This post was most recently updated on November 27th, 2019
Finding passive income opportunities has been a favorite hobby amongst entrepreneurs. After all, who doesn’t enjoy profiting from multiple streams of income?
Unfortunately, many newbies don’t have the knowledge or expertise to hop aboard the passive income train and that’s exactly why we’re here to help!
Many people assume that earning residual income is difficult but that’s far from the truth and to prove our point, we’ve compiled a list of some of the best passive income opportunities you can find.
Best Passive Income Opportunities
Most people have this false notion that they can slack off if they’re earning via passive income opportunities but that’s not how it works. In fact, in most cases, it’s actually the exact opposite since you’ll have to monitor your method of earning, especially if you’re investing in real estate. But that doesn’t necessarily mean that earning passive income is too difficult.
Here are a couple of ways you can get started:
1. Create a Blog
One of the most profitable ways to earn passive income is to start a blog. Obviously, it would take some time for your blog to get a large following but if you make a plan, you’ll be able to work your way up. Start by choosing a profitable niche and hire someone to write high-value content. Once you’ve covered the basics, you can focus on SEO and social media marketing.
As your blog become popular and starts gaining steady traffic, you can get an AdSense account or display banner ads to generate revenue. If you’re not keen about advertising, consider affiliate marketing with Amazon or any other reliable affiliate network.
2. Or… Buy a Blog
Alternatively, you can also fast-track the process by buying a blog instead. This is a great solution for folks who don’t want to spend building a substantial followership. However, buying a blog doesn’t mean you can completely layback, be prepared to dedicate a couple of hours in maintaining it.
Buying a blog is pretty much like choosing a rental property. We advise you set a minimum criteria before you splurge. For starters, use these guidelines when selecting a blog:
- Must have 10,000 visits
- Should be at least a year old
- Must be gaining a good chunk of traffic from search engines
- Good SEO
3. Use Your Car as a Billboard
How many billboards do you see on your way to work? We’re guessing at least a couple. Well, that’s great because it means you know how billboard advertising works (basically, people pay billboard owners to display ads who earns thousands of dollars for merely owning a billboard). Now the good news is that you can practically earn money the same way if you have a car.
Reach out to companies that will pay you for advertising on your car. Sounds like a really neat gig, doesn’t it? Check out similar opportunities here.
4. Turn Your Active Business Passive
The struggles of entrepreneurship can be overbearing so why not turn your active business passive and invest time in a more profitable venture? Start by outsourcing tasks to clear up your schedule. It’s important you hire someone reliable and trustworthy to handle business when you’re not around.
If you don’t like the idea of hiring full-time employees, reach out to freelancers instead. Take the load off your shoulders by hiring someone else to do the legwork for you. What’s best is that you’ll still be able to enjoy your profits and your business will automatically grow once you get more people involved.
5. Open a High Yield Account
Now, this might sound a little boring but opening up a high yield account is another way of earning residual income. Sure, it might not have the oomph of other passive income opportunities but it’s definitely passive enough to make it on our list.
As the name indicates, a high yield savings account offers a higher interest rate compared to traditional savings accounts. Plus, it doesn’t come with any high risks which is another positive factor.
6. Buy an Online Business
There are a number of advantages of setting up an online business. For starters, you can manage it remotely from anywhere in the world (without worrying about dealing with angry customers). Not to mention, it’s much easier to grow an online business since you don’t have to worry about expanding store-space. However, setting up your own business from scratch can be tiring and time-consuming.
7. Create and Sell an Online Course
Is there something you’re insanely good at? It could be anything from offering financial advice to writing excellent copy. Whatever it may be, you can easily earn passive income by creating courses and putting them up on sale. All you need is a camera, some help from your friends and video editing software and you’re good to go. If you have a website, you can use it to promote your course or set up a social media page.
Alternatively, you can also sell your course on websites such as Udemy. The price can range between $25 and $100 depending on the course material and length.
Best Passive Income Opportunities: Wrapping it Up
Did you enjoy our list of how to get residual income?
What’s your favorite fool-proof method to earn passive income? Tell us about it in the comment section below.