkeeping and data entry. In order to turn freelancing into a passive income stream, win jobs on freelancing platforms, and then outsource those jobs on that same platform. You’ll earn money by taking a cut of the pay before you pay your outsourced freelancers. Basically, you’re the freelancer middle man.
Getting this off the ground and up and running requires a lot of work, and there is a certain amount of maintenance necessary to keep this going. However, you’re likely to find that the longer you work for, the less you have to work, and the more you’ll be earning.
So there you have our best five passive income streams. Of course, there are dozens of more options out there, but we hope that this article has answered any initial questions you might have about passive incomes, and has given you lots of ideas on how to get started.