What is passive income
Passive income is one of the topics that has been spoken about over and over in the last few months.
But why has it gained so much traction and why is it important in this modern-day?
Passive income can simply Be explained as that type of income that you continuously get even after the work is done.
This means that, as you continuously get your income from employment or any other kind of contract, you also continue to get your passive income over and above the employment income.
Difference between passive income and making money online
However, I think it is very important to distinguish between passive income and the idea of making money online.
Making money online requires you to actively work online in order to gain an income! While a passive income would not require you to actively work.
Many a time passive income requires an intensive upfront amount of work or investment.
Working online through such gigs as starting a dropshipping
In this case, passive income may not be appealing to many since they may be regarded as a long-term investment, often we want to see the value of work as we actively work on it.
Why passive income is so important
It is no doubt pursuing passive income can speed up your financial freedom making it very important.
Also unlike employment income or any other type of income, passive income is often seen as perpetual income that remains there in case of any unforeseen circ*mstance for example unemployment.
The idea that we could earn money without being actively involved whether we are sleeping all doing other works make passive income one of the best sources of income.
There are different ways one can create passive income but don’t you forget that some would require either you to put some cash investment before or during the process.
However, here I would like to discuss a few new ways of making passive income with no initial money investment! Some creativity may be required for some while others you can simply do what you love best.
1. Build Social Media Niched Profiles – Instagram& TikTok
This is by creating a niched social media profile -Instagram influencer
The first idea would be to create a niched social media profile!. Here I would prefer to use either Instagram and tik-tok which in recent days have been the top social media platforms.
Often we have seen Instagram profiles that are based on certain topics, let’s say fashion, tattoos, marketing, insurance, and many others.
This kind of Instagram or tik-tok profiles often have so many followers who are interested in a certain topic, this makes them very attractive two businesses operating within the same niche.
At this point, I guess you all know where I’m going with all this! and it is the influencer way of making money. But in this case you do not have to be popular or show off a high lifestyle in order to attract businesses to pay to be an influencer.
It is simple!. Build your profile on a certain niche, post regularly, connect with other similar social media platforms, and gain a huge following over time.
Just as I said passive income will take a considerable amount of upfront work! And building such profiles on either Instagram or Tik-Tok will take some time maybe 6 months to a year.
However, creating such profiles is easy and does not require you to dedicate a full day, rather a few minutes within the day where you post and engage with your followers.
Making money from this kind of social media profiles is now much easier than sometimes back, actually you do not need to go through business directories or emails!
You can simply go websites such as influencer.com where they connect small influencers to business hoping to advertise.
2. Create digital products
The second method would be to create digital products. Digital products include a wide variety of items that can be sold online over and over again to different people.
One of the most common digital products is the creation of e-book! which I know you already know! There are a variety of differnt ebooks that one can create and then later put them on such platforms such as Amazon ( Kindle Direct publishing), selvz.com , payhip.com, and in some other kind you can also sell through fivver and also Play store.
Some of the best-selling categories of ebooks include educational courses, Cook books, fiction, poetry or anything that you find interesting to write.
However there are other digital products that perform very well and often overlooked. They include photography 3D models, infographics, icon bundles whcih you can sell through shutterstock and adobe stock among man others,
Some of these digitial products would need you to acquire some design skills, however since this is the process of creating passive income you will be ready to take up the task.
Learning digital design skills to create these kinds of digital products is so easy with tons of available tutorials online. A common software to design on is the adobe products;
However, if you find these complicated there are other vendor software available online such as canva that can produce great designs with very little effort.
Writing research papers or any other kind of writing such as email templates for marketing is another brilliant way of creating passive income for those who feel creating and designing digital products may be harder for them. Which you can then sell them on such platforms as Etsy and sellfy.
Another great idea would be to create digital products such as t-shirt illustrations for you to sell such websites as Teesprings, Printshop Threadless, and Etsy;
Where you just provide the digital design and these companies will attach the design on a T-shirt. And handle all the printing and shipping processing while you just collect the profits.
Creating all these kind of digital-designs can be sold through different platform since they’re not exclusive to any of the sites. A good idea is to create around 200 or 300 digital designs either on T-shirts illustrations, infographics or any other kind of digital product and selling them across multiple platforms.
This may take a long time maybe 3 to 4 months but once you create them they will ensure that you have a passive income over the years to come.
3. Affiliate Marketing
Another good idea is affiliate marketing, affiliate marketing operates simply as a means of advertisem*nt for different companies.
In this case a company may provide you with an affiliate link which points either to a product or service. and once a customer buys through your the link you will get a percentage of the sale or what is known. as a commission.
Doing affiliate marketing is now more simpler than ever, since there are platform such as clickbank or CJ that compile a number of companies that offer affiliate marketing.
Where you can create an account and search through the products offered, then find which are the best products and try to market them for a commission.
it’s not doubt affiliate marketing is the regarded as the best source of income fore most online entrepreneurs. Great places to market your affiliate links include blogs, social media such as twitter and facebook, and Youtube.
However, creating a blog may require an initial monetary investment! but creating a youtube channel or a social media account is absolutely free. As long as a product will remain on sale affiliate marketing can meet as a big source of passive income.
4. YouTube Marketing
YouTube has become another good source of passive income. Unlike other ways of creating passive income YouTube has stood out as the surest way to make meaningful passive income.
With over 76% of people searching through video other than written material on the internet, the creation of videos especially on YouTube has made more millionaires than any other kind of work.
However, as sweet as it may sound, YouTube would require a heavy investment of time. YouTube works best when you are able to at least create two or three videos weekly.
This may require creating some time especially if you have a 9 to 5 job. It also takes a while for YouTube to start earning a meaningful amount every month; thus you have to be patient and learn to work without instant reward.
In short, YouTube is that Project that you keep pushing for years without any return but with the hope that it will work out for you. However, if you are consistent and produce quality videos it’s a sure bet in two years or three you will have a handsome return.
At that point that you start getting a fair amount of traffic to your videos, you can think of monetizing your videos, one of the most common way is through Google ads. However, this may not happen instantly as the requirement are more stringent.
But there are better ways you could monetize your Youtube videos. one of the most common where is putting some affiliate marketing links at the bottom of each video at the description. Affiliate links such as those from Amazon work best on YouTube.
Another new method to earn from your YouTube videos is through donations or tips from those who love your videos. As bad as it may sound having those who subscribe to your channel to donate to you through such platforms as Petron or Buymecoffee, is a very common way to ensure you have a steady income as you continue creating your YouTube channel.
5. Blogging
Creating a blog is another way of making steady passive income over time. one can create a blog of any niche or topic and then monetize the content through affiliate marketing, Adsense promoted posts and many others.
However, blogging may not cost absolutely zero shillings when starting. You may require buying hosting from such company as Bluehost and the blog name for a few dollars. However, this should not deter you from starting blogging as often the returns are high.
To get quick results from your blogging adventure, You should connect your blog with a YouTube channel; this way for every blog you write you can create a YouTube video discussing the same. This way you can kill two birds with one stone. Just as discussed earlier affiliate marketing is the best source of income for your blog. however, writing and monetizing your blog will not ensure that you get your passive income. Thus it is important to know how you will get people to visit your website or blog in this case.
Creating a Social Media platform for your blogs such as a Facebook page or an Instagram business page can help you get your blog outside there. SEO is another very important aspect when starting a blog. Actually, the largest internet traffic comes from search engines such as Google.
In order to rank on the Google search, it’s mandatory that you improve your blog search engine optimization (SEO). Blogging also gives another big opportunity for passive income through email Marketing. it’s common for bloggers to include an email subscription option on their blog. This way you can set up automatic emails to your subscribers to buy some of your items or affiliate items.
6. Home DIY for Airbnb
So the last method of creating passive income with no money will be setting your house for Airbnb or any other sharing platform. Setting one of your rooms or your servant quarters for airbnb can provide you with a means of passive income over the years.
You can absolutely provide this room without any kind of investment you can get a number of clients every month. Even though this kind of Hustle may require you to be actively engaged every time but you can do it as you take up your 9 to 5 job. Setting an account to Airbnb or any other room-sharing platform is absolutely free and may require no investment at all.
These are just a few ways that we can create passive income and there are many others.
