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7 Streams of Passive Income for Beginners
Are you looking for a perfect side hustle? Do you want to explore new ways of passive income streams in this tech-driven era? Then you are invited to be a part of earning income passively as a newbie.
In this article, we are going to analyze 7 important passive income streams that anybody can follow to make money passively.
Before digging into getting familiar with different streams of passive income, just get a short idea about what is passive income.
What is Passive Income?
Passive income is a source of income that can be earned consistently without having any recurring work after making the initial work. In other words, it’s compensation that anybody can leverage as long as a particular subscription exists.
New-generation marketers define passive income as “earn money while sleeping”. Of course, that’s not a wrong statement. Because it’s a continuous payout as the result of certain actions someone takes through a particular channel.
7-Streams of Passive Income (For Beginners)
You can see many other passive income streams on the internet. But here we are going to discuss the most relevant ideas for beginners. Follow these steps for assured results.
Once you have attained more results and experience, you can try advanced streams of passive income such as rending, stock marketing, dividend stocks, advertisement, and so on.
1. Affiliate Marketing
Do you want to start an online business without having any investment? then, I strongly recommend Affiliate Marketing for you.
Affiliate Marketing is a simple process of promoting other people’s or companies products or services for earning a specific percentage of commission after you make a conversion through your unique link.
Thankfully, as a beginner, Affiliate Marketing is the best stream to earn your online revenue passively. Because most of the affiliate programs have a recurring payment strategy. Once someone joined to those kinds of affiliate programs, they need to pay a specific amount each month.
If that person joined through your affiliate link, you can also earn a portion of that recurring payment.
It’s better for you to check whether the affiliate program has a recurring subscription fee structure or not before going to endorse as an affiliate.
This is how Affiliate Marketing becomes one of your favorite passive income streams.
Let’s analyze how you can bring passive income from online publications as a beginner.
2. Online Publications (E-Book, Audiobook)
You might have been using many of the online publications for many purposes. Most importantly an audiobook publication can bring you better passive income opportunities forever.
An audiobook or e-book that you only need to publish at once. As long as the content persists on the internet, people can get access to review its free version and if they interested, they can buy the full version by spending a reasonable price.
Interestingly, audiobooks and e-books are digital products. So, you don’t need to care about inventory, its expiry, and degradation issues.
As a beginner, you can do this without having much technical or writing skills. Some online tools can help your journey to this passive income stream more easily.
You need to be focused on the following areas to get published your online publication.
Find a topic to write (choose the relevant topic to write)
Outsource (manuscript, cover photo, narration – sometimes need to rely on external tools and services)
Launch your product (launch your publication on the largest communities such as Amazon - Audible)
3. Sell an Online Course
According to the research of the International Labour Organization (ILO), four in five of the world’s workforce have been badly affecting by the covid pandemic with their job. Which is roughly 2.7 billion workers. (Source: UN News)
Here you can imagine the importance of offering new work opportunities among those people who have been seeking new opportunities to overcome their current issues.
If you have the knowledge in a specific category, and you are ready to share your ideas in the form of an online course, that makes others get resolved their issues, then it would be a great contribution that you are dedicating to the world with reasonable compensation.
At the front end of your online course, you can grant free access to your course introduction and guidelines (webinar/pre-create video) to attract more people, and understand the quality of your course.
It’s better for you to stipulate a recurring charge each month to use your course for a longer time. You will get paid as long as your audience stick with your course. This strategy helps you to earn income passively by selling your own course.
Many of the beginners implementing this passive income stream impeccably to make a decent amount of income every month.
Your opportunity won’t be lost if you don’t have the skills to create and deliver an online course with the community. You can also promote other people’s online courses such as how to start an online business, Facebook Ad courses, Email Marketing courses, etc as an affiliate.
When you bring a person to a particular online course that has recurring payment, you will be commissioned as long as that person uses the course.
4. Start a Blog
It’s really awesome that earning income passively through sharing your awesome thoughts and ideas with the world.
Nowadays it’s easy to create a blog website and publish informative content to educate the world with innovative things. In many ways, you can perpetuate and scale your online income by starting a blog page.
As a beginner, it’s better for you, to find a perfect niche that has high search volume and low competition. Here you can get more page views and get your AdSense account approved at the least time frame.
Often new blog pages take time to get ranked and approved AdSense. Can overcome these two obstacles in front of you as a beginner by implementing the strategies suggested above.
You can expect income passively from your blog website through the following methods.
Ad revenue (when your website monetized)
Affiliate commission (from the affiliate links on your blog posts)
Banner ads (when someone clicks on banner popups, you can earn money passively)
These are the multiple streams of passive income that you expect by implementing one strategy.
5. CPA Marketing
Do you want to get credited your affiliate account each time someone takes a particular action on the landing pages? Then CPA or cost per action marketing business is the right choice for you to earn income passively.
Compared to Affiliate Marketing Business, CPA marketing does not require a sale to get paid. Just a form filling or add to cart required to get credit your account.
Undoubtedly, CPA marketing really a great stream of passive income especially for beginners. Because it does not require someone to purchase anything.
To earn money passively from CPA marketing, you can choose anyone of the following popular platforms;
These are some of the instances, that you can use for CPA marketing as well as affiliate marketing business.
6. Start a YouTube Channel
YouTube is the main stream of earning money passively by uploading videos regularly on their platform. Majority of the people depending YouTube as their primary source of online income.
In the case of a beginner, sometimes they face a little competition at the initial stage. Struggle to get views and engagement. But remember that, once your channel got monetized, you can expect a decent income from YouTube passively.
To crack those issues, follow the same strategies that we put forward in the case of starting a blog page.
Find a low competitive niche on YouTube
Learn more to become an expert
Deliver the best possible content through your channel
Strengthen your audience
Grow your community
Once you have done with these measures, you can start doing sponsored content and apply to monetize your YouTube channel. The result will definitely impressive.
Though it stole your time and energy at the beginning, later this income stream will be one of the most powerful passive income-generating assets for you.
7. Sell Your Services
Some people or enterprises require extra dedicated works to done with their specified wishes. Often at this phase, they need to depend on an external source to fulfill their needs. Here you can offer your exemplary works through your service page with a detailed outline.
Doesn’t matter whether your service is offline or online.
In case you offer offline services, you only need to target the people around your geological locations. Here you can only sell your service with local people. Consequently, your revenue will be constricted.
But in the case of an online service such as editing photos online, providing hosting solutions, etc.. you can reach globally with your service. Here your revenue is unpredictable and limitless.
For broad matches in search results on search engines, you can also focus on SEO to get more loyal customers to leverage your awesome service from all around the globe.
So, while depending on selling service as one of the sources of your passive income, remember to focus on the online services. Because it can only deliver the best possible income passively.
Some Strategies to Scale Passive Income
It is a true fact that, when you achieve something, you also seek new opportunities to scale it for better-improved results. Similarly in the case of scaling your passive income’s strength.
Here are few strategies that anybody can follow to scale their passive income instantly.
Be selective to join with a passive income stream
Drive more traffic to your source
Convince and participate more people in your awesome community
Educate the community
Offer bonuses (free access to the webinar, online courses)
Grant discounts (coupon codes)
Giveaways (Attract more external people)
Multiply your passive income streams (be versatile)
Learn and start implementing to achieve the best.
Wrapping Up
Overall, I would like to appreciate you for remarking an interest to get familiar with various beginners friendly passive income streams described above.
There are many other ways you can see from other websites and blog pages. But we guided you through the simplest, straightforward strategies and steps that anybody can leverage without much risk factors.
Remember that passive income streams are the most powerful weapons to perpetuate your online revenue without having an active involvement. Take an initial action, the rest will work for you as long as you wish.
Author
A. Rishad
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